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<keyword id="22362521" type="General" weightage="20" keywordseo="tourists-travellers" source="keywords">Tourists Travellers</keyword> from India have taken to <keyword id="20166206" type="General" weightage="20" keywordseo="international-travel" source="keywords">international travel</keyword> with newfound enthusiasm over the past two years, a new report by ride-hailing platform <keyword id="19895382" type="General" weightage="20" keywordseo="Uber" source="keywords" meta.keywordsubtype="org" meta.entityname="Uber" meta.hostid="261" meta.entityid="Uber">Uber</keyword> revealed on Wednesday. Indians travelled close to 1,000 cities across 68 countries significantly broadening their horizons, the report revealed. Their top destinations, however, remained consistent in the United States, the United Kingdom, and Canada. As per the report the <keyword id="22362520" type="General" weightage="20" keywordseo="summer-holiday-period" source="keywords">summer holiday period</keyword> when schools and colleges break, emerged as the prime time for these adventures for Indians. Interestingly, it said May 2023 outpaced June 2022 as the most popular month for <keyword id="21753645" type="General" weightage="20" keywordseo="overseas-travel" source="keywords">overseas travel</keyword>, indicating a shift in vacation timing. While abroad, Indians traveled longer distances, averaging 25 per cent more distance than their trips back home. Their Uber journeys spanned 21 different products, from premium electric vehicles like Comfort Electric to multimodal transit options that integrate trains and other mass transit modes, along with the ubiquitous UberX. The report underscores a significant uptick in the number of Indians using Uber internationally, with 2023 seeing Indian travellers ranking second only to Americans in terms of app usage abroad. During the ongoing summer travel season, Indians are expected to cross records set in the previous years, the report predicted. Moreover, many countries frequented by Indians support peer-to-peer ridesharing, allowing individuals to use their personal vehicles for Uber rides. This not only highlights the global appeal of the <keyword id="19913761" type="General" weightage="20" keywordseo="gig-economy" source="keywords">gig economy</keyword> but also showcases the country's adaptability and enthusiasm for diverse transportation options, the report noted. Commenting on the trend, Prabhjeet Singh, President, Uber India and <keyword id="19897710" type="General" weightage="20" keywordseo="south-asia" source="keywords">South Asia</keyword>, said, "Indians have been breaking all travel records over the past couple of years, and it's heartwarming to see how Uber continues to be their trusted last-mile partner in these travels. Be it the familiarity when landing at an airport in a new city or the safety when riding late at night, it's a huge mark of trust for us to see Indians book an Uber for their overseas travels."

