Indian Students Spent Rs 44,000 Cr On Fee, Rs 22,000 Cr On Accommodation In Canada: Report
In the last year, there has been a notable shift in the preferred destinations for Indian students, as highlighted by The Indian Students Mobility Report 2023.
What happened?
While Canada and the US maintain their positions as the top choices, Australia has seen a decline, allowing the UK to rise to the third position from its previous fourth place. The report, offering insights into Indian students studying abroad in 2022, reveals substantial year-over-year growth for the UK at 49.6%, Canada at 46.8%, a modest increase of 0.7% for Australia, and 18.9% growth for the US.
Canada has consistently been the leading choice for Indian students in three of the last four years, with the US securing the top spot in 2021. Australia held the third position, and the UK was fourth in 2019, 2020, and 2021, but this ranking shifted in 2022.
Over the past five years, Canada has significantly increased its intake of Indian students by over 86%, nearly doubling its numbers since 2018. Projections suggest a potential slight decline in momentum for Canada in the coming years. Meanwhile, Australia's status as a top international student destination has gradually declined over the past five years. Although it held the second position until 2019, it slipped to the fourth spot in 2021. In terms of Indian students heading to Australia, it descended to the third spot in 2019 and further to the fourth place in 2022.?
Where and when?
The data has recently been published by?The Indian Students Mobility Report 2023.
Why is Canada the most preferred?
The data indicates that Canada experienced the highest year-on-year growth rate in 2022, reflecting increased demand in the student mobility market following potential declines due to the COVID-19 pandemic in previous years. There are concerns about potential diplomatic tensions between India and Canada affecting future projections, but it's suggested that student interest may remain largely unaffected.
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How much money has been spent?
According to the report, nearly 850,000 students are pursuing higher education abroad, with a collective expenditure of nearly US$ 34 billion in 2023. The primary destinations for Indian students are the US, UK, Australia, and Canada.?
Canada
In Canada, Indian students, around 3,00,000, have an estimated total expenditure of US $11.7 billion (approx ? 87,036 crore). This includes US $6 billion (approx ? 44,712 crore) on academic fees, US $3 billion (approx ? 22,356 crore) for accommodation, and US $2.7 billion (approx ? 20,028 crore) on other living necessities.
United States
Indian students, numbering around 2,40,000, significantly contribute to the US economy, with a total expenditure of US $12.48 billion (approx ?92,976 crore). This includes US $7.2 billion (approx ?53,712 crore) towards academic fees, US $2.9 billion (approx ?21,648 crore) for accommodation, and US $2.4 billion (approximately ?17,712 crore) on other living expenses.
Australia
Indian students, approximately 132,000 in the UK, have an estimated total expenditure of US $5.9 billion (approx ? 43,764 crore). This expenditure is divided into US $3.4 billion (approx ? 25,272 crore) for academic fees, US $1.3 billion (approx ? 9,636 crore) for accommodation, and US $1.2 billion (approx ? 8,856 crore) for other living expenses.
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