India spends a lot on foreign- study and travel.
Nowadays many Indians are selecting to go abroad for further study or to take employment and settle there only. As per RBI report, Indian’s spending on tuition fee and hostel fee studying abroad reached to $2.8 billion in 2017-18. And under Liberalised Remittance Scheme, Indian’s overseas spending reached to a record high of $13 billion in 2018. In addition to that as per Global wealth migration review report 2019 by the AfrAsia Bank, of the total of 25000 High net worth individuals (HNI) in India, total 5000 HNIs left India in 2018 to settle abroad.
Where they go? Preferred destinations
For the study, Canada is preferred because of the affordability and ease of processes. Germany is also considered a preferred destination for science – technical studies because of expertise and more scholarships options available there.
From the point of view of HNIs, Australia has now become the first choice as the country witnessed the highest inflow of HNIs in 2018. The US comes as a second preferred destination. The main reason for Indians settling abroad is a higher standard of living, good employment opportunities, first-class health care system, climate, space are some of the reasons why Indians choose to settle abroad.
India: Goldmine of Opportunities and fastest growing wealth market
As per the Global wealth migration review report, 2019, India’s wealth has increased by 96% in the last 10 yrs. And is at 4th position in the world’s 20 best-performing wealth markets. In this report, Australia comes at 18th position!
The reason may be Australia is already high-income market. That also means that in high-income countries, wealth creation may be less.
As per the report, India will be the fastest growing wealth market in the next decade and its wealth may increase by 180 %. Improved educational facilities, financial viability, improved healthcare, entrepreneurship encouragement, improved It infrastructure, business process outsourcing, strengthening the real estate sector are some of the reasons contributing to wealth creation.
The Starterr View: Vey Simple
If you analyze, if you settle to the high-income countries like US or Australia, the wealth created by your hard work will not have much value because there everyone is earning high and cost of living is also high. While in India you can enjoy your wealth, and thereby contribute to the nation also!
What’s the meaning of efforts if you can not enjoy the results!