Budget 2024: What Students Studying Abroad Expects From FM?
As Finance Minister Nirmala Sitharaman is set to introduce the Interim Budget 2024-25 in the Lok Sabha on February 1, Indian students abroad and market players look forward to the upcoming budget announcements.
Indian students are studying in around 240 countries globally, with US, UK, Canada and Australia being the top choices, Ministry of External Affairs data shows. According to the estimates, the number of Indian students studying abroad has increased from 4.5 lakh in 2017 to 5.86 lakh in 2019. A slight reduction was observed during the pandemic but in 2022, the number goes up to over 7.5 lakh. The total spending by Indian students was around US$47 billion in 2022 which further predicted to be increased to US$70 by 2025.
The market players of foreign education sector expect from policymakers to allocate resources to accelerate global mobility of India’s young talent. The inclusion of language skills and internationally recognized work skill certification programmes is expected to be incorporated in Indian classrooms, says Sachin Jain, ETS manager. He also emphasised for a comprehensive merit scholarship program for postgraduate and research studies to study abroad.
Manisha Zaveri, Joint Managing Director of Career Mosaic expects policymakers to unlock new opportunities for collaboration between Indian and International universities. She emphasised on targeted scholarship schemes for Tier 2 and 3 cities students, tax benefits for families to support overseas education and streamlining of visa processes.
Increased Fund allocation to higher education sector under grants and scholarships, Concessions on air travel, and lower interest rates on education loans are anticipated by Saurabh Arora, CEO, University Living.
Experts and businesses anticipate that a comprehensive budget will be allocated in order to improve the environment for Indian students studying overseas, encourage their academic progress, and elevate India”s stature in the world of education.
The fourth paperless budget is to be presented by the Finance Minister Nirmala Sitharaman on the first of February. This would also mark the sixth budget of the Finance Minister.
