- Fragile five to Fastest growing economy - India
- 11th largest to the 5th largest economy - India
- Share of world GDP from 2.43% in 2014 to 3.08% in 2018
- Average GDP 7.3% against 6.7% in previous regime
- Forex reserves from 300 bn USD in 2014 to 420 bn USD in 2018
- Doubling of FDI inflow from 36 bn USD in 2014 to 66 billion USD in 2018
- Inflation less than 2.3 % (Nov 18) against 10.1% in 2014
- Growth of sensex from 24,121.74 in 2014 to 36,395.03 on 12 Feb 19 (50.88%)
- Fiscal deficit under control
- Per capita income increased by 45% from Rs 86,647 in 2014 to Rs 1,25,397
- IT exemption from 2 lakh in 2014 to 5 lakh (effectively 9.85 lakh with home loan)
- Restaurant bills tax reduced from 18% in 2014 to 5%
- Transaction charges through card down from 1% to 0%, domestic money transfer fee down from Rs 5 in 2014 to zero
- Financial inclusion (32 crore bank accounts with 260 billion worth deposits). Almost 100% coverage from earlier 50%
- DBT (savings of 83000 crores @ 15000 crore annually), No of govt schemes DBT applied to increased from 34 in 2014 to 433, 2.7 lakh fake mid-day meal students, 3.3 crore fake LPG connections, 87 lakh fake MNREGA job cards, 3 crore fake ration cards eliminated
- Zero IT for businesses with turnover upto 60 lakhs
- GST exemplifying cooperative federalism, rates of 83 items down from pre-GST rates, out of 1211 items only 35 items in above 18% slab, 39% reduction of cost of basic household items. Average 1 lk crore monthly revenue through GST collection. Exempted for business upto 40 lk
- Insolvency and Bankruptcy Code, constitution of NCLT, 3 lakh crores of NPAs recovered, 66 cases resolved, 260 cases liquidated, resolution of stressed assets, 2100 companies pay back 83000 crore to banks settling their pending loan repayments
- 75 billion $ or Yen to Rupee exchange agreement with Japan
- 1 lakh shell companies deregistered, FCRA licenses of 4800 NGOs cancelled
- Fugitive Economic Offenders Bill, properties of economic fugitives seized and auctioned
- 1.9 lakh km of rural roads. Rural road connectivity at 91% from 55%
- 36 new airports, from 65 in 7 decades to 106, all states now in air connectivity map
- Effective international diplomacy following 59 visits to nations, 38 single, 10 double, 3 triple and 2 quadruple visits by PM.(Seen during Airstrikes,No Country opposed India)
- Benami Act for action against Money Laundering
- Rural sanitation coverage 95 % up from 39% (8.8 crore toilets)
- Solar energy capacity increased 8 fold from 2.63 GW to 22 GW, 19. 8.5 GW of biogas grid installed.
- Ganga waterway transportation, usage by shipping giant Maersk, cost of transportation reduced from 10/ton (road) / Rs 6/ton (rail) to Re 1/ton
- More than 2.4 crore households lit up, rural electricity coverage to households up from 70 to 95%, only 19836 homes remain (in Chhatisgarh) out of 2,48,09,235
- Electricity accessibility rank jump from 99 in 2014 to 26 in 2019
- 7 crore new gas connections to 3.5 crore households u/69000 conections per day, coverage 90% from 55%, 82% return for refill, 42% beneficiaries Dalits
- 14.4 crore mudra loans worth Rs 7 lakh crore disbursed
- 18000 remote villages connected with electricity
- 2.92 lakh km of optical fibre laid, 0.02% to 50% gram Panchayat connectivity
- Swachh bharat mission has saved, according to WHO, 3 lakh lives and will save 1.5 lakh lives per year.
- IT filers increase from 3.79 crore to 6.08 crore, enterprises registered for indirect tax up from 64 lk to 118 lakh
- Entry of India in global regimes Missile Technology Control regime (MTCR), WA (Wassenaar Arrangement) and Australia Group
- 17 crore soil health cards
- 1.5 crore houses built, 91.37 crore in rural areas and 13.5 lakh in urban areas against 25 lakh houses built between 2010-2014. House for all target year is 2022.
- 1,78,346 houses built in NE over existing 2875 houses built till 2014
- Home loan interest rate down from 10.3 % in 2014 to 8.4% in 2018, annual savings of Rs 47,160 for 30 lakhs over 30 years, no GST on affordable housing, 5% on remaining
- Trading agreement in rupee with Iran and UAE
- Common service centres up from 84k to 3 Lakh
- OROP implemented after 43 years, 35000 crores disbursed to 8 crore veterans
- India's vaccination programme Indradhanush amongst 12 best practices of world
- 5035 Jan Aushadhi and - 1054 medicines under price control (60-90% discounts).
- More than 150 Amrit stores, reduction of cost of cromium cobalt Knee implant from 1.58-2.5 lakh to 54,720 and high flex implant from Rs181728 to 56490 (69%), 85% reduction in cardiac stent price to Rs 28000
- 87% reduction in 400 cancer drugs
- Rate of Interest on higher education loans dropped from 14.75 in 2013 to 10.88% in 2019, savings of 1.18 lakh on 10 lakh loan over tenure of 60 months, Rs 2000 savings on EMI
- Data revolution: Cost of 1 GB $0.26 in India against $12.37 in US, $6.66 in UK and $75.2 in Zimbabwe. Unlimited mobile+ 45 Gb data = Rs 150 against Rs 1000 in 2013; annual savings of 10,200
- Katra rail line work completed after 16 years
- Dhola Sadiya bridge work completed after 16 years
- Sardar Sarovar Dam work completed after 15 years
- Aadhaar act
- Pakyong airport completed after 10 years
- Chennai Nashri Tunnel after 10 years
- Assam NRC after 40 years
- National War Memorial after 50 years
- NE cpas after 60 years
- Kollam bypass after 43 years
- Indo-Bangladesh enclaves after 42 years
- Bansagar canal project after 40 years
- Bogibeel bridge after 23 years
- Western peri expressway after 15 years
- Kota Chambal bridge after 11 years
- Maibang-Lumding Stretch completed
- Delhi Meerut Expressway completed
- Ganga Expressway project (world's longest) underway
- Metros in Ahmedabad, Nagpur, Jaipur, Lucknow, Washermenpet
- All umanned level crossings eliminated
- Ayushman Bharat: annual 5 lakh health care to every family, 15.05 lakh hospital admissions for secondary/ tertiary treatment, 2.4 crore e-cards generated as on 10 Mar 19 in 170 days. Target 50 crore people.
- 59minutes loan portal: 92,000 loan applications of MSME amounting to 30,000 crores approved, 6000 crores sanctioned till Nov 18
- 87% of farming house (owning land of 2 hctrs) or 12 cr ppl to get kisaan sammaan nidhi of Rs 6000 pr year. Rs 5215 cr transferred directly to 2.6 crore farmers in 37 days (for households with holding less than 0.01 hectares incm per month so far was Rs 8136 agnst exp of 6594
- 1.5 million electric rickshaws
- Procurement of 36 Rafale on Government to Government Basis avoiding middlemen
- 05 billion$ S 400 Triumf air defence missile system deal with Russia
- 145 M777 howitzer deal
- 22 Apache AH 64E multi-role combat helos
- 200 KA-226T helicopters
- 56 EADS CASA C-295 transport aircraft
- 15 CH 47 Chinook tactical transport helicopters
- 2.3 lakh Bullet proof jackets
- 1.6 lakh Bullet-proof helmets
- 777 mn USD Barak 8 LRSAM contract
- 5 bn USD S-400 air defence systems
- 10 Heron TP armed drones
- 4 additional P8I MR aircraft
- 40 units of Laser sensor border fence installed
- 72,400 Sig Sauer Assault rifles
- 100 self-propelled K9 Vajra howitzers
- 700000 AK-103 Kalashnikov assault rifles indigenous facility
- Surgical strikes in Myanmar, across LoC and in Pakistan. Only Country to bomb a Nuclear Powered Country
- 240 million visitors at Kumbh Mela 2019, cost 4236 crores @ Rs 177 per tourist, revenue 1.2 Lakh crores
- 833 teraflop supercomputer Param Shivay by IIT BHU at Rs 32.5 crores
- Divisional status to Ladakh
- 470 bed ESIC hospital in Ennore
- 100 bed ESIC hospital in Tiruppur
- Namami Gange - Ganga is 30% cleaner, 83 out of 97 ganga towns and 4456 villages achieved ODF status, 08 out of 16 drains emptying 16 crore l sewage into Ganga tapped. Target date Mar 2020
- 5,45,122 ODF villages, 598 ODF districts, 27 ODF states/ villages
- RERA implementation
- Udaan scheme - flight cost down from Rs 5000/1000 km in 2013 to 3400/1000 km in 2018, 34 airports operationalised, small towns connected, all states on aerial
- Preventive conservation of 39275570 folios, curative conservation of 3656863 filios, digitisation of 2.83 lakh manuscripts consisting of 2.93 crore pages
