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Over three-fourths of wealthy Indians have sent or are planning to send their kids overseas for education, according to an <keyword id="19916458" type="General" weightage="20" keywordseo="hsbc" source="keywords">HSBC</keyword> survey. The survey of 1,456 Indians, having investable surplus between Rs 84 lakh ($100,000) and nearly Rs 17 crore ($2 million), conducted in March found a strong urge for overseas education with 78% of the respondents saying they are keen on a <keyword id="382324" type="General" weightage="100" keywordseo="foreign-education" source="Orion">foreign education</keyword> for their children. Investable survey is the amount set aside for investment from overall net worth. The <keyword id="23129277" type="General" weightage="20" keywordseo="global-quality-of-life" source="keywords">Global Quality of Life</keyword> 2024 survey commissioned by foreign lender HSBC said the <keyword id="19900781" type="General" weightage="20" keywordseo="united-states" source="keywords">United States</keyword> is top overseas destination for Indians, followed by the <keyword id="19956320" type="General" weightage="20" keywordseo="united-kingdom" source="keywords">United Kingdom</keyword>, <keyword id="19896882" type="General" weightage="20" keywordseo="canada" source="keywords">Canada</keyword>. <keyword id="19895799" type="General" weightage="20" keywordseo="australia" source="keywords">Australia</keyword> and <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword>. So strong is the urge for foreign education for the child that the parents are willing to suffer financial strains as well, the survey said, pointing out that the investment in education may come at the sacrifice of retirement savings. The expected or actual annual cost of overseas education works out at $62,364, and may use up to 64% of parents' retirement savings. Parents resort to dipping into general savings, taking loans and selling assets to fund the overseas education, the survey said. The quality of overseas education tops the list of primary reason for considering the overseas education, followed closely by the possibility to specialise in an area, the survey said. The survey said that financial concerns are the biggest worry for parents when the kid flies out for education, and followed by others like social or mental concerns and physical or health concerns.

Wealthy Indians send kids overseas for education, says HSBC Survey

<ul class="summary-list"><li>This summer, I studied abroad in the UK as a Yale student.</li><li>Some of my classmates were working professionals, which inspired me.</li></ul>As a <a target="_blank" class="" href="https://www.businessinsider.com/yale-graduate-lives-with-mom-nyc-move-out-2024-8">Yale student</a>, my life doesn't slow down in the summer. Ahead of this year's fall semester, I interned at my local public defender's office, got a new job doing policy research, and participated in some political action.I also took classes at the London School of Economics for six weeks — aided logistically and financially by the Yale <a target="_blank" class="" href="https://www.businessinsider.com/college-student-studying-abroad-classmates-taking-luxury-trips-2024-4">study abroad</a> office but ultimately organized by myself. That meant I had to move to the UK and immerse myself in its educational system. I studied macroeconomics and public policy analysis.Although I was only there for a few weeks, I was surprised by how much I enjoyed my experience with the UK <a target="_blank" class="" href="https://www.businessinsider.com/moved-my-kid-to-argentina-for-a-friendlier-school-system-2022-1">school system</a>.<h2 id="f7215bf2-1212-430c-aead-b1eca6dd3578">My classmates in London were different than what I'm used to</h2>Studying in London was my capstone to a busy summer. I enrolled in my <a target="_blank" class="" href="https://www.businessinsider.com/guides/learning/best-free-online-courses-from-top-universities">college courses</a> with two different aims: macroeconomics to refresh my skills for any future economic study and public policy analysis to help me with my job as a writer and research associate.In my first class, I met mostly undergraduates — primarily Americans and Yale students.But I was one of only a few undergraduates in my second class. Many of <a target="_blank" class="" href="https://www.businessinsider.com/childhood-best-friend-lost-touch-reconnect-college-2024-2">my classmates</a> were — or were about to graduate and aspired to be — professionals and bureaucrats working for governments and NGOs worldwide.This was my first time interacting with a demographic of this sort in a classroom setting. It brought a more professional atmosphere to the whole class and broadened my perspective on what <a target="_blank" class="" href="https://www.businessinsider.com/landed-6-figure-government-job-after-military-stress-management-2024-9">government work</a> can look like overall. I've interacted with graduate students or college fellows in classes before, but it was nothing like this.I felt more comfortable being part of a distinctly international <a target="_blank" class="" href="https://www.businessinsider.com/day-in-the-life-nyu-student-intern-content-creator-2024-1">academic community</a> (although with a slight American bias) than I expected. I could suddenly see my future self in my classmates.<h2 id="9665b14e-da1e-4919-beed-2775d870444b">Studying abroad helped me dream bigger</h2>Like many civic-minded <a target="_blank" class="" href="https://www.businessinsider.com/daughters-take-student-loans-ivy-league-schools-2024-9">Ivy League students</a> with presidential-sized ambitions, I have fantasized about studying in the UK for graduate school since I started planning out my future career.There are a myriad of scholarships for American <a target="_blank" class="" href="https://www.businessinsider.com/college-graduates-more-likely-have-friends-participate-community-civil-engagement-2024-10">college grads</a> to study abroad in the UK. Plus, the opportunity to immerse myself in a different environment while learning about public policy would be invaluable. There's a romanticism to it — the idea of strolls through the Magdalen College grounds in autumn has a certain pull.But it's always been a bit of a scary prospect. I would be separated from my family. I'd be living in a new country with essentially no ties to home. Famously, I'm one for adventure, but even that is a bit much.My perspective changed when I finally took a trip to Oxford to tour the campus during my semester in London. It was beautiful. To be honest, it made Yale look like a "normal" college: The sprawling grounds, massive towers, and lovely <a target="_blank" class="" href="https://www.businessinsider.com/preferred-college-life-oxford-over-college-us-2024-1">downtown Oxford</a> really hammered home that Yale was modeled after the older school. The sheer scale of everything in Oxford — not to mention the age — was incomprehensible.I might have been intimidated if I had taken that trip as a child; the idea of moving for two years to study in a <a target="_blank" class="" href="https://www.businessinsider.com/travel-budget-tips-international-traveler-2024-10">foreign country</a> straight out of college is a little scary. But seeing the school in person made it feel more realistic.Plus, studying (and surviving) in the UK only made me more determined.<h2 id="8c3b9e4b-6c63-4afe-ab96-a497f77ef785">I'm now looking toward the future</h2>Although I still have a few years left in college to figure out what I want to do, I now see a new path I might take.After graduation, I want to pursue an advanced public policy or political science degree — potentially as preparation for <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/is-law-school-worth-it">law school</a> with my sights on a legal or political career. I either want to spend much time abroad in the UK for my studies or fully enroll in a British university.All of that now seems doable for me because of the time I spent studying abroad.