Indians are travelling abroad like never before: Uber study

<ul class="summary-list"><li>Russian businesses are being shut out on billions as payment issues and delays are piling up abroad.</li><li>Russia's foreign financial assets have grown $45 billion so far this year, per central bank data.</li></ul>Russian businesses are being locked out of billions of dollars thanks to payment issues at foreign banks, according to data from Russia's central bank.Foreign financial assets of the Russian Federation surged another $4.7 billion over the month of July. The nation has seen its foreign financial assets soar by $44.6 billion so far this year, more than double the $21.4 billion increase in foreign financial assets recorded in the same period in 2023, according to data from the <a target="_blank" class="" href="https://www.cbr.ru/eng/statistics/macro_itm/svs/bop-eval/">Bank of Russia</a>.The jump in foreign assets is largely due to "lags in settlements for foreign economic activities," and accumulated payments abroad as "international settlement chains become more complex," central bankers said in their latest estimate of the country's financials on Tuesday, likely alluding to payment issues stemming from Western sanctions.The US Treasury <a target="_blank" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6">threatened to impose secondary sanctions</a> on institutions engaging with Russia's economy last year. That move pushed international banks to shut their door on Russian businesses or heavily curb the amount of financing they offer — even from Russia's closest allies.India, which was a <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">huge buyer of Russian oil</a> in the early days of the Ukraine invasion, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russia-oil-india-ships-moscow-us-sanctions-ukraine-war-revenue-2024-1">turned away several oil ships</a> from its coasts this year after payment scuffles between Russian suppliers and Indian refiners, traders told Reuters.The United Arab Emirates, another big Russian oil customer, just <a target="_blank" class="" href="https://www.bnnbloomberg.ca/investing/2024/08/08/uae-bans-eswatini-flagged-ships-in-fresh-shadow-fleet-crackdown/">cracked down on Russia's shadow fleet,</a> banning some tankers from docking at its ports, according to shipping data cited by Bloomberg.And China, one of Russia's <a target="_blank" class="" href="https://www.businessinsider.com/russia-ukraine-war-putin-china-trade-partnership-economy-moscow-beijing-2024-4">largest economic partners</a>, now has most of its banks refusing to <a target="_blank" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">accept payments from Russia</a>, one Russian media outlet reported.Moscow still has a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-moscow-cuba-trade-partnership-sanctions-2024-3">handful of allies</a> willing to trade and do business. The nation is also pursuing alternative payment methods, such as <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">crypto</a>, to keep business flowing.Still, experts say that Russia's <a target="_blank" class="" href="https://www.businessinsider.com/russia-resilience-sanctions-costly-unattainable-isolate-large-globally-integrated-economy-2024-2">increasing isolation from global markets</a> could have a big consequence on its economic future. The nation looks poised to enter a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-collapse-recession-moscow-ukraine-war-us-dollar-energy-2024-7">severe recession</a> within the next year, one UC Berkeley economist told Business Insider, pointing to Moscow's weakening energy trade and its waning access to the US dollar.

Russian businesses are locked out of billions as payment issues reportedly pile up abroad

From uncrewed moon landings and lunar sample returns to human spaceflight, India’s expanding space program is set to strengthen its position in the global <keyword id="20114940" type="General" weightage="20" keywordseo="space-race" source="keywords">space race</keyword>. Under ISRO Chairman S. Somanath’s leadership, India’s space exploration vision includes high-stakes projects like Chandrayaan-4, Chandrayaan-5 and the human spaceflight mission Gaganyaan, positioning the nation as a significant player in space exploration. <h2>Chandrayaan-4: India’s first <keyword id="23227406" type="General" weightage="20" keywordseo="lunar-sample-return" source="keywords">lunar sample return</keyword> mission </h2>Chandrayaan-4, scheduled for 2028, is one of India’s most anticipated upcoming missions. This mission aims to collect approximately 3 kilograms (about 6.6 pounds) of lunar samples from a water-ice-rich area near the moon’s south pole. Water ice in the lunar south pole is a prized resource, as it holds the potential to support life support systems and rocket fuel production, making it essential for long-term lunar exploration. Though the United States and Russia completed similar missions decades ago, Somanath highlighted that achieving this feat today is still both complex and costly. India, however, is determined to carry out this mission efficiently, with a budget of 21 billion rupees (roughly $250 million USD). Chandrayaan-4’s mission plan is highly intricate, relying on five spacecraft modules that will require two launches from ISRO’s powerful LVM-3 rocket. This setup includes modules for the lander, sample-collecting vehicle, transfer module, and a reentry module parked in lunar orbit to safely deliver the collected samples back to Earth. To practise in-orbit docking — a critical component of this mission — ISRO is set to launch a $14 million docking experiment (SPADEX) later this year or in early 2025, marking an essential step toward ensuring the mission's success. <div type="Article" hostid="261" msid="111455720" title="ISRO&amp;#39;s Chandrayaan-3 moon mission continues to uncover lunar treasures at Shiv Shakti point" mstype="2" mssubtype="0"></div> <h2>A step beyond with Chandrayaan-5</h2>Following Chandrayaan-4, ISRO plans to launch Chandrayaan-5 in collaboration with the Japanese space agency, JAXA. The joint mission aims to leverage strengths of both space agencies, with ISRO developing the lander and JAXA providing the rover. Shortly after Chandrayaan-3’s Vikram lander and Pragyan rover had landed near the Moon’s South Pole, Japan’s Smart Lander had landed upside down near the lunar equator. While theC-3’s rover failed to awaken after the lunar night, JAXA’s rover did survive the lunar night and even snapped pictures of the lunar surface after that! This mission, also known as the Lunar Polar Exploration Project (LUPEX), will carry a 770-pound rover contributed by Japan, a significant upgrade from the 60-pound Pragyan rover deployed on Chandrayaan-3. Chandrayaan-5 will further strengthen India’s presence on the moon, targeting the resource-rich south pole, an area of growing international interest. The mission will come after Chandrayaan-4, but S Somnath has confirmed that the plan for the mission is ready already! <h2>Gaganyaan: India’s first human spaceflight </h2>Perhaps the most exciting of India’s upcoming space projects is Gaganyaan, a mission set to take India’s first astronauts to low Earth orbit by 2026. Originally scheduled for 2025, the timeline was extended to prioritise astronaut safety amid recent setbacks in the industry. Recognising the significance of this mission, the Indian government allocated an additional Rs 111 billion to Gaganyaan, bringing the program closer to launch. ISRO’s cautious approach includes a series of uncrewed test flights to evaluate critical systems. An uncrewed test flight, G1, is scheduled for December and will carry a humanoid robot named Vyomitra to test reentry, parachute deployment, and splashdown capabilities. Following G1, three more uncrewed missions will complete this rigorous testing phase. The mission’s crew, including Indian Air Force test pilot Shubhanshu Shukla, has been undergoing intensive training both in India and abroad, including a stint with Axiom Space at the International Space Station (ISS), where Shukla is training under former NASA astronaut Peggy Whitson. Meanwhile, ISRO’s ambitious roadmap also includes future goals to land astronauts on the moon by 2040 and potentially establish a moon base before 2050. With these projects, India is set to establish itself as a formidable force in space exploration. As Somanath expressed in a recent lecture in New Delhi, the next few years will be dedicated to designing, developing and executing these complex missions, marking a new chapter in India’s journey toward the stars. <div type="Article" hostid="261" msid="108891587" title="European Space Agency Director praises ISRO, calls India&amp;#39;s accomplishments in space &amp;quot;astonishing&amp;quot;" mstype="2" mssubtype="0"></div>

ISRO’s ambitious lineup of missions include Chandrayaan-4, Chandrayaan-5 and Gaganyaan — likely within the end of this decade!

<ul><li>73% of individuals want to engage in the local cultural experience when travelling abroad </li><li>43% of respondents express that they would look at destinations actively promoting sustainable initiatives. </li><li>Relaxation remains the prime motivation for upcoming trips for 51% travellers. </li></ul><keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">Credit cards</keyword> remain the first choice when it comes to <keyword id="31669" type="General" weightage="20" keywordseo="spending" source="Orion">spending</keyword> when travelling abroad. Several incentives such as travel miles, cashback benefits, rewarding schemes, wide acceptance, favourable foreign <keyword id="124577" type="General" weightage="20" keywordseo="exchange-rates" source="Orion">exchange rates</keyword>, and generous spending limits continue to serve as catalysts behind the increasing usage of credit cards when on <keyword id="147956" type="General" weightage="20" keywordseo="foreign-travel" source="Orion">foreign travel</keyword>. A survey by <keyword id="6359421" type="General" weightage="20" keywordseo="visa" source="Orion">Visa</keyword> has revealed that 95% of travellers rely on credit cards specifically while journeying abroad, aiming to enhance and streamline their overall travel experience. Furthermore, 99% of travellers, surveyed in the, ‘Global Travel Intentions Study’ by Visa, prioritise the utilisation of cards—whether credit, debit, or prepaid—during their international trips, highlighting the preference for the convenience and security offered by card-based transactions in a global travel context. From October 1, new TCS rules have come into effect, where overseas tour packages 5% TCS for spending up to ₹7 lakh and 20% when this threshold is crossed. However, international credit cards are out of the ambit of TCS for now. The study also throws light on other travel trends… Sustainable travel is in 43% of respondents express that destinations actively promoting sustainable initiatives would get a preference when looking for a travel destination. Also, infrastructure holds significant importance for 65% of individuals. Feeling the local vibes 73% of individuals eagerly anticipate engaging in local cultural experiences, highlighting a growing interest in authentic cultural immersion during travel experiences. When choosing a destination, the social environment emerges as a top priority for 75% of respondents, including favourable environmental practices and safety measures. Hotels still the top choice of accommodation Accommodation preferences among travellers vary. 86% prefer hotels for lodging, while 30% lean towards bed and breakfast setups, and 24% opt for hostels, showcasing a diverse range of choices among travellers based on their preferences and travel objectives. The selection of a travel destination largely hinges on the availability of leisure activities, as observed in the preferences of 70% of travellers. Travel, a way to unwind Relaxation remains the prime motivation for upcoming trips for 51% travellers. Diverse entertainment options (35%), exciting shopping opportunities (27%), and indulgence in local cuisine and dining experiences (26%), are the other key drivers when choosing a travel destination.

