India's Rise as a GCC Hub and Resurgence in Study Abroad Education
India's emergence as a commercial hotspot in the pandemic has made it an attractive spot for organising Global Capability Centres (GCCs), centres of excellence that function globally and serve parent organisations. According to NASSCOM, India is ready to feature over 500 new GCCs to its current 1,500 by 2026, producing more than $35 billion in annual revenue with over 1.3 million personnel.
While the bulk of GCCs have been traditionally positioned in metro cities, the influx of new centres is predicted to favour tier-two cities. This boom in GCCs requires an incredibly skilled group of workers, and Indian college students with study abroad aspirations play a pivotal position in this regard. Many students return to India, bringing vast talents and expertise that contribute to the country's economy and worldwide stature.
The COVID-19 pandemic disrupted worldwide schooling, causing uncertainty for students who were making plans to study abroad in 2020-2021. However, Indian college students are actually displaying renewed interest in overseas universities, and establishments worldwide have tailored to streamline the admission process.
In 2023, a resurgence can be seen in study abroad applications, with over 13 lakh Indian students projected to study abroad by the end of this year, with a sizable number pursuing overseas education in the United States.
Study abroad programs have long been a transformative experience for Indian college students, presenting a personal and educational enhancement. While full-time enrolment at overseas universities is one direction to gain exposure, India also offers numerous student exchange packages, permitting college students to live and study abroad for various durations that contribute to their typical personality development.
The post-COVID-19 time has ushered in huge adjustments in better schooling, with a continued focus on digitalisation. Universities and colleges have adapted their approaches, redesigning educational courses to align with students' choices and preferences, marking a transformative shift within the educational panorama.
Several emerging trends and opportunities are shaping overseas education and study abroad landscape in 2023-2024: