Study abroad experts are urging the Finance Minister to lower the TCS rate for student remittances

Experts who help students study abroad are asking the FM to lower the TCS rate for sending money back home.

India is among the top five nations sending students abroad for higher education, with projections suggesting 18 lakh Indian students will be studying overseas by 2024. The US, Canada, the UK, and Australia remain the top picks for students, but a trend is emerging to explore unconventional destinations like Germany, Ireland, Malaysia, Singapore, and New Zealand.

The top destination for Indian students overseas is America. The higher education enrollment in U.S. universities increased by 35% in 2022-23.

The study abroad landscape is rapidly evolving with new rules and regulations, such as limited visa issuance by Canada and Saudi Arabia becoming the fifth most popular destination for Indian students.

Here are the views and budget expectations from some of the leaders in the Education Abroad sector:

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Vandana Mahajan, Founder and Director Futures Abroad

The biggest challenge today is the rising tuition fees and cost of living for higher education in foreign countries, especially with inflation at its peak. To support the global mobility of India’s young talent, policymakers should allocate resources that facilitate international education.

Key initiatives should include fostering collaboration between Indian and international universities and creating avenues for cross-cultural learning and research opportunities. Measures to make international education more accessible and affordable are essential.

This can involve targeted scholarship schemes for students from smaller cities, tax benefits for families supporting overseas education, and streamlined visa processes. Additionally, offering lower interest rates on education loans will alleviate financial burdens for students and their families, enhancing access to education in the destination of their choice. Reducing air travel fares is also crucial to make global education economically viable for a broader demographic of students. These efforts will foster cultural exchange and elevate India’s representation on the global academic stage…