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LATEST NEWS UPDATES | India loses a staggering $80 billion foreign exchange due to students opting to study abroad - KR Sudhaman

India loses a staggering $80 billion foreign exchange due to students opting to study abroad - KR Sudhaman

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published Published on Mar 5, 2022   modified Modified on Mar 7, 2022

-National Herald

Indian students going abroad for studies cost approximately $80 billion foreign exchange, which broadly equals forex received by way of NRI remittances annually. This is a staggering figure spent by about 11 lakh students who go abroad for higher studies.

This figure is only growing year after year and unlike in the past, many students have started going abroad for studies even after their schooling. One of the reasons is said to be the rot that has set in the Indian educational system due to mushrooming of institutions and deteriorating standards

Very high cost of paid seats and corruption in professional colleges is yet another reason. Most of the private colleges are owned by politicians or their associates and hence fair play cannot be expected.

India has almost 1000 universities, to be precise 993 -- a record of the sorts. But a handful of them only are good like some IITS, IIMs, IISc, AIIMS and TIFR.

The fact that sizeable percentage of the children of politicians and bureaucrats go abroad for higher education now indicates that they themselves do not have faith in the standard of the Indian educational system, which is deteriorating year after year.

Lately, many engineering college and some medical seats are not getting filled and this shows that people are losing faith in the country’s higher educational system.

The Indian universities also lack facilities in spite of the fact they charge astronomical amount for paid seats. There is so much corruption in the system that even appointment of vice chancellor of a university is not on merit but on the basis of who pays the maximum amount to the political bosses. The rate is alleged to vary between Rs 2-20 crore depending upon the name and fame of the university.

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National Herald, 5 March, 2022, https://www.nationalheraldindia.com/india/india-loses-a-staggering-80-billion-foreign-exchange-due-to-students-opting-to-study-abroad?fbclid=IwAR2BziVL5W1EQtVN78yUN2eElgUDTH3yYIoRnru3r8pSx-2cGq_h91CtCDY


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