**Indians Remit ₹1.76 Lakh Crore for Overseas Education in a Decade**
In the past decade, Indians have sent an astonishing ₹1.76 lakh crore abroad for the education of students studying overseas, as revealed by data from the Reserve Bank of India (RBI) in response to a Right to Information (RTI) request. In the fiscal year 2023-24 alone, ₹29,000 crore was remitted, slightly lower than the previous year’s total.
To put this figure into perspective, a 2014 report estimated the cost of establishing an Indian Institute of Technology (IIT) at ₹1,750 crore, which is projected to rise to ₹2,823 crore by 2025 when adjusted for inflation. This means that the ₹1.76 lakh crore sent abroad over the last ten years could have financed approximately 62 IITs, while last year’s remittance alone could have covered the cost of more than 10 IITs.
A decade ago, the annual outflow for education was just ₹2,429 crore, marking the lowest figure in the last ten years. The peak occurred in 2022-23, with remittances reaching ₹29,171 crore. Overall, the outflow has surged by nearly 1200% over the past decade. The RBI provided this information in US dollars, which has been converted to rupees using the current exchange rate.
In 2024, the number of Indian students traveling abroad for education decreased by 15% due to stricter visa regulations worldwide. According to a government response in the Lok Sabha in March, 759,064 students went abroad for studies in 2024, down from 892,989 in 2023 but slightly higher than the 750,365 in 2022. These figures reflect travelers who indicated their purpose as “Study/Education” and show that the 2024 count remains significantly above the pre-pandemic level of 586,337 students in 2019.
In contrast, the Union government’s allocation to the Department of Higher Education for 2025-26 is ₹50,077.95 crore, an increase from ₹46,482.35 crore in 2024-25, representing an 8% rise. However, this amount pales in comparison to what Indians spend on overseas education. In the last year alone, students remitted over ₹29,000 crore for studies, and over the past decade, the total has reached ₹1.76 lakh crore—more than three times the government’s entire annual higher education budget.
When further inquiries were made regarding the percentage share of banks versus non-bank entities in processing these remittances, as well as information on exchange rate markups or hidden charges, the RBI stated that such information is not available.
**FAQ**
**Q: How much money have Indians sent abroad for education in the last decade?**
A: Indians have remitted approximately ₹1.76 lakh crore for overseas education over the past ten years.
