Last year, about 800,000 Indian students went abroad for higher education, and spent ₹45,000 crore yearly on their tuition fees alone. About 200,000 Indian students chose the US as a destination for their higher education. This was a 19% increase from the previous year. It is estimated that by 2024, 1.8 million students will go abroad and spend about ₹6.4 trillion in tuition and living expenses: that is, 2.7% of India’s gross domestic product (GDP). This is a big drain on Indian financial and human capital. Indian institutions are unable to retain talent domestically. It will take us a while to make our universities globally competitive. Consequently, to meet rising demand, Indian policymakers are contemplating inviting foreign universities to India. Is this a good idea? Would it help in retaining talent and capital? What would be the consequences on domestic institutions and how do they face this competition?
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