India loses Rs 55 Thousand Crores per anum

A recent study report by 'The Associated Chamber of Commerce and Industry in India' better known as ASSOCHAM shows that over Rs.55,000 crore per annum is repatriated out of India on 4,50,000 Indian students that go abroad for professional career.

That is a huge number. If some part of this money remains in India itself, we could have many more IITs and IIMs ! On an average, an IIT student pays only US$ 120 per month as fees in IITs while youths opting to go abroad for career making sell out US$ 1500 to US$ 5000 fee per month in equivalent institutions in countries like USA, Canada, Australia, Singapore and UK, adds ASSOCHAM assessment.

The students are not to blame for this! What can they do? The exams that allow admission to IITs and IIMs , not more than 2% of the students that appear for the exam get qualified for such institutes. So around 40% of the remaining 98% students opt for the institutes in other countries and are ready to pay the staggering fees !

The picture of the higher education system has to change in India if one wants to stop this staggering flow of brain drain !

To view report - Click Here