- India is now world's largest 2-wheeler manufacturer, 2nd largest smartphone manufacturer (94% of mobiles sold now made in India), 4th largest automaker, 2nd largest steel producer
- 5100 m Mandvi Bridge in Goa in 3.5 years
- Ease of doing Business ranking jump from 134 in 2014 to 77 in 2019
- Therubali - Singapur Bridge No 588
- Restoration of Asurgarh Fort, Kalahandi
- GeM portal with 731431 product categories, 180,862 registered sellers and 32114 govt buyers
- 10% EWS reservation
- 40% of ongoing 700 NH projects completed, adding 40,039 km between 2014-18 against 91,287 km between 1947-2014
- Highway construction rate jumped from 12 km/day in 2014 to 27 km/day in 2019
- 101 terrorists and 11 offenders extradited
- 90,000 ex-partite Indians evacuated
- Chabahar port, Sittwe port and Duqm port
- Military installation in Seychelles
- International logistics agreements with US, France and Singapore
- Work underway on 25 MLD ZLD Common Effluent Treatment Plant at Gujarat Eco Textile Park and will save 25 million litres of water per day
- Beautification of 65 railway stations, all stations fitted with LED lights, wi-fi, multi-brand food centres, kiosks, executive lounges, lifts (445 from 97 in 2014), escalators (603 from 199 in 2014), travellators and ramps
- Record number of foot over bridges built
- 871 new train services
- 180 new rail lines
- Dedicated railway freight corridor - 2 sections completed
- 100% electrification of railways underway, first solar powered railway station (Guwahati). First solar powered train (world's second), savings of Rs 40 Lakhs and 90,000 ltrs diesel per year
- Make in India semi-high-speed trains - Tejas, Gatiman and Vande Bharat
- Humsafar and Antodaya trains, Deen Dayalu and Anubhuti coaches, UDAY double decker, glass dome Vistadome coaches
- Project Swarn and Project Utkrisht to upgrade Rajdhani/Shatabdi and Mail/Express respectively
- Largest coach production in world at ICF, Chennai
- No more human extreta on railway tracks. Installation of 1.37 lakh out of 2.5 lakh completed in Jun 18.
- 400 wi-fi railway stations (Aug 18)
- 80% reduction in rail accidents
- 10 high speed rail corridors underway, target date 2025-26
- Export of world class customised coaches from MCF, Rae Bareli
- LIC and Air India register profit
- 2300 km rail tracks constructed, speed jumped from 4.1 km/day in 2014 to 6.53 km/day in 2018
- Neem coating of urea
- Gokul mission - record 160 million ton milk production
- Online availability of CBSE and NCERT books
- 10 crore LED bulbs distributed, 5000 crore savings
- Investment in urban infrastructure jumped from 157703 crores to 795500 crores
- Statue of Unity to commemorate Iron Man of India
- Rs 2509 crore sales in Khadi
- 482.36 million digital transactions worth Rs 74,978 crores in Oct 2018 against 0.3 million transactions worth Rs 90 crores in Nov 2016
- 30% increase in ATMs, 208% increase of PoS machines from 10.81 lakh in May 14 to 33.32 lakh in Aug 18, 111% increase in credit cards from 1.94 crore in May 14 to 4.10 crore in Aug 18, 144% increase in debit cards from 40.17 crore to 98.02 crore
- Ease of Doing Business Index 142 (2014) to 100 (2018)
- Ease of getting electricity index 99 (2014) to 26 (2018)
- UN's e-govt index 118 (2014) to 97(2018)
- Globalisation index 112 to 107 (2018)
- Innovation index 76 to 60 (2018)
- Competitiveness index 71 to 39
- Logistics performance index 54 to 35
- Global peace index 141 to 137
- DBR ranking 100 to 77
- India ranks 3rd in global start up ecosystem
- 06 crore jobs in MSME sector based on CII data
- 448 million formal jobs based on EPFO, NPS and PPF data
- 10 crore jobs in entrepreneurship via mudra and other schemes
- 80% increase in tax payers, 51.3 % increase in gross tax revenue
- Black Money report card - Voluntary income declaration scheme (Rs 65250 crore), IT search and survey operations (35,460 crore), Pradhan Mantri Garib Kalyan Yojana(5000 crore), Benami transactions Act (4300 crore), Black Money and Imposition of Tax Act (4100 crore)
160 Rs 6000 financial assiatence for pregnant women
161/1 . Sagarmala: port capacity increase from 8 to 14.7 lakh ton, cargo up from 89 to 116 MMT 8 new national waterways including ganga waterway NW-1 and Brahmaputra waterway NW-2.
