Over 18 lakh Indian students to opt for foreign education by 2024: Report

With international borders been closed to fight the deadly COVID-19, the education sector faced a stunted growth in 2020-21. However, with the COVID-19 situation improving, the sector is expected to regain momentum, the report revealed. 

As per the report by Bengaluru-based market research firm RedSeetr, over 18 lakh Indian students will opt for foreign colleges and Universities by 2024.  While the demand for studying abroad is increasing and the outflow is also increasing, student expenditure is soaring and is likely to touch $75-85 billion by 2024, which will be an increase of more than 2 times from 2019, the report stated. 

With international borders been closed to fight the deadly COVID-19, the education sector faced a stunted growth in 2020-21. However, with the COVID-19 situation improving, the sector is expected to regain momentum, the report revealed. 

"We are bullish about this segment's growth in the coming years. Our research shows that the total number of Indian students studying abroad will stand at around 18 lakh by 2024," said Abhishek Gupta, engagement manager at RedSeer, as reported by the Statesman. In 2019, over 7 lakh students had applied to study abroad. 
"In 2019 alone, around 420k students headed out but the total number of applicants was around 1.7 times. This colossal increase is due to factors like rising in GDP in the past two decades leading to more consumption and awareness about education abroad," Gupta mentioned.

The growth in the outflow rates had outpaced domestic student growth by 6 times in 2016-19 which shows the massive demand that this segment is witnessing.
"Our research shows that currently, 7,70,000 Indian students are studying abroad from 440K in 2016 which is a 20 per cent growth. On the other hand, the growth in the domestic region has been merely 3 per cent when compared to the demand for education abroad," the analyst informed.

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