New Delhi: According to a study, nearly 83 percent of Indian students believe an overseas degree will enhance their prospects of securing better jobs and provide an edge over the competition. The Leap-Ipsos Strategy Study Abroad Outlook Report unveiled on Tuesday said 57 percent of Indian middle-class households -- income between Rs 3 and Rs 10 lakh -- are inclined towards spending on overseas education. The report gives a critical insight into how foreign education is becoming popular with this segment, the largest foreign education is becoming popular with this segment, the largest of the Indian population.
“Fuelled by the student community's growing aspirations, the Indian overseas education market is expected to grow multifold and will see over two million Indian students fly out by 2025, spending over $100 billion on their international education. This is a huge opportunity and the sector will see a meteoric rise in demand for innovative products and services," said co-founder of Leap, Vaibhav Singh.
According to the report, 83 percent of students said an overseas degree will highly increase their prospects of landing better jobs. Thanks to global connectivity, 42 percent of Indian students at the same time are open to destinations beyond anglophone countries that don't have English as their first language, the statement said.
"This reflects that Indian students are widening their choices and becoming more flexible in their preferences of an overseas education destination. Factors they are considering for making this choice include university ranking, scholarship, cost of living, etc," it said. Aspirants are showing more trust in taking education loans. Over 62 percent of Indians prefer education loans, while 53percentt try scholarships, the report showed. The significant increase in preference for education loans is expected to boost the study abroad loan market in the coming years, it said. About 60 percent of the aspirants covered in the study were men while 39 percent were women. Two percent of the surveyors did not wish to mention their gender. Two-thirds of the aspirants were aged 18-24 years while about 34 percent were aged 25-30 years.