Which are the Best Countries for Indian Students?

A study has highlighted the rapidly growing market of Indian students studying abroad, including which are the best countries.

The year 2022 revealed that Indian students going abroad to study soared to an unprecedented 900,000.

This surpassed the pre-Covid numbers of 700,000 in 2019.

This is projected to increase and according to Redseer, it is estimated that two million Indian students are set to pursue international education by 2027, reflecting a 16% Compound Annual Growth Rate (CAGR).

The increase has been driven by a growing awareness of the global academic landscape, a decrease in the Chinese student inflow to these universities, increased emphasis on specialised degrees and an expanding middle-class demographic with the financial means to support such pursuits.

Although postgraduate courses are expected to remain dominant, making up a 62% share.

STEM courses are expected to further increase their share from 58% to 61% by 2027.

When it comes to the best countries for Indian students, the United States remains a reliable country.

But Australia and New Zealand are emerging as dynamic regions.

Even though the cost of education is rising in the USA, there is still appeal due to its reputation for STEM courses and well-funded research ecosystems.

Canada is a compelling alternative, offering cost-effective education. However, the impact of the recent deterioration in diplomatic relations is yet to be ascertained.

Australia and New Zealand are emerging through their focus on skilled migrants and a five-year post-study work visa.

This makes them attractive countries for Indian students.

The shifting landscape, characterised by tougher rules in the USA and the UK, prompts students to explore alternative destinations.

However, both tier 1 and tier 2+ aspirants face clear challenges, demanding specialised support.

Established players typically guide tier 1 aspirants, emphasising rigorous test preparation and meticulous application assistance due to the competitive nature of admissions in top-tier universities.

On the other hand, there is lower competition for tier 2+ aspirants, prompting universities to partner with agencies for admission.

But they have to go through an intricate documentation process and financial complexities.

Because these universities have mediocre reputations, securing loans becomes difficult for aspirants.

Additionally, they are reliant on external support for their documentation and visa processes.

Two business models try to solve such challenges – financing-first and full-stack.

Financing-first models, led by Non-Banking Financial Company (NBFC) companies such as Avanse and Prodigy Finance have built underwriting algorithms to support these aspirants and build university partnerships to generate demand.

Monetisation primarily comes from loan interest rates.

Full-stack involves ed-tech models like Leap have gained prominence in recent times.

Such ed-tech companies provide a tech-enabled experience, offering students easy access to course exploration tools, personalised and online counselling, and a seamless online documentation process.

The digital approach aligns with the evolving preferences of tech-savvy students.

Most full-stack companies monetise through commissions on tuition fees from partner universities.

Therefore, it becomes critical for CEOs and investors operating within the Ed-Tech sector to understand the variation of this rapidly growing sector.

This would help them better align their offerings with these trends and address the emerging needs of this market.

Using this Ed-Tech companies can make more informed decisions and create a more meaningful impact for the sector.