Nine in ten Indians prefer to use credit cards when travelling abroad

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul><li>The implementation of a higher <keyword id="9215522" type="General" weightage="20" keywordseo="tcs-rate" source="Orion">TCS rate</keyword> of 20% on overseas remittances under the <keyword id="447038" type="General" weightage="20" keywordseo="lrs" source="Orion">LRS</keyword>, specifically for expenses related to tours, has been postponed by three months till October 1. </li><li>For international tour packages <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> applied will be 5% up to ₹7 lakh, and 20% beyond that irrespective of the mode of payment. </li><li>Currently, overseas tour packages and overseas spending of over ₹7 lakh attract TCS of 5%. </li></ul>On Wednesday, the Indian government announced that spending through international <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> abroad will not be considered as part of the liberalised remittance scheme (LRS), and therefore, will not be subject to tax collected at source (TCS). Furthermore, the implementation of a higher TCS rate of 20% on overseas remittances under the LRS, specifically for expenses related to tours, has been postponed by three months, and will now be enforced starting from October 1. “The increase in TCS rates, which were to come into effect from July 1, 2023 shall now come into effect from October 1, 2023," the ministry said. As per the new regulations, there will be no change in the TCS rate for all purposes under LRS, and for overseas travel tour packages, irrespective of the payment method, as long as the amount does not exceed ₹7 lakh per individual per year. The ministry stated that when individuals purchase an overseas tour program package, the existing TCS will remain applicable. The rate of 5% will apply for the first ₹7 lakh per individual, per year. However, for expenses exceeding this limit, the rate of 20% will be applicable.This means that if you are using a credit card to book an international tour package, you need to pay 5% TCS for a spend up to ₹7 lakh and 20% after that. Currently, overseas tour packages and overseas spending of over ₹7 attract TCS of 5%. In the Finance Bill 2023, the government had made certain modifications early this year. The rate of TCS was raised from 5% to 20% for remittances made under the LRS, and also for the purchase of overseas tour packages. Additionally, the threshold of ₹7 lakh, which previously triggered TCS on LRS, was eliminated and TCS was applicable from ₹1. However, it's important to note that these changes do not apply when the remittance is for educational or medical purposes. These amendments are now scheduled to come into effect from July 1, 2023. On May 16, the government had said that international credit card spends will be <a href="https://www.businessinsider.in/personal-finance/news/credit-card-now-under-lrs-ambit-20-tcs-to-be-charged-on-spends-using-international-credit-cards/articleshow/100323990.cms">brought under TCS</a>. However, a few days later the government said that payments made using international credit and debit cards up to ₹7 lakh shall be <a href="https://www.businessinsider.in/finance/news/new-tcs-regulations-may-pinch-your-wallet-while-travelling-abroad-heres-how-you-can-minimise-the-impact/articleshow/100644265.cms">excluded from LRS.</a> Now, there will be no TCS on international credit card spending.