161/2. domestic cruise service between Mumbai and Goa, ro-ro services on Ghoga-Dahej reducing travel distance from 294 to 31 km
161/3. New international cruise terminals at Chennai and Goa, railway line between Haridaspur and Paradip underway, LNG import terminal at Kamarajar port, Oil berth ai Jawahar Dweep,Coal berth at Mangalore port
161/4 . deep draft Iron ore berth at Paradip berth, JNPT SEZ, Kandla and Paradip smart industrial port city, largest dry dock and international ship repair facility at CSL, modernisation of 17 fishing harbours
- 800 km Delhi-Mumbai Expressway underway
- Replacement of bio-toilets with upgraded vacuum bio toilets in trains underway. Order for 500 placed on experimental basis.
- No terror strikes in hinterland
- 103 new KVs
- 62 new Navodaya Vidyalayas
- 6 new IITs against 16 in previous 57 years
- 6 new IIMs against 13 in previous 57 years
- 7 IIITs against 7 in previous 57 years
- 02 new IISER
- 12 new AIIMS against 7 in previous 57 years.
- 141 new universities against 30 in previous 57 years
- 01 new NIT
- Life Insurances @ Rs 12 annual and @ Rs 12 monthly premiums
- Atal Pension Yojana
- Pension to 42 crore people of unorganised sector
- Ambedkar memorial
- BHIM application for digital payments
- Khelo India Initiative for tracking of athletes' development, Rs 5 lk per annum scholarship for 1000 budding athletes per year for eight years each; monthly Rs 50000 out-of -pocket exptr, 2000 PETs, salary cap of coaches doubled from Rs 1-2 lk per month, target 15 yrs
- Special Task Force for Olympics
- RERA Act
- Bullet train maiden project
182/1. Rs 6.92 lakh crore Bharatmala project, 44 economic corridors with 9000 km road, 2000 km port connectivity, 9000km roads to connect district HQs with NH,
182/2. 2000 km road with Nepal, Bhutan, Bangladesh and Myanmar, opening up of 185 choke points, road development to char dham, 12 greenfield expressways spanning 1900 km
- 36 murtis retrieved and brought back to India in 2014-2019 under India Pride Project against 02 between 2000-2013, 02 in 90s, 03 in 80s, 01 in 70s and nil in 50s and 60s
- Unemployment rate 3.8% against 13.8 % in 2013
- India is a less-cash society now
- Develpment of Trincomalee and Columbo port while checkmating China's Hambantota by taking operations of near by (15 km away) Mattala Rajapaksha International Airport
- Plugging the 'double taxation avoidance' black money loophole through a new tax agreement with Mauritius
- Deal with Switzerland for automatic tax data sharing from 01 Jan 2019
189/1 Varanasi - Varanasi ring road phase 1 completed, phase 2 underway, inland waterways terminal, Babatpur airport highway, 140 MLD Dinaput STP, facelift to railway station, big cow shelter for stray cattle, BPO centre, piped gas project, Varanasi-Balia rail project,
189/2. Vande Bharat Express, Kashi Vishwanath temple - Ganga Ghat corridor project, renovation of all bathings ghats, LED illuminations of ghats and major roads, underground electricity cabling,
189/3. new sewage plants, 02 cancer treatment facilities, 65th to 29th rank in swachhata sarvekshan (2016), 90% ODF district.
