There is a concerning increase in indian students studying overseas. Approximately 13.2 lakh (1.32 million) indian students pursued higher education in 68 other countries in 2023. With 4.27 lakh students, canada ranked first, followed by the USA (3.51 lakh), the uae (2.47 lakh), and australia (1.25 lakh).
 
Given that indian citizens now pay a higher tax burden than they did ten years ago, this tendency is likely to get worse. Finance minister Nirmala Sitharaman declared in the Budget 2024 that the standard deduction under the New Tax Regime will rise from ₹50,000 to ₹75,000). Taxes on short-term capital gains (STCG) and long-term capital gains (LTCG) were increased to 20% and 12.5%, respectively, at the same time.
 
Many students will probably find studying overseas to be a more alluring choice as a result of these tax increases. The greater pay and better employment prospects seen in other nations already attract students. The appeal of a more lucrative future elsewhere grows greater as domestic taxes rise. If they bring their families with them, a large number of students who study overseas may decide to live there and lower India's population by up to 1 crore (10 million). The financial impact is significant: ₹33,000 crores, or money that could otherwise boost the indian economy, being spent on education overseas.
 
It is anticipated that more students would travel overseas in the future due to their desire for higher living and educational standards. The pressing need for changes in India's educational system is highlighted by this expanding tendency. india needs to raise the standard of its education and provide more possibilities if it wants to keep students. In the absence of these adjustments, the nation will still see a substantial brain drain.
 
 
 
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G GOWTHAM

13/08/2024 07:41 AM