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New Delhi: The spending of billions of dollars by Indian students on higher education abroad is set to take an interesting turn. A report claims that foreign universities operating in India will serve more than 5.6 lakh students by 2040, in addition to generating USD 113 billion in foreign exchange savings.
According to the 'Global Universities Eye India Opportunity' report published by Deloitte India and Knight Frank India, the foreign universities could also create 19 million sq ft of specialised demand for high-quality education-linked real estate.
The report claims that the foreign universities in India could serve more than 5.60 lakh students, besides generating USD 113 billion in foreign exchange savings.
"By 2040, foreign universities operating in India could serve over 5,60,000 students, generate USD 113 billion in forex savings and create 19 million sq ft of specialised demand for high-quality education-linked real estate. The study also presents a first-of-its-kind city readiness framework evaluating the potential of 40 Indian cities," PTI quoted the Global Universities Eye India Opportunity report.
"Delhi-NCR emerges as the most prepared market, followed by Bengaluru and Mumbai, each offering deep talent pools, connectivity, research ecosystems and global business networks. Tier 2 cities such as Chandigarh and Kochi also display mid-scale readiness, offering diverse expansion pathways for international institutions," it added.
The report claims that while overseas students have historically served as a buffer against this decline in domestic enrollment. The mobility has weakened recently because of shifting diplomatic priorities and geopolitical uncertainties, which have resulted in tighter immigration laws, restrictions on visas, and limitations on post-study employment rights.
"Layered onto these challenges, global competition and the weight of international ranking metrics are compounding the pressure as they directly influence the universities' ability to secure funding, partnerships, and talent. In essence, with tapering traditional revenue streams and growing competition, universities across advanced economies are compelled to reassess their operating models and explore new strategies to remain competitive and resilient in an evolving landscape," PTI quoted the report.
Deakin University and the University of Wollongong in GIFT City, along with the University of Southampton in Gurugram, are the first three universities that have established their campus in India under UGC or the IFSCA regulations. A total of 18 foreign universities have formally received approval from the government to set up campuses in the country.
"In India, 53 million students are currently enrolled in tertiary education. Additionally, nearly 7,60,000 students went to international universities in 2024. Despite these large numbers, India's Gross Enrolment Ratio (GER) remains at 34 per cent, well under the 80 pc-and-above levels seen in developed markets," the report noted.
The government has set a target of increasing the Gross Enrolment Ratio (GER) to 50 per cent by 2035, which would mean enrolling approximately 70 million students in higher education. The coming years will tell whether this report remains confined to paper or actually translates into real change on the ground. Let us observe this closely.