- Creation of 100 Smart cities, 100 crore per year per city for 05 years, 500 acres for retrofitting, 50 acres for redevelopment, 250 acres for green field projects, 10% of energy from renewable resources, 80% of green building construction, special purpose vehicles.
191/1 Development of 500 AMRUT cities underway, urbanization project of rejuvenation and transformation which includes beach front development, prevention of beach erosion, improvement of water supply, replacement of pipelines,
191/2. New sewerage connections, greenery and open spaces, digital and smart facilities, e-governance, LED streetlights, public transport, storm water drainage projects in a phased manner, Target date 2022
- Increase in Child Sex Ratio (CSR) in 104 BBBP (Beti Bachao Beti Padhao) districts, anti-natal care registration in 119 districts and institutional deliveries in 146 out of total 640 districts as in Mar 18. CSR of Haryana increased from 871 to 914.
- International Yoga Day
- Aspirational Districts Programme: 115 'backward' districts placed under 'prabharis' and for competitive development on the basis of 49 performance indicators, target year 2022.
195/1. Make in India: 16.4 lakh crore investment committments, 1.5 lakh crore investment inquiries, 60 bn USD FDI, 26 sectors covered, 23 positions jump in World Bank's Doing Business Report (DBR), 32 places in WEF's Global Competitiveness Index (GCI),
195/2 19 places in Logistics Performance Index, 42 places in Ease of Doing Business index, schemes include Bharatmala, Sagarmala, dedicate freight corridors, industrial corridors, UDAN-RCS, Bharat Broadband Network, Digital India.
- 251 Passport Seva Kendras (PSKs) and Post Office Passport Seva kendras (POPSKs) against 77 till 2014, target of one PSK every 50 km across India.
- Unanimous election of Justice Dalveer Bhandari to ICJ forcing UK to pull out own nominee Christopher Greenwood, demonstrating India's clout in international arena.
- India Post Payments Bank: India's biggest banking outreach with 1.55 lakh post offices (2.5 times banking network) linked to IPPB system
- Philip Kotler award, Seoul Peace prize, Champion of the Earth Award, Grand Collar of the State of Palestine, Amir Abdulla Khan Award, King Abdulaziz Sash award, Amir Amanullah Khan award.
- 1900 gifts and memorabilia received by Modi auctioned and 11.7 crores added to Namami Gange fund, 1.4 c of Seoul Peace award also to Nammami Gange.
- Removal of article 370 and thereby also 35a after several decades.
- Giving citizenship to persecuted minorities in Pakistan, Bangladesh and Afghanistan through passing of CAA.
- Trust for creation of Ram Mandir underway.
- Abolishment of Haj subsidy.
- Abolishment and criminalization of instant triple talak.
- Deal with Bodo community.
- Getting Maulana Masood Azhar listed as an UN designated terrorist.
Source - https://www.reddit.com/IndiaRWResources/comments/bgkus6/200_achievements_of_modi_govt/
List more achievements in the comment section and lets make the list bigger, a big thank you to our fallen kar sevak u/Alive_Firefighter
Hi everyone! Taken a few big life decisions lately and thought I would share them here as they have a lot to do with FIRE. I guess you could call me CoastFI. submitted by
Mid-30s DINK couple working in Mumbai, have been in India all my working life. No NRI story here! Spouse and I are both MBAs.
The personal bit
Have dreamed about taking a year off to go backpacking ever since I was 25. Given the corporate culture – was too afraid to do that till now. I have not yet reached my FIRE target the way I defined it 3 years ago. But I’ve decided to take a break and resign to go backpacking for a year.
Had dreamed of a few trips for years – plan on travelling from Bombay to Beijing completely overland – through trains and buses. This was not possible till 2018 when Myanmar opened up their visa policy. Also dream of doing the Camino Santiago – it is a 500 km pilgrimage that starts from France and ends in western Spain. Both these trips will take a few months minimum so there was no way I could do them while working in the corporate world. I also want to travel to South America.