I'm a Yale student who just spent a semester abroad in the UK. I now know I want to eventually move overseas for grad school.

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

<ul class="summary-list"><li>My family took trips around the world when I was growing up, and I learned so much.</li><li>I've continued traveling with my own family, and we prioritize spending money on trips. </li></ul>By the time I finished high school, I had already visited <a target="_blank" href="https://www.businessinsider.com/visited-went-to-every-country-in-the-world-favorites-2023-11">well over a dozen countries</a>.My folks were never particularly well off, but any savings they did have were usually spent on travel and <a target="_blank" href="https://www.businessinsider.com/international-travel-with-young-kids-memories-2024-1">making lifelong memories</a>. I can still remember our first big overseas holiday — a trip to Bali in Indonesia when I was 10. I was mesmerized to see how the Balinese people lived, what they ate. I loved the exotic smells and the excitement of being in a foreign place.Over the years, my mom would pull me out of school for anywhere from two weeks to two months, and off we'd go on an adventure. When I was 14, we road-tripped in an old rental around Mexico checking out ancient Mayan ruins. As the years rolled by, there were trips to the Middle East, Asia, Africa, and Europe.Sometimes <a target="_blank" href="https://www.businessinsider.com/travel-tips-from-woman-who-traveled-to-every-country-2022-12">during our travels</a>, my mom would tell me to get my mind off boys and take in the sights. I'm sure she sometimes wondered whether she was wasting her hard-earned cash on someone who might not be appreciating the grandeur of Petra in Jordan or the dismantling and reassembly of Abu Simbel in Egypt. But I did take it in, and I learned a lot.<div type="image" title="Melissa Noble and her family in London in 2018" height="720" width="960" msid="107529032" hostid="261" sizebytes="74058"></div><h2>I continued to travel once I had a family of my own</h2>In my 20s, I continued to tick countries off my ever-expanding <a target="_blank" href="https://www.businessinsider.com/found-dad-bucket-list-went-to-complete-it-2023-7">bucket list</a>. I lived in Canada and London and traveled to dozens of countries. My boyfriend and I would work hard for several months doing odd jobs like waitressing or landscaping, then spend all our savings on seeing the world.Eight years ago, we had our first child, a son. Over the years, we've taken him all over the world with us. He's marveled at the views of Cape Town, South Africa, from Table Mountain, walked along the river Seine, and devoured a crepe near the Eiffel Tower. He's ridden a red <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-traveling-to-london-england">double-decker bus in London</a> and feasted on pancakes with the yummiest maple syrup on the planet in Canada.We've decided to prioritize travel over spending money on private schooling for our children. Like with my upbringing, we plan to send our kids to <a target="_blank" href="https://www.businessinsider.com/what-i-learned-teaching-in-public-school-for-23-years-2023-9">public schools</a> and spend any extra cash we have on a different sort of education for our children, one that we believe is invaluable. After all, traveling offers some of the best education there is.<div type="image" title="Melissa Noble and her family in Canada in 2019." height="960" width="720" msid="107529034" hostid="261" sizebytes="107836"></div><h2>My kids learn so much while we travel</h2>There's nothing like actually being there when you're learning about the history of a place. In France, our son walked around the clifftop village of Rocamadour, taking in the historic monuments. For centuries, pilgrims, kings, bishops, and nobles have visited its religious sites. In Canada, he learned all about the meaning behind inuksuit, the stone monuments erected by the Inuit people. My son was amazed by these incredible structures, which symbolize balance. Each stone plays a role in supporting the others.In Bali last year, we came face-to-face with the cheeky long-tailed macaques that call Ubud's Sacred Monkey Forest Sanctuary home. At one point, one of them leaped on my backpack and tried to steal it, which had our three children in hysterics. It's those experiences that you'd never get at home in the small Australian country town where we live.<div type="image" title="Melissa Noble and her family in Andorra in 2018." height="720" width="960" msid="107529035" hostid="261" sizebytes="58080"></div>These kinds of experiences repeatedly reaffirm our decision to <a target="_blank" href="https://www.businessinsider.com/best-places-to-visit-with-kids-and-adults-only-2023-10">prioritize travel for our children</a>. But traveling is not just about making long-lasting memories for us as a family or expanding our children's palates. It's about understanding the tapestry of cultures that make our world such a vibrant, captivating place. We want them to learn how to embrace and celebrate diversity, and how to show compassion to those who are less fortunate than us. For us, it's an investment.Even some of the most tedious things you experience while traveling can be educational. A massive delay for a flight, for example, or getting <a target="_blank" href="https://www.businessinsider.com/south-africa-birth-certificates-children-travelers-enter-country-2023-12">stuck in an airport</a> can be a lesson in resilience and patience.My son has always been passionate about the orangutans' plight and the destruction of their habitats for palm-oil plantations, so a trip to Borneo to meet the orangutans will probably be our <a target="_blank" href="https://www.businessinsider.com/best-family-vacation-destination-itinerary-kids-memories-2023-5">next big adventure</a>. We cannot wait.There's a quote by St. Augustine that goes like this: The world is a book, and those who do not travel read only a page. Our children will be well versed in many chapters. In fact, we plan to show them the whole tome, one country at a time.

