For a culture that traditionally values education, it is only natural that India should become an education hub. An average middle-class household in India spends 15 to 20 per cent of its income on education/careers of children. In fact, education takes the second position after
food in the spend hierarchy, with clothing and housing following it. Fuelled by the popular dream of a foreign degree, the Indian education market is on the verge of a boom. Pursuing a course abroad is not always possible because of the inhibiting expenses involved. Since there aren’t as many scholarships as aspirants, foreign education, often an entry point into the West, remains a dream. Realising the huge market potential, foreign institutes are entering into partnerships with Indian institutes or companies.
And it's not only the lesser known colleges that are trying to hardsell themselves to prospective students here. Ivy League institutions such as Duke University from North Carolina and Columbia University from New York were among those who participated in the October 2004
road shows conducted by the United States Educational Foundation in India and the Institute of International Education in several Indian cities. The others involved Georgetown University from Washington DC and Tufts University of Massachussetts.
Going by US News rankings for America’s Best Colleges in 2005, Duke is at 5th place, Columbia at 9th, Georgetown at 25th and Tufts at 28th. Not only American, top colleges like McGill and York from Canada and Oxford University of UK are increasingly reaching out to recruit Indian
students, especially in newer courses like management and masters in financial economics.
Clearly, the Indian student is in demand. As Stephan Chambers, head of MBA programmes, Said Business School, Oxford University, said: “We will be in India in mid-February 2005 to promote our school and courses. Our reasons are very simple: To attract the best students from around the world and some of them come from India."
A study reveals that at least 131 Indian institutions have collaborative arrangements with foreign universities. The study titled "Foreign Education Providers in India" and conducted by the National Institute of Fuelled by the popular dream of a foreign degree, the Indian education market is on the verge of a boom.Realizing the huge market potential, foreign institutes are entering into partnerships with Indian institutes or companies.
Educational Planning & Administration (NIEPA), reveals that Tamil Nadu has the highest number of Indian institutions with foreign collaborations.Tamil Nadu is followed by Maharashtra and Delhi in that order. While NIEPA admits that the survey was not exhaustive, it gives an idea
of the extent of the education market. The number could actually be close to 250 with an estimated number of 10,000 students enrolled incourses of this nature.
A majority of these foreign partners are from the US and the UK, the biggest players in the education export market worldwide. For instance, the British Council-supported site Edulinks, which helps foster Anglo- Indian partnerships in education and training, lists 57 collaborations
between the UK and Indian institutes across areas such as business, engineering, medicine and fashion design.
Of the 131 institutions identified, a majority of foreign collaborations are in professional and vocational courses. About 107 provide vocational courses, 19 technical courses and only five offer general education. About 80 per cent of these foreign endeavours are in business and hotel
management. This is because management is in huge demand and requires minimum infrastructural investment. For Indian educational institutions, this is an opportunity to build their brands as well as harness the financial strengths of the foreign universities.
It is evident, education now spells big business. One indicator of the growing education market is that educational institutions have emerged as the largest ad spending category in print media in 2004, up from the 6th position just a year ago, according to Adex India, a division of TAM
Media Research. They spent US$48.48 million on print media advertisements in 2004.
In May 2005, the Indian Institute of Planning & Management (IIPM) emerged as the highest advertising brand in the print medium with an ad spend of US$1.18 million. In comparison, its April spend amounted to US$647,329. IIPM’s campaign, which sells its MBA courses offered in eight cities, is well timed and is directed at students who are in the Education now spells big business. One indicator of the growing education market is that educational institutions have emerged as the largest ad spending category in print median 2004.
Stanford University will set up its first campus in India soon. Yale University from the US has formed a joint venture with Great Lakes Institute of Management
(Glim) of Chennai to set up a management research centre INDIA, process of deciding on the educational options available to them.A study of advertisements by foreign universities, conducted by the Association of Indian Universities (AIU), reveals that they are increasingly zeroing in on India. The study conducted in 2000 found that of the 144 advertisers, 53 were from the UK, followed by Australia (40), the US (24), Canada (7), and New Zealand. The
other universities are from Bulgaria (2), Cyprus (1), France (2),
Hong Kong (1), Ireland (1), Mauritius (1), Nepal (2), Romania (1),
Russia (1) and Switzerland (3). While 117 institutions are seeking to attract students to their countries, the rest are offering programmes in India. These
programmes are predominantly in the high-demand management
and engineering faculties.
So guys why go there and study when most of the Top and A listed university from around the world are coming to us.
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