Policy makers can debate about whether the slide in the Rupee is good or bad for the economy, but the recent meltdown is the most unfortunate for the young generation that’s headed to overseas university to skill themselves.
They bear this brunt almost every year. Data since 9/11 shows that with the exception of 2016, 2010 and 2002, the rupee tends to weaken against the dollar during the July-September quarter when students are buying dollars to fund their studies and then strengthens in the subsequent quarters.
The extent of rupee’s weakness has varied depending on economic conditions. Estimates are that two to three lakh students go abroad, mostly to United States every year.
Studies have shown that the number of Indian students going abroad has risen sharply post the IT boom in the late nineties. The period also co-insides with the period since the US universities started cutting on aid and scholarships to foreign students forcing the students to fund their own education.
Low pass ratio of foreign doctors in India shows poor quality of education abroad: Economic Survey2025-01-31T14:29:24Z