We spend most of our extra money traveling. We believe it's the best education for our kids.

The government on Wednesday proposed to hike the <keyword id="9215522" type="General" weightage="20" keywordseo="tcs-rate" source="Orion">TCS rate</keyword> to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (<keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tcs" meta.entityname="Tata Consultancy Services Ltd." meta.entityid="8345" meta.seoname="tata-consultancy-services-ltd">TCS</keyword>) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for <keyword id="148355" type="General" weightage="20" keywordseo="overseas-travel" source="Orion">overseas travel</keyword> perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other than travel and medical is likely to cause resentment and hardship amongst the middle class and HNIs. "This is especially true since many students aspire for foreign education and the cost of education and living is usually met by parents through LRS, the blanket rate of 20 per cent on all residuary remittances would mean that foreign remittance for education / maintenance is likely to be costlier owing to the 20 per cent TCS," Agrawal said. Deloitte India Partner Neeru Ahuja said TCS on overseas tour packages or liberalized remittance scheme for remittance of funds out of India has been proposed to be increased from 5 per cent to 20 per cent. "Despite the TCS being creditable in the hands of taxpayers, the same shall lead to higher cash outflow at the first instance in the hands of taxpayers," Ahuja said. Tax and consulting firm AKM Global, Tax Partner Amit Maheshwari said, "TCS has been proposed on any foreign payment without any threshold. "This would pose challenges for people intending to go for foreign travel and who wish to invest in overseas stocks as it will increase their immediate outlay," Maheshwari said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/life-insurance-stocks-fall-up-to-10-after-budget-pushes-for-new-tax-regime/articleshow/97526113.cms">Life insurance stocks fall up to 10% after Budget pushes for new tax regime</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-blow-to-hnis-claiming-huge-deductions-for-expensive-houses/articleshow/97525649.cms">Budget blow to HNIs claiming huge deductions for expensive houses</a>

Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

<ul><li>Indian student numbers in London grew by 34.7% in 2018-19, marking the largest numbers since 2011-12. </li><li>With this, India regains the third spot in the UK capital's overseas students tally, after China and the US. </li><li>The data reveals the total number of international students at London's universities in 2018-19 was 125,035, up 5.8% from 2017-18 and a rise on last year's growth rate of 5.3%.</li></ul>A record hike in the number of Indian students choosing London universities has resulted in India regaining the third spot in the UK capital's overseas students tally, after China and the US. According to an analysis of new data from the UK's <keyword id="909698" type="COMPANY" weightage="20" keywordseo="Higher-Education-Statistics-Agency">Higher Education Statistics Agency</keyword> (HESA) released on Wednesday, Indian student numbers in London grew by 34.7 per cent in 2018-19, marking the largest numbers since 2011-12. India's rise up one rank comes at the expense of Italy, which slips one place down to fourth, followed by France in fifth place - marking a promising rise of students from outside the European Union (EU) ahead of Brexit Day on Friday. "It marks an impressive period of growth for India, which returned to being London's third largest international student market after falling to fourth position three years earlier," said London and Partners, the Mayor of London's official promotional agency. "Applications may have been encouraged by the recent reintroduction of the two-year post-study visa for international students by the UK government, allowing overseas graduates a longer period of time to look for employment after their studies," it noted. The data reveals the total number of international students at London's universities in 2018-19 was 125,035, up 5.8 per cent from 2017-18 and a rise on last year's growth rate of 5.3 per cent. China remains London's largest international student market, with 25,650 students enrolled at universities in the UK capital. The US saw growth of 5.8 per cent to maintain its rank of second place with 7,460 students, followed by India at 7,158 students. The top five is completed with Italy at 5,625 students, down 1.2 per cent over the previous year, and France at 4,650, up 3.9 per cent. "I'm delighted to see so many young people from across the world choosing London to pursue their higher <keyword id="6355445" type="COMPANY" weightage="20" keywordseo="education">education</keyword>. In doing so, they're becoming part of a global community that has produced some of the world's most exciting and innovative companies," said Rajesh Agrawal, the Indian-origin Deputy Mayor of London. "With its world-leading universities, thriving business ecosystem and unrivalled cultural landscape, studying in London offers the opportunity to be part of a city at the forefront of creativity and innovation," he said. London and Partners also highlighted that the UK capital holds the crown as the world's best city for students, according to the QS Best Student Cities Ranking, by global education consultancy QS Quacquarelli Symonds. London beat international cities Tokyo (2nd) and Melbourne (3rd) to first place for the second consecutive year in July 2019. Lalage Clay, Director of Education and Talent at London &amp; Partners which runs Study London, said: "These new figures are a resounding endorsement of our world-leading universities and our great city. " "Whether it's fashion or financial economics, accountancy or art history, prospective international students know when they choose London, they are choosing a first-class education and a cultural experience like no other. We look forward to welcoming more international students to the capital this year," Clay said. Study London is the official international student guide to London run by London &amp; Partners to help overseas prospective students with information they need about London's universities and courses. See also: <a href="https://www.businessinsider.in/good-news-for-indian-students-in-the-uk-as-government-will-now-grant-them-2-year-work-visa/articleshow/71077488.cms">Good news for Indian students in the UK, as government will now grant them 2-year work visa</a> <a href="https://www.businessinsider.in/education/news/over-30000-indian-students-received-uk-student-visa-for-the-year-2019/articleshow/72287715.cms">Over 30,000 Indian students receive UK student visas — more than 270,000 benefited over the last decade</a>

Indian students at London universities rise by 35% — highest in last six years

<ul><li>Over 70 students at the SP Jain School of Global Management received job offers from Australia. </li><li>The average starting salaries stood at ₹27 lakh. </li><li>Other top overseas job locations include the US, UAE, Singapore, Japan and Germany among others.</li></ul>Australia has been luring Indian students with attractive pay packets and job offers. Of the cohort of 140 undergraduate BBA (Bachelor of Business Administration) students at SP Jain School of Global Management — which is on the Forbes list of top 20 international business schools — more than 70 secured <keyword id="639373" type="PERSON" weightage="20" keywordseo="jobs-in-australia">jobs in Australia</keyword> with average starting salaries of ₹27 lakh (AUD 55,000), as per the institute’s official release. “It comes as no surprise to us that a majority of students have chosen to start their careers in Australia. After completing the program, SP Jain students are entitled to a 2-year unrestricted Post Study Work Rights Visa and many of them take up this opportunity,” said Richard Coller, Director of Professional Readiness at S P Jain’s Sydney campus. Other top overseas job locations include the US, UAE, Singapore, Japan and Germany among others. Most of the offers came from Deloitte, Bank of Queensland, Mediacom, Mindshare and Schneider Electric. The top sectors of employment include sales &amp; marketing, finance and operations. Unlike other university degrees, <keyword id="3095901" type="PERSON" weightage="20" keywordseo="SP-Jain-Global">SP Jain Global</keyword> offers a four-year BBA programme. Students study in Singapore or Mumbai for the first Year followed by Dubai and Sydney. “Our students have had the unique advantage of studying in not one, but a minimum of three global cities – Singapore, Dubai and Sydney. At each location, they have had opportunities to pursue projects, out-of-class activities and internships that have made them very relevant and attractive to leading companies in Australia and around the world,” Coller added. It recently received the highest salary package ever at ₹45 lakh per annum for a student of its global MBA programme. See also: <a href="https://www.businessinsider.in/careers/news/90-mba-graduates-from-sp-jain-school-of-global-management-bag-international-offers-with-an-average-salary-of-20-lakh/articleshow/72251657.cms">90 MBA graduates from SP Jain Global bag international offers — with an average salary of ₹20 lakh</a> <a href="https://www.businessinsider.in/careers/news/iim-mba-finance-students-pick-ai-and-tech-roles-over-investment-banking/articleshow/72467406.cms">Recruiters explain why finance MBAs in India are looking beyond investment banking roles⁠— and rightly so</a> <a href="https://www.businessinsider.in/business/news/an-indian-billionaire-had-to-rework-his-philanthropic-programme-because-there-werent-enough-women-entrepreneurs/articleshow/71813950.cms">An Indian billionaire had to rework his philanthropic programme because there weren’t enough women entrepreneurs</a>

