An analysis of the balance of payments (BOP) data shows education-related travel by Indians more than doubled in 10 years from $2.46 billion in FY15 to $6.3 billion in FY24.
The rising income of the Indian middle class and better employment opportunities outside India are often cited as reasons for such a trend.
However, travel to India by foreigners for education has more than halved in value from $519 million in FY15 to $247 million in FY24.
From FY16 to FY22, there has been a consistent trend of declining expenditure by foreigners on education in India.
Although in the last two financial years of FY23 and FY24 forex revenue accruing from education-related travel to India increased after reaching the lowest of $109 million in FY22, when the second Covid wave wreaked havoc, forex revenue is still way below the 2014-15 level.
Notably, foreigners' spending on education in India started declining sharply before the pandemic came. This can be corroborated by the fact that their expenditure in FY18 was $479 million, which fell to $186 million in FY19.
Bu hikaye Business Standard dergisinin July 22, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin July 22, 2024 sayısından alınmıştır.
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