I resigned from my job last week. My organization is trying to retain me by offering a new role. They have also offered to give me a 3 month sabbatical. Let’s see how it goes – I am not going to accept anything unless it is in writing. The sabbatical is being promised with too many conditions so I don’t think I am going to accept it – for example they are asking that I go on the sabbatical from April 2020 – unfortunately that means I won’t be able to do the Bombay to Beijing trip because it will be very bad weather in Myanmar at the time – so am going to wait and watch without having too high expectations. I will come back in a year and find a job. Got a call from a few recruiters and I explained my situation – they asked me to contact them once I am back so they can share any opportunities. My boss from my old company now works in E-com and has offered me a job on my return as well.
My spouse will continue to work here – they recently rejoined their old boss and mentor at a job that really excites them. Till a few months ago we planned on taking the trip together but now that they got this job offer we took the joint decision for me to take this trip solo. Maybe we will take a joint trip together at 40! My spouse is incredibly supportive and has always been. I’m very very grateful that I have them on my side.
The financial bit
We are at 35X of normal expenses (current expenses – some buffer for Mumbai rents) and 44X of LeanFire expenses (normal expenses – discretionary travel expenses). My target is 45X of normal expenses for final FIRE. I also want to save up for a medical emergency corpus for me and my spouse, as well as for my spouse's parents who are dependent on us. The split is about 65:35 between me : my spouse (mainly because I saved about 75% right from my first job). All our corpus is from our savings from our job – no inheritance, no side hustles, no off-site, nothing.
Most of our funds are in equity and debt funds, with a big chunk in VPF. Due to some past mistakes I have too much in debt (little more than 60%) and am slowly moving into equity. Not included in this corpus – my spouse also has a house in Tier 3 city bought for their parents (about 30 lacs).
No plans on buying a house – we have both my spouse’s house and my parent’s house (I am an only child). We are consciously childfree, so no kid’s marriage and education goals as well.
I plan on funding the trip mainly through my holdings in arbitrage funds (have a fair amount in this because I had invested in these pre-LTCG). I have got myself a NiYo card as it has zero forex fees. Will keep a few other cards as backup as well. I still have not found a good travel insurance which will cover me for such a long period. I also do not have clarity on how my VPF will be taxed in this period.
A very rough estimate yields a cost of about 1.5 lacs per month for my trip. It can go lower as well because a lot of my trip is overland and I am used to budget travel – however since I am solo, would not like to compromise on safety either. This will be a dent on our corpus – but since my spouse will continue to earn and save in this period, that’s not too bad.
I have personally always been a good student, Type A personality, very risk averse by nature. I can be a bit of a workaholic as well. Lately have decided to relax a bit, not be so hard on myself and enjoy life a little. This felt like the right time to do something I had dreamed about for more than a decade. I am honestly a bit nervous – what If I don’t enjoy it! What if I don’t get a good job on my return! But this is a good test run for FIRE. My HR jokingly asked me if this was a midlife crisis and I said that this was a midlife celebration instead!
I have been working towards FIRE from 2010. I may not be exactly there, but the time for me to take a new step is here. Wish me luck!
kshay Kumar, 25, knew his journey would be tough. But he thought he was prepared.
Kshay Kumar, 25岁，他知道自己的旅途会很艰难，但他认为他已经做好了准备。
In 2012, after an engineering degree and a oneyear stint with a multinational, Kumar felt he needed a makeover. "I didn't want to be stuck with civil engineering all my life. I also wanted to see the world and explore new options," he recalls. Doing an MBA from a premier institute was on his mind.
He did think of the Indian Institutes of Management (IIMs) and the Xavier School of Management, but the desire for global exposure pushed him to explore options overseas. Kumar settled for a oneyear post-graduate course at the Imperial University in the UK, which he financed via an education loan. "Visa rules and the bleak job market there did weigh on my mind. But I had a feeling I could manage it," he says. He had confidence in Imperial's good global ranking, its alumni network and his own hard work.
Kumar began his hunt for a job virtually from the day he landed in the UK. He studied hard to get good grades but worked even harder to find a good job. By tapping into networks of his alumni, friends and family, Kumar reckons he would have reached out to over 200 firms during that year. "It didn't work. My good grades made me eligible for plenty of jobs, but my non-European Indian passport was the problem," he shrugs.