Australia emerges as the hottest employment destination for Indian graduates seeking overseas jobs

<ul><li>The number of bad loans in education reportedly increased to 9% in March 2018 from 7.3% as of March 2016. </li><li>As of 2016, over five million international students were studying abroad out of which 300,000 were Indians. </li><li>As per data by Reserve Bank of India, spending on tuition and accommodation have increased by 44% during 2013 and 2018. </li></ul>With more Indian students flying abroad to finish their studies, many have relied on hefty education loans but have been unable to pay down their student debt. According to a LiveMint report, which <a href="https://www.livemint.com/money/personal-finance/is-the-education-loan-burden-worth-that-course-abroad-1550502001583.html">cited</a> data by the Indian Banks’ Association, Indian banks have seen a rise in education loan defaults. The number of bad loans in education increased to 9% in March 2018 from 7.3% as of March 2016, said the report. There were about 2.79 million active education loans as of March 2018. While securing an education loan may have become easier than before but repaying them has seemingly become difficult primarily because of a shrinking job market, say experts. Additionally, tighter visa rules for working overseas in the West has forced many Indian students to return home after finishing studies, with huge debts and find work in a market where the wages often aren’t as high. The US, for instance, has a cap on the H1B visas for people including students who have studied there. Increasing costs of higher education, particularly overseas, has partly driven more students to avail education loans. According to CRIF High Mark, a credit bureau, there has also been an increase in the average size of new loans given each year, said the LiveMint report. The average size of new education loans varied -- from ₹895,000 in September 2018 to ₹708,000 at the end of FY18. In comparison, the average loan size for new loans was ₹503,000 in 2015, according to the media <a href="https://www.livemint.com/money/personal-finance/is-the-education-loan-burden-worth-that-course-abroad-1550502001583.html">reports. </a> Spending by Indian students <a href="https://www.livemint.com/money/personal-finance/expenses-you-shouldn-t-overlook-when-planning-to-study-abroad-1548784318439.html">has also spiked</a> in recent years. As per data by Reserve Bank of India, spending on tuition and accommodation have increased by 44% during 2013 and 2018. India also has high interest rates on student loans that range from 8.50% to 10.30% per annum. Indian students make up the second largest pool of international students globally after China, said CNBC. As of 2016, over five million international students were studying abroad out of which 300,000 were Indians, <a href="https://www.cnbctv18.com/economy/a-new-wave-of-indian-students-now-studying-abroad-2096281.htm">according</a> to UNESCO data. The number of Indian students studying overseas increased to 553,000 in 2017. See also: <a href="https://www.businessinsider.in/campus-placements-at-iim-mdi-tiss-iift-see-salary-packages-above-2-million/articleshow/67898696.cms">India’s B-schools are seeing higher salary packages for graduates — and it’s not just IIMs</a> <a href="https://www.businessinsider.in/careers/accenture-bcg-dominate-campus-placements-at-business-schools-in-india/articleshow/68045145.cms">Consulting firms Accenture, BCG dominate campus placements at India’s B-schools this year</a>

More Indian students are defaulting on their overseas education bank loans: Report

<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>

Indian students going abroad to face a triple whammy of inflation, forex and interest rates

