After careful planning, Pragati Priya, a 29‑year‑old content creator from Jharkhand, has decided to enroll in a master’s programme abroad this year.
She is heading to Rome in September to study global economic affairs, hoping it will open doors to better professional opportunities in Europe.
However, the steep decline in the Indian rupee against the euro has forced her to borrow more money, creating anxiety about a student loan she may never repay.
This mirrors a dilemma facing hundreds of thousands of middle‑class Indian students who study across Europe, North America and Australia.
In 2025, over 1.2 million Indian students were enrolled abroad, making India the largest source of international students.
A weakening rupee, poor job prospects in the US and Europe, stricter visa requirements and immigration crackdowns have pushed many to reconsider the cost of taking on heavy debts.
Chances of securing a skilled job post‑graduation are shrinking, with many graduating students turning to the gig economy.
The UK and US anticipate a gradual decline in Indian enrolments, but interest spikes in lower‑cost destinations such as Germany, Ireland and Italy.
The rupee’s depreciation has compounded the challenges, with some students having already paid part of tuition and now needing additional funding.
So far, this trend threatens both students and host universities, as the debt burden and enrolment drop could undermine the impact of higher‑education soft power.
