According to data from the Ministry of Education, the foreign education sector has expanded dramatically over the last six years, with a 68% increase in the number of Indian students travelling abroad for higher education in 2022. As per Prodigy Finance, claimed that loan applications increased by 72% in 2022 compared to 2021, continuing the same growth trajectory.
As per Prodigy Finance’s Study Abroad Insights Report for the year 2022, its services have received significant growth in Tier 2 and Tier 3 regions in India, where they saw an uptick of 162%.
It was mentioned in the report that female participation grew by 145% on average across various courses.
The report revealed information on rising markets that offer foreign education, with the Netherlands (124%) and Italy (118%) experiencing growth due to favourable regulations and job opportunities post-study. Anglophone nations like the US, UK, and Canada are the most popular study abroad destinations for Indian students, with increases of 68%, 29%, and 9%, respectively.
Most loan applications were submitted in cities like Hyderabad, Mumbai, Bengaluru, Delhi, and Chennai in 2022 compared to 2021. Delhi experienced a significant increase in Tier 1 cities of 237%, followed by Hyderabad, where there was a sharp increase in registrations of 193%. Bengaluru saw a gain of 82% after Mumbai saw a jump of 142%.
According to the study, more women in Science, Technology, Engineering, and Mathematics (STEM) fields and other science-related fields, such as bio/biotech engineering, vehicle engineering, chemical engineering, information systems, operations research, and earth sciences, are choosing to pursue their studies in developing nations like Italy, Netherlands, Portugal, Switzerland, Singapore, and Hong Kong.
As per the report, among Prodigy Finance student applications, the top five most desired universities include-Arizona State University, University of Texas at Dallas, Hult International Business School, Northeastern University, and University at Buffalo.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.