<ul class="summary-list"><li>Two Black former <keyword id="52458" type="ORGANIZATION" weightage="60" keywordseo="Premier-League">Premier League</keyword> players have called for foreign players coming to the league to be educated on cultural norms after <keyword id="6034" type="ORGANIZATION" weightage="60" keywordseo="Manchester-United">Manchester United</keyword>'s <keyword id="173372" type="PERSON" weightage="60" keywordseo="Edinson-Cavani">Edinson Cavani</keyword> used a racist term on Instagram.</li><li>Cavani wrote the words "gracias negrito" on his Instagram on Saturday in response to someone who had congratulated him on his brace versus Southampton. </li><li>"Negrito" is widely used as a term of endearment in Latin America, but is considered unacceptable in the Anglophone world.</li><li>The post evokes memories of Man City midfielder Bernardo Silva, who last year faced punishment for <a href="https://www.businessinsider.com/bernardo-silva-on-racist-tweet-says-you-cant-even-joke-2019-9?r=US&amp;IR=TIR=T">comparing teammate Benjamin Mendy to the controversial mascot for a Spanish chocolate brand.</a></li><li>Now English stars Troy Deeney and Joleon Lescott are calling for overseas players to educated on cultural norms when they start playing in the UK.</li></ul>Former English Premier League duo Troy Deeney and Joleon Lescott have called for foreign players coming to the league to be educated on cultural norms after Edinson Cavani become the latest high profile player to share a racist post to his social media.Cavani scored twice as Manchester United beat Southampton 3-2 on Saturday, after which he responded to a follower's congratulations on Instagram by writing "gracias negrito" – which roughly translates as "thanks little Black man."The term "negrito" is used as a term of endearment in much of Latin America.The Uruguayan striker apologized for the since deleted remark, <a href="https://www.manutd.com/en/news/detail/man-utd-and-edinson-cavani-issue-official-statements-over-instagram-post">saying in a statement</a> that it was intended as an "affectionate greeting to a friend" and that he is "completely opposed to racism."He is likely to face a three game ban. Cavani's post evokes memories of a similar incident involving Manchester City and Portugal midfielder Bernardo Silva.Last year Silva was banned for one game after <a href="https://www.businessinsider.com/bernardo-silva-on-racist-tweet-says-you-cant-even-joke-2019-9?r=US&amp;IR=TIR=T">comparing teammate Benjamin Mendy to the controversial mascot for Spanish chocolate brand, Conguitos.</a> The mascot relies on several racist tropes around the appearance of Black people.<div type="image" title="Silva, Cavani" height="1200" width="2000" msid="79515098" hostid="261"></div>As well as punishing players for using racist language and imagery, football authorities should use such incidents as educational experiences for overseas players, both Lescott and Deeney, both of whom are Black, said."I don't think we should allow players to come into the league and use terminology used and deemed OK in their cultures. It's not acceptable here regardless," Lescott, formerly of Manchester City and Everton, <a href="https://www.dailymail.co.uk/sport/football/article-9002691/Joleon-Lescott-calls-English-football-introduce-protocols-Cavanis-negrito-comment.html">said, according to Sportsmail.</a>"I'm not singling out Cavani – I think we've seen it before. I think Bernardo Silva had an incident as well. "I think it is an opportunity for the FA, the Premier League, whoever it may be to educate people on arrival of terms and things we can and can't say here, because – I know it is a simpler way of thinking — we don't let foreign players hide behind the fact that they drive on a different side of the road when they arrive here. "They have to adhere to our laws and I think the kind of ruling in place is not acceptable at the moment. I think as governing bodies they need to look at it, rather than individuals."Deeney, who has scored 47 Premier League goals for Watford, concurs, <a href="https://twitter.com/talkSPORT/status/1333312787213213696">telling TalkSPORT:</a> "I understand we get three-game bans now, but I just want to know whether the FA are educating players when they come to this country."I don't think [Cavani] has meant it to insult anyone, but he needs to be educated on what is acceptable and what isn't.""I do think at times a three game ban isn't enough, because it's got to be three games with a form of education in my opinion," he added."These words hurt people."Read more:<a href="https://www.insider.com/footballer-ignores-diego-maradona-tribute-over-domestic-violence-claims-2020-12">A soccer player refused to pay tribute to Diego Maradona due to allegations of domestic violence against him, and she now says she's getting death threats</a><a href="https://www.insider.com/video-uswnt-starters-kneel-during-national-anthem-vs-netherlands-2020-11">9 of 11 USWNT starters kneeled during the national anthem ahead of their match against the Netherlands, but ESPN didn't show the footage</a><a href="https://www.insider.com/mls-intern-david-villa-sexual-harassment-nycfc-response-2020-11">A 20-year-old intern for NYC Football Club accused a major star of sexual harassment. Here's what the club is ready to do about it.</a><a href="https://www.insider.com/greg-clarke-resigns-fa-after-remarks-about-black-gay-players-2020-11">One of football's most powerful men resigned after calling Black people 'colored' and saying being gay is a 'life choice'</a>

One of the Premier League's top talents used a racist term on Instagram. Now Black players say overseas stars need education about what's acceptable on social media.

