According to the Reserve Bank of India (RBI), annual outward remittances under the “studies abroad” category have risen by over 2,000%, from USD 0.16 billion (₹975 crore) in 2013–14 to nearly USD 3.4 billion (₹29,000 crore) in 2023–24. This amount is roughly half of India’s higher education budget, which stood at ₹55,000 crore in 2023–24. | Photo: iStock/ Getty Images
The wider geopolitical tensions, and the falling rupee’s exchange rate against the dollar are likely to affect Indian students’ choices in pursuing higher education abroad.
