The collapse in the value of the rupee in the past few months and by over 25 per cent since the start of Narendra Modi’s time as Prime Minister is having an impact on Indians deciding to send their children abroad for an education. That coupled with the difficulties in getting working visas following degrees in the United Kingdom and United States, the number of Indians heading abroad to study has been declining. Now, many believe this might save India foreign exchange and after all, India has some decent educational institutions.
But these are both fallacies, first it is important that India send some of her best and brightest to foreign countries and even if some of them do not come back, many of them will and they will come back having lived and worked in other countries and bring in new and fresh ideas and thinking to India. Secondly, India’s higher educational system is not that great, with no institutions of excellence in the world’s top 100 Universities. A sad thing indeed for the world’s second-most populous nation and one that has a historical heritage of education. The collapse of the Rupee is not just impact prices at the petrol pump, it will have some serious long-term impacts on India future prospects.