Earlier this week, the Indian <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> nosedived 51 paise, <a href="https://www.businessinsider.in/finance/news/rupee-hits-all-time-low-of-77-42-against-us-dollar/articleshow/91439581.cms">hitting an all-time low</a> of ₹77.41 against the US dollar. <div type="image" title="Rupee hit a lifetime low of 77.41 earlier this week" msid="91525914" hostid="261" caption="&amp;lt;p&amp;gt;Rupee hit a lifetime low of 77.41 earlier this week&amp;lt;/p&amp;gt;"></div> Earlier last week, the Indian rupee had appreciated eight paise after India’s central bank, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, <a href="https://www.businessinsider.in/finance/banks/news/rbi-hikes-repo-rate-by-40-basis-points-to-4-4-as-it-seeks-to-reign-in-inflation/articleshow/91311941.cms">increased interest rates</a> by 40 basis points on May 04, only to tumble further below this week. 100 basis points make one percent. The rupee has been staggering since the beginning of the year. <div type="image" title="Rupee depreciation in last one month" msid="91525962" hostid="261" caption="&amp;lt;p&amp;gt;Rupee depreciation in last one month&amp;lt;/p&amp;gt;"></div> This depreciating rupee, which is a fall in the value of a currency in terms of its exchange rate versus other currencies, is likely to have a direct impact on your daily expenditure. Imports now more expensive, while exports are cheaper With a small dip in the <keyword id="50739" type="General" weightage="20" keywordseo="indian-currency" source="Orion">Indian currency</keyword>, the Indian government has to pay a little extra for the same goods it was importing earlier. So, importing items get more expensive. Oil imports will get costlier, which has a direct impact on prices of many other things – anything that needs to be transported will (if it hasn’t, already) now see an increase in its prices. India currently imports <a href="https://www.businessinsider.in/finance/news/crude-oil-surges-significantly-to-109-per-barrel-as-countries-look-for-options-other-than-russia/articleshow/89936843.cms">85% of its oil demand </a>and the rise in crude oil prices directly increases import bill and expenses. Your investment portfolio is likely to be affected If foreign investors pull out of Indian equities, Indian currency depreciates, leading to a sharp decline in equity markets. Foreign investors have already <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-1-5-lakh-crore-from-the-indian-markets-in-2022-so-far-heres-why/articleshow/91485411.cms">pulled out over ₹6,400 crore</a> from the Indian equity markets in the first four trading sessions of May when the Reserve Bank of India (RBI) and <a href="https://www.theguardian.com/business/federal-reserve">US Federal Reserve</a> raised interest rates. Given the headwinds in terms of elevated crude oil prices, inflation, and monetary tightening (also known as Quantitative Tightening), market volatility is expected to remain high as foreign investors could continue to withdraw funds. Foreign education could get more expensive If you are planning to study abroad, you might have to restructure your budget. You will have to shell out more rupees for every dollar you spend. Simply put, you will have to spend over 21% more in terms of rupee to buy the same number of dollars. If you budgeted ₹20 lakh for your education abroad, you will now have to increase it to ₹24.2 lakh. <div type="image" title="Foreign education will get more expensive" msid="91525979" hostid="261" caption="&amp;lt;p&amp;gt;Foreign education will get more expensive&amp;lt;/p&amp;gt;"></div> International travel now more expensive During summer, the travel sentiment is high among consumers. As the rupee loses value against the US dollar, your plans to travel abroad will burn a deeper hole in your pocket – like everything, paying for your purchases in foreign currency, moreso the US dollar, is now more expensive than ever before. A weaker rupee results in expensive imports, and contributes to inflation <a href="https://www.livemint.com/economy/indias-inflation-likely-accelerated-to-18-month-high-in-april-poll-11652181052993.html">India's retail inflation</a> surged to an 18-month high in April, largely driven by rising fuel and food prices and staying well above the RBI's upper tolerance limit for a fourth consecutive month, a Reuters poll found. As the rupee weakens against the dollar and import prices hike, companies may not be able to absorb this increase in cost and may pass it on to consumers. Increase in your home loan EMIs and more To keep inflation in check, RBI resorts to increasing its interest rates. If the RBI expects that inflation will rise beyond its tolerance limit, it hikes the rate at which banks borrow money from the RBI, which is also known as the repo rate. When repo rate increases, the cost of borrowing for banks also increases, which is passed to their account holders by increasing the interest rate on loans and deposit rates. Some banks have already announced an increase in interest rates on home loans – HDFC has <a href="https://economictimes.indiatimes.com/wealth/borrow/hdfc-hikes-home-loan-interest-rates-this-is-how-much-your-emi-will-go-up-by/articleshow/91434723.cms">increased</a> its interest rates for retail home loans by 30 basis points, with the new rates now in the range of 7-7.45%. But what has caused the decline of the Indian rupee? The value of any currency depends on its demand in the market. If the demand increases, its value goes up, which is known as appreciation. And if the demand for a currency declines, its value depreciates. If more foreign investors invest in Indian businesses and projects, the demand for Indian currency goes up. To be able to invest in India, foreign companies have to first convert their currency into Indian rupees. This increase in demand for the rupee strengthens its value against the US dollar. Recently, more and more overseas investors have pulled out a big chunk of their money from the Indian market, consequently <a href="https://www.businessinsider.in/stock-market/news/the-stock-markets-are-going-through-a-short-term-correction-and-now-might-be-a-good-time-to-invest-in-valued-stocks-say-analysts/articleshow/91369077.cms">affecting market sentiment</a> and currency’s decline. <div type="image" title="Foreign investors have pulled out `1.5 lk cr in 2022 so far" msid="91526033" hostid="261" caption="&amp;lt;p&amp;gt;Foreign investors have pulled out `1.5 lk cr in 2022 so far&amp;lt;/p&amp;gt;"></div> The <a href="https://www.theguardian.com/business/federal-reserve">Federal Reserve</a> has raised interest rates for the first time since 2018, as the US central bank struggles with soaring inflation, the impact of the war in Ukraine and the COVID crisis. As interest rates soar, investors start pulling money out of riskier investments like equities, commodities and foreign markets. The annual <a href="https://www.businessinsider.in/policy/economy/news/inflation-slowed-in-april-for-the-first-time-in-8-months/articleshow/91496347.cms">inflation rate in the US</a> is now at 8.3%, which also affects market sentiment. Here’s an <a href="https://youtu.be/eADkfR1PUeU">explainer by Stocktwits India </a>on how the global inflation rate affects India and what the government is doing to combat it. Therefore, foreign investors are exiting their investments in India, and shoring up their investments in the relatively safer markets in the US. On the other hand, when Indian businesses and companies import foreign goods and products, such as crude oil, gold, consumer electronics, among other things, they convert their rupees into dollars, which is the global currency for international trades. If imports exceed exports, demand for the dollar goes up and the rupee weakens against it. Since India has been a <a href="https://www.indiatoday.in/news-analysis/story/current-account-surplus-india-net-exporter-explainer-1705281-2020-07-28">net importer</a>, we import more than we export, the rupee has gradually depreciated over time. <div type="image" title="Rupee vs Dollar in the last five years" msid="91526067" hostid="261" caption="&amp;lt;p&amp;gt;Rupee vs Dollar in the last five years&amp;lt;/p&amp;gt;"></div> As the upward trend of the graph shows, you had to shell out ₹64 in May 2017 for 1 US dollar. Today, you have to pay ₹77.26 in exchange for a dollar. To deal with this <keyword id="688216" type="General" weightage="20" keywordseo="Rupee-depreciation" source="Orion">rupee depreciation</keyword>, you can reevaluate your investment portfolio and consider companies that have a substantial amount of foreign exchange earnings such as in sectors like pharma, FMCG, and IT. Here's a short video <div type="image" title="Here&amp;#39;s what happens when the Rupee depreciates" msid="91526220" hostid="261" caption="&amp;lt;p&amp;gt;Here&amp;#39;s what happens when the Rupee depreciates&amp;lt;/p&amp;gt;"></div> Disclaimer: This is not investment advice, it is for informational purposes only.

