12/18/2017 2:04:46 PM
|written By : Team India Se|
The number of Indians going abroad for a college education is growing faster than the number of international students from other countries.
Between 2013 and 2016, the number of Indians studying abroad went up by 24 per cent while the number of Chinese students abroad rose by 12 per cent.
The number of Indians studying in colleges abroad has soared from 62,350 in 2000 to 255,000 in 2016, according to data from the Unesco Institute for Statistics (Unesco-UIS).
India now accounts for the second largest population of international college students after China (800,000).
More than half the Indian parents, 55 per cent of those surveyed , want their children to study abroad, according to the 2017 Value of Education report from HSBC. This is much higher than the global average. Globally, just 41 per cent of the parents want their children to study abroad, according to the report.
As more Indian parents send their children abroad, foreign exchange remittances are rising.
In 2016-17, Indians spent US$3.7 billion (about $5 billion) towards ‘maintenance of close relatives’ and ‘studies abroad’, with these two items accounting for 45 per cent of all outward remittances under the RBI’s Liberalised Remittance Scheme.