Indians sent abroad enough money in a decade to build 62 IITs, says RBI data
Interestingly, the number of Indians going abroad for education actually fell by 15% in 2024 compared with 2023, as several countries tightened their visa rules.Government data shows that 7,59,064 students travelled overseas for studies in 2024, down from 8,92,989 in 2023. But the number is still much higher than before the pandemic. In 2019, just under 5.9 lakh students went abroad.OVERSEAS SPENDING VS INDIA'S EDUCATION BUDGETThe scale of spending abroad becomes clearer when compared with India's higher education budget. The Union government has allocated about Rs 50,078 crore to the Department of Higher Education for 2025–26. Over the last year alone, Indians spent more than half this amount just on overseas education. Over the last ten years, the total outflow is more than three times the government's entire annual higher education budget.To put it another way, if the cost of setting up an IIT today is about Rs 2,823 crore, the amount remitted abroad in the last year alone could have funded over 10 IITs. The total 10-year outflow could have built around 62 of them.NO CLARITY ON BANK CHARGESWhile the RBI has detailed how much money is leaving India for education, it has no information on the bank charges or currency exchange mark-ups that students and their families pay when transferring money abroad. The central bank also did not have data on how much of these remittances are processed by banks compared to non-bank entities such as fintech platforms.From 2018 to 19 onwards, RBI figures show the number of education remittance transactions has risen sharply — from 3.63 lakh in 2018–19 to nearly 10 lakh in 2022–23, before slightly easing to 9.43 lakh in 2023–24.The data paints a clear picture: Indian families are spending more than ever to send their children overseas for higher education. And while the numbers show a boom in foreign education spending, they also raise tough questions about the quality, capacity, and affordability of higher education at home.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsTune InMust Watch
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