From Rags to Riches: The Journey of an Indian Student Abroad

The pursuit of higher education abroad has become increasingly popular among Indian students seeking global exposure and better career prospects. Many students from humble backgrounds aspire to study abroad, hoping to transform their lives and achieve financial success.

The Ascent: Challenges and Determination

The journey of Indian students from rags to riches begins with determination and perseverance. Despite financial constraints, many students dream of studying abroad, driven by the desire to acquire world-class education and expand their horizons. According to the Ministry of External Affairs, over 750,000 Indian students were studying abroad in 2021, indicating a significant rise in outbound mobility.

Financing the Dream: Cost of Studying Abroad

The cost of studying abroad can be substantial, depending on the destination and chosen course. According to the RBI, the average annual expense for Indian students studying in the USA is approximately $30,000, including tuition fees, accommodation, and living expenses. This financial burden often necessitates seeking scholarships, education loans, and financial aid.

Education Loans and Financial Aid

To finance their education abroad, many Indian students rely on education loans. According to the Indian Banks' Association, the education loan disbursement in 2021 reached INR 7,564 crores (approximately USD 1 billion). Additionally, securing scholarships and financial aid from universities and organisations play a crucial role in alleviating financial pressures and making higher education abroad accessible to deserving students.

Digital Banks: Empowering Financial Inclusion

Digital banks have emerged as powerful allies for Indian students studying abroad. These online banks offer seamless international money transfer services, transparent foreign exchange rates, and minimal transaction fees. According to a report by the RBI, digital banking users in India increased by 55% in 2021, indicating the growing popularity and relevance of these platforms.

Seizing Opportunities: Part-Time Work and Internships

To alleviate financial pressures and gain valuable work experience, many Indian students pursue part-time work and internships while studying abroad. According to a survey by the National Association of Colleges and Employers, nearly 70% of international students in the USA engage in part-time work.

The Success Stories

Many Indian students who have studied abroad have achieved remarkable success in their fields and have made a positive impact on the world. Here are some examples of such success stories:

• Sundar Pichai: Sundar Pichai is the CEO of Google, one of the world’s largest and most influential technology companies. He completed his bachelor’s degree in metallurgical engineering from IIT Kharagpur. He then moved to the USA to pursue his master’s degree in materials science and engineering from Stanford University and his MBA from the Wharton School of the University of Pennsylvania. He joined Google in 2004 and rose through the ranks to become the CEO in 2015.

• Satya Nadella: Satya Nadella is the CEO of Microsoft, one of the world’s leading software and cloud computing companies. He completed his bachelor’s degree in electrical engineering from Manipal Institute of Technology. He then moved to the USA to pursue his master’s degree in computer science from the University of Wisconsin-Milwaukee and his MBA from the University of Chicago Booth School of Business. He joined Microsoft in 1992 and became the CEO in 2014.

• Raghuram Rajan: Raghuram Rajan is an economist, academician, author, and former governor of the Reserve Bank of India. He completed his bachelor’s degree in electrical engineering from IIT Delhi. He then moved to the USA to pursue his PhD in management from the Massachusetts Institute He has also served as the chief economist of the International Monetary Fund and the governor of the RBI.

The journey of an Indian student from rags to riches through studying abroad is a testament to determination, hard work, and the transformative power of education. As the number of Indian students seeking global opportunities continues to grow, financial considerations remain a critical aspect.

Digital banks play a pivotal role in empowering financial inclusion, facilitating seamless international transactions, and ensuring financial security for Indian students abroad. With the right financial tools and opportunities, these students are well-equipped to achieve their dreams and make a positive impact on their lives and the world.