Need expert advice?
Feel like you need detailed guidance for further study options?
There has been a lot of friction over the years on the education framework of India since there was still the colonial framework that was in place with minor to no changes whatsoever to keep up with the rapidly changing demands of the markets. With the new education policy finally on the books, a new debate has started in light of the education policy trying to measure the pros and cons of the same. As much as most of the standpoints on the New Education Policy (NEP) are anticipatory, there is a lot of data available to help measure and forecast the tangible impact of the NEP in the days to come. In this article, we will try to revisit some of the numbers with respect to higher education and the flow of Indian students to universities abroad. Besides a significant shift in the format of undergraduate education with the reintroduction of the four-year multidisciplinary Bachelor’s program, with exit options, the NEP also makes a bold move by opening up Indian higher education to foreign players.
Currently, an annual number of approximately 750k students move abroad for their studies spending around USD13-15 Bn in tuition fees annually. Not to mention the cost of living, traveling, and other ancillary expenses. India contributes to a total of 22 percent market share in cross border student exchange globally following only China. In the recent turn of events following the Coronavirus outbreak originating in China, it is anticipated that India will trump China this year and assume the first position as the largest source of educational tourism globally.
India is the world’s second-largest source of international students and one of the fastest-growing sending markets
Destination choice is closely linked to work opportunities, both during the study and after graduation
The market is expected to continue to grow strongly in the years ahead, especially due to the very large college-aged cohort in India and the intense competition for admission to the country’s best universities
Going forward, post-secondary enrolments are expected to continue to climb steadily, and the government is investing heavily in the sector this year with new budget allocations, and a three-fold increase in targeted funding to boost select Indian institutions within global ranking schemes.
With the NEP on the books, it is being debated that the cost of higher education will have a steep growth since the Foreign Universities will be allowed to set up campuses in India. On the other hand, some brackets of policy influencers are also looking at the comparative analysis in the overall change in the expenditure of Indian students during their engagement with the foreign universities to have a favorable change as the cost of living in India still happens to be one of the lowest in the world and the overall comfort level of having a globally recognized standard of education locally trumps other concerns.
In an effort to make higher education more accessible to the rapidly growing demand among the middle class and the lower middle class, this seems to be a welcome move. With the current number of 35 million students pursuing higher education, it is said that a 2 percent of brain drain, if contained, could add much more value to the Indian education system by a horizontal upliftment of the overall education standards.