SIMPLY PUT: Why is the rupee falling and how it affects your food, education, healthcare and other expenses

New Delhi, Jun 7 () Public sector lender Indian Overseas Bank has cut marginal cost of funds based lending rate (MCLR) by up to 0.30 per cent across all tenors, which will bring down cost for consumer loans. The benchmark one-year MCLR, against which most of the consumer and retail loans are priced, has been cut by 0.20 per cent from June 10, Indian Overseas Bank (IOB) said in a release on Sunday. IOB reduced its interest rate on loans linked to MCLR by 30 basis points in overnight tenor and by 20 bps in one month to one year tenors. Hence, loans linked to MCLR will become cheaper, said the Chennai-based state owned bank. The bank has also reduced its interest rate on loans linked to Repo Linked Lending rate (RLLR) from 7.25 per cent to 6.85 per cent per annum, IOB said. Retail loans (housing, education, vehicle etc) and credit to micro, small and medium enterprises (MSMEs), which are linked to RLLR, will now be available at cheaper rates, it added. KPM BAL BAL

You Searched For "overseas education" and got 12 results

Wealthy Indians send kids overseas for education, says HSBC Survey

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I'm a Yale student who just spent a semester abroad in the UK. I now know I want to eventually move overseas for grad school.

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Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

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We spend most of our extra money traveling. We believe it's the best education for our kids.

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Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

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Indian students at London universities rise by 35% — highest in last six years

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Australia emerges as the hottest employment destination for Indian graduates seeking overseas jobs

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More Indian students are defaulting on their overseas education bank loans: Report

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Indian students going abroad to face a triple whammy of inflation, forex and interest rates

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One of the Premier League's top talents used a racist term on Instagram. Now Black players say overseas stars need education about what's acceptable on social media.

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SIMPLY PUT: Why is the rupee falling and how it affects your food, education, healthcare and other expenses

Indian Overseas Bank cuts MCLR by up to 30 bps

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