Over 1.3 million Indian students travelled overseas to pursue their degrees in 2022, according to figures from the Ministry of External Affairs, which is the highest level ever! The number of students who intend to study abroad in 2023 is anticipated to be greater than 1.5 million, according to a report by VmapU, an overseas education consultant.
The two-year pandemic’s effect on demand has led to an increase in interest in studying abroad. This is now more obvious due to rising aspirations and affordability among middle-class students from Tier II and Tier III cities.
Confident that students should invest in their education now, in 2023. Overseas Education Consultancy’s founder, Mohan Suvvari, remarked, “The year 2023 has begun on a challenging note amidst covid fear and looming recession. However, Indian students must make the right decisions regarding equipping themselves with relevant and remunerative overseas education opportunities.
“International education offers a global learning perspective and potentially lucrative job opportunities along with the hope of settling down in the country of graduation. Science, Technology, Engineering, and Maths (STEM) majors continue to be hot favourites. 2023 would be an ideal time for Indian students to pursue these courses overseas and hit the job market during its recovery phase,” Mohan added.
Due to the availability of school loans with low-interest rates (7-9% p.a.), the choice to study abroad is now even more affordable. The documentation is also quite straightforward and hassle-free. Only when you have earned your degree does the debt payback process begin.
Even better, several scholarships, grants, and free studentships are being provided for aspirant Indian students by overseas colleges and governments. Due to their reputation and merit, many Indian students in the recent past have attained high-end work prospects. In addition to this, there are numerous prestigious universities that provide top-notch education together with scholarships and on-campus employment.
The US, Canada, the UK, Australia, and Western European nations including Germany, France, and the Netherlands are the top destinations for Indian students. The majority of students continue to pursue postgraduate degrees and certificates, although the number of Indian students obtaining undergraduate degrees is also rising quickly.
In the US, Canada, and Western Europe, the majority of overseas students apply to undergraduate and graduate programmes (about 75%), and more than half select to enrol in engineering, maths, computer science, or business and management courses.
There are numerous foreign universities that offer scholarships to Indian students. However, it can be challenging for the nation’s young minds to map out the appropriate university or course. VmapU has assisted over 15,000 students in selecting the options that are ideal for their profiles from a database of over 6,000 universities and 90,000 courses.
Australian universities are preparing for a significant uptick in demand from India and the subcontinent as student visa applications climb above pre-pandemic levels, according to media reports.
According to preliminary information provided by the Department of Home Affairs to SBS Punjabi, more than 44,000 student visa applications from India and 38,700 from China were submitted in the last six months of 2022.
According to experts, the increase in applications for student visas from India can be related to a number of incentives the government offered to entice international students. These consist of paying employment options for overseas students as well as the availability of unrestricted work hours for those with student visas till June 2023.
Since June 1, 2022, the Department of Home Affairs has finalised a record 4.3 million visa applications, of which at least 370,000 were for student visas, in keeping with the Government’s objective to reducing visa backlogs. Additionally, the grant rate has been significantly boosted.