Over the past year, there has been a shift in the preferred destinations for Indian students. According to The Indian Students Mobility Report 2023, while Canada and the US remain the top choices, Australia has ceded ground to the UK, rising to the third position from its original fourth. The report, providing an overall count of Indian students studying abroad in 2022, indicates that the UK saw the most significant year-over-year growth at 49.6 percent, followed by Canada at 46.8 percent. Australia saw a relatively mild surge of 0.7 percent, while the US witnessed growth at 18.9 percent.
Canada has been the primary choice for Indian students in three out 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-a ranking that shifted in 2022. In 2022, Canada exhibited the highest year-on-year growth rate, indicating a surge in demand in the student mobility market following potential drops due to the Covid-19 pandemic in previous years. Concerns about diplomatic tensions between India and Canada potentially affecting projections have been raised, with the suggestion that student interest may remain largely unaffected.
Over the past five years (since 2018), Canada has augmented its intake from India by over 86%, almost doubling its numbers. Projections indicate a potential slight decline in momentum for Canada in the coming years. Meanwhile, Australia's standing as a top international student destination has gradually diminished over the past five years. Although it held the second position until 2019 for total international students, it slipped to the fourth spot in 2021. Concerning Indian students heading to Australia, it descended to the third spot in 2019 and further to the fourth place in 2022.
Three Core Matrices:
The report introduces three fundamental matrices crafted to provide a comprehensive understanding of the Indian student's journey within the study abroad ecosystem. These matrices function as strategic tools for educational institutions, policymakers, and students alike, offering actionable insights into overseas education.
Spending on study abroad:
The report reveals that nearly 8.5 lakh students are pursuing higher education abroad in just four countries - the US, UK, Australia, and Canada - collectively spending close to US$ 34 billion in 2023. The detailed breakdown by country is as follows:
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.
Canada:
In Canada, Indian students, around 3,00,000, have an estimated total expenditure of US $11.7 billion (approx Rs 87,036 crore). This includes US $6 billion (approx Rs 44,712 crore) on academic fees, US $3 billion (approx Rs 22,356 crore) for accommodation, and US $2.7 billion (approx Rs 20,028 crore) on other living necessities.
Australia:
Indian students, approximately 132,000 in the UK, have an estimated total expenditure of US $5.9 billion (approx Rs 43,764 crore). This expenditure is divided into US $3.4 billion (approx Rs 25,272 crore) for academic fees, US $1.3 billion (approx Rs 9,636 crore) for accommodation, and US $1.2 billion (approx Rs 8,856 crore) for other living expenses.