264,324 students spending $5.5 bn on overseas education

Over 2.64 lakh students, who have gone abroad for studies, are spending approximately $5.5 billion (about Rs 27,000 crore) every year, the Lok Sabha was informed today.      

Exact figures of outflow of money is not available but assuming at least $20,000 expenses annually by each student, it can be said that roughly $5.5 billion are going out from India every year, Minister of Overseas Affairs Vayalar Ravi said during the Question Hour.

Students are going for different courses in different countries, making it difficult to give the exact amount of money flowing out of India on this account.      

"We are trying to codify how much money is being spent and how many students are going abroad," he clarified.       

As per the information made available, out of 264,324 students gone abroad, maximum of 104,522 are in the US followed by over 97,000 in Australia, 25,905 in the UK and over 6,040 in New Zealand.