Kumar moved back to India late last year and has just landed a job with a private equity firm. "All my plans have been delayed by five years," he says. Close to half his salary today goes in paying monthly instalments on his education loan.
The World isn't Flat
The West has a problem. Its economy is in a funk, not enough jobs are being created, cautious companies aren't hiring too many, and worried governments — from the US to the UK — are raising visa barriers for foreigners to work in their countries.
Young Indians, who went overseas for education, are facing a tough time finding a job. Many like Kumar have returned home. And some are now casting the net wider — looking for jobs from the US to Hong Kong and Singapore — or settling for sub-optimal options. Rupa Chanda, professor, IIM-Bangalore, who has worked on reports on international student mobility, says visa and immigration is the biggest factor affecting Indian students' decisions.
The US, the UK and Australia — the three most popular destinations for Indians seeking global education — have seen the number of Indian students come down over the past few years (see Out of Favour?). Remember, many Indian students take hefty education loans to finance their studies abroad. While many would find decent jobs back in India that would not help much as these students need dollar salaries to comfortably service their loan. This is taking its toll. "Overseas education is costly. Many Indian students are doing a cost-benefit analysis to figure how to recoup their investments overseas and putting off their plans ," explains New York-based Rahul Choudaha, chief knowledge officer, World Education Services (WES), a non-profit organization that provides credential evaluations for international students planning to study or work in the US and Canada.
美国、英国、澳大利亚，印度人寻求全球教育的最火的三大目的地，已经发现印度学生数量在过去几年持续下降（或者三大目的地已经不受青睐？）。记住，许多印度学生都背负着高额的教育贷款来资助他们的海外求学。虽然回到印度他们都能找到体面的工作，但是这些都没有太大的帮助，因为学生们需要一份用美元支付的薪水来帮助他们更轻松的偿还贷款。这就是造成的影响。“海外教育非常昂贵，许多印度学生都正在进行成本效益分析，以找出如何收回其海外投资，推迟他们（去海外就读）的计划，” 坐落于纽约的世界教育服务中心的知识总监Rahul Choudaha解释道。 这一非营利性组织为准备在美国和加拿大学习或工作的国际学生提供认证评估。
But to be fully able to understand how this trend will play out, one must understand the backdrop. A big generational shift is taking place among the students looking for overseas education. Many of them now are India's liberalization children, who have grown up post-1991 and lived in an increasingly global world with fewer barriers.
So in many ways this is their first brush with a world with barriers. Many are also children of globetrotting well-paid senior corporate executives who think differently about education, exposure and investing in a world-class education. "These parents understand the long-term rewards of a world-class education. I see many of my friends taking their children to these top campuses after they pass out from school to give them a first-hand feel," says Hema Ravichandar, strategic HR expert and a former HR head of Infosys.
所以从许多方面来说，这是他们第一次面对来自世界的阻碍。他们中也有许多是环游世界的、对教育、经历以及投资世界级教育有着不同看法的高薪企业的高管们的小孩。 “这些父母明白世界一流教育的长期回报。我看到我的许多朋友带着他们的小孩去顶尖的校园，让小孩们领略这些高等学府给他们的切身感受，”战略人力资源管理专家、Infosys 公司前人力资源主管 Hema Ravichandar说道。
Woes on Foreign Shores
Both of Ravichandar's children have studied overseas. Her daughter, Aditi, is doing her MBA from Wharton in the US and her son Nikhil, 22, completed his Bachelor's in economics from Warwick in the UK. Nikhil chose the UK over India because of the flexibility available in picking courses — he wanted to do economics with law which was impossible in India with its rigid course structures. "Education in India is not very research-driven and multicultural," he adds.
But during his stay there, the UK revoked the two-year work permit for foreign graduates. Thus he needed a firm job offer to stay on after graduation. This was difficult since he was particular about the kind of work. "I wanted a job in economic consulting," he says. Unable to get that he preferred to do a postgraduate programme instead. While he did not take any loan, for many of his classmates, who had taken a hefty education loan, things were difficult.
Now, Nikhil is back in India getting some interesting exposure at a few start-ups in Bangalore, India's Silicon Valley. He is contemplating a startup of his own. