India’s booming student market: Could it overtake China in global education spending by 2030? | Biz News
In 2019, six million students studied abroad, a figure that’s expected to increase to nine million by 2030. With a rising youth population and supportive financial options, India is rapidly expanding in the global education space.
India and China have emerged as the leading nations sending students abroad. (Photo credit: News9 Live)
Mumbai: In 2019, six million students were studying abroad, and by 2030, this number is projected to grow to nine million. As global education becomes more accessible, students from all over the world are choosing to pursue high-quality education in countries known for their robust educational systems. The trend sees young people migrating to nations like the United States, United Kingdom, Australia, and Sweden, where they can gain access to world-class resources and instruction. Notably, the US remains one of the top countries for education, with many of its Ivy League institutions topping global rankings.
As this demand rises, India and China have emerged as the leading nations sending students abroad. While China has historically been the top country for international student migration, India’s youth surge might soon change the balance. China’s middle-class economic stability, coupled with a strong education system, has enabled many Chinese students to pursue studies abroad. However, factors such as an ageing population and rising living costs may impact China’s future numbers. In contrast, India’s young, expanding population is fueling outbound student growth, with an expected surge in Indian students choosing to study abroad in the coming years.
The number of Nigerian students, along with those from Central Asia and Sub-Saharan regions, is also gradually increasing. While they’re not currently sending students abroad at the same volume as India or China, these countries are catching up as the global education sector opens its doors wider.
India and China: A Comparative Look in Education
While China remains the largest contributor to the international student pool, India is steadily closing the gap. China’s sustained lead is attributed to its developed education system, a booming economy, and a high GDP per capita of $40,000. Despite these advantages, challenges like declining youth numbers and high living costs may reduce China’s future student exports.
India, with a GDP per capita of $2,482, currently faces financial constraints that limit many middle-class families’ ability to send their children abroad. Nevertheless, banks and private institutions are increasingly offering education loans, which may support more Indian students to study internationally. To rival China, India would need a significant economic boost, raising its GDP per capita and tertiary enrollment rates by 2030.
Financial Commitment from Indian Students Expected to Rise
Reports like University Living’s “Beyond Beds and Boundaries” reveal that Indian students are likely to spend over USD 70 billion on international education by 2025. For example, in 2023, approximately 132,000 Indian students in the UK alone spent around USD 5.9 billion. These costs include tuition fees, accommodation, and living expenses, showcasing Indian families’ commitment to high-quality global education despite the financial challenges.
The Future of International Education
As of 2023, students from India and China make up nearly 33% of the total international student population. With India’s burgeoning youth population and increasing GDP, the number of Indian students abroad is expected to rise, potentially surpassing China’s figures. For this shift to happen, India must address the quality of its domestic education system, increase enrollment rates, and continue to support students through loans and funding. On the other hand, China’s economic slowdown and job shortages might also increase the number of Chinese students seeking education abroad, keeping the race between the two countries competitive.
The global demand for quality education is set to expand, with India and China remaining the largest contributors to the international student population. While both countries face unique challenges, they also have the potential to drive growth in the study-abroad market. As nations like the US, UK, and Australia continue to attract millions of students each year, the landscape of international education is bound to change, with more Indian students possibly surpassing their Chinese peers by 2030.
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