Some relief for Indians travelling abroad – credit card payments will not attract TCS

<ul><li>On an average, a loan could get extended by around ₹3.5-5 lakhs depending on the rupee exchange value at the time of the loan, said Ashwini Kumar, VP at MPower Financing.</li><li>Apart from tuition cost, Indians students also have to support themselves abroad and living expenses are going up as well.</li><li>The third part of the triple whammy is from rising interest rates. </li></ul>19-year-old Sakshi Shewale from Mumbai has been planning to go to Georgia in Europe for her medical course. The course costs around ₹30 lakh for the five-year course and unlike many others, her father is bankrolling it, without her having to take a loan. Yet, in the last few months a lot has changed. Europe is in the throes of a possible recession, the value of Indian rupee is depreciating and more importantly, inflation in the continent is also impacting budgeted expenses. “Looks like I might have to take a loan after all because my living expenses will change drastically. I have spoken to students who live there and they all tell the same story,” Shewale sighs. Her story is similar to a number of Indian <keyword id="15304331" type="General" weightage="20" keywordseo="students-wanting-to-study-abroad" source="Orion">students wanting to study abroad</keyword> but those who have already taken admission this year have it worse – on rupee depreciation alone. Since the beginning of 2022, the rupee has fallen more than 7% against the dollar. <div type="image" title="rupee" height="900" width="1200" msid="94974075" hostid="261" sizebytes="49035"></div> ‘Loans could balloon by ₹3.5-5 lakh’ If a student had taken a loan in March this year, when rupee was at 75 against the dollar, it would add a few lakh into the loan, as per Ashwini Kumar, VP at MPower Financing, a public benefit corporation that helps students to study abroad. For every dollar of the loan, an extra ₹7 is added and it would inflate the loan and the interest as well. “On an average, a loan could get extended by around ₹3.5-5 lakh depending on the rupee exchange value at the time of the loan,” Kumar told Business Insider India. The problems don’t end there. Apart from tuition costs, Indian students also have to support themselves there and living expenses are going up as well. The Eurozone inflation is being <a href="https://www.euronews.com/next/2022/09/30/record-inflation-which-country-in-europe-has-been-worst-hit-and-how-do-they-compare">pegged at 10%, as per estimates</a>. Inflation in the US too has recently <a href="https://economictimes.indiatimes.com/news/international/us/us-inflation-soars-to-8-2-per-cent-highest-in-40-years/articleshow/94842348.cms">hit a 40-year high</a>, messing with economics of students abroad. Most Indian students head to these destinations. The third part of the triple whammy is from rising interest rates. This financial year, the Indian central bank raised repo rates four times and the base rates now stand at 5.9%. More interest rate hikes are expected in the near term and most experts see base rates stabilising once it’s around 6-6.5%. “Loans linked to MCLR and BPLR will see a gradual increase in the interest rate in the near future. The EMIs of current and future borrowers will rise due to this,” said Ankit Mehra, CEO and co-founder of GyanDhan, an education loan market place. Moreover, the psychological impact of a possible depreciation in rupee will also largely play on the minds of US and Europe-bound students and their parents, said Kumar. Students still eye foreign degrees Studying abroad is going to become much more expensive. However, experts say that this is not discouraging students from pursuing their higher education dreams. Shewale too intends to absorb the extra costs but does not intend to change her plans. “The return on investment in terms of quality of education, career growth, international exposure, skills developed, and networking has more intrinsic worth,” said Mehra. Kumar too says that students who are planning to go abroad this year and the next, have been planning it two years before, and it’s unlikely that the road bumps will change their plans, though some may choose to delay it. “There are a few sections of society wherein parents are managing the EMIs on the border, which is due to get affected. A student who had to arrange ₹25 lakh for their overseas education prior to the rate hike will find it difficult to arrange for additional funds given the parental income has not increased proportionally to the hike in the interest rates,” said Mehra. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maggi-maker-nestl-indias-net-profit-grows-8-3-to-668-crore-in-q2/articleshow/94960866.cms">Maggi maker Nestlé India’s net profit grows 8.3% to ₹668 crore in Q2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-profit-tumbles-42-yoy-to-756-crore-due-to-higher-power-raw-material-costs/articleshow/94964556.cms">UltraTech Cement’s profit tumbles 42% YoY to ₹756 crore due to higher power, raw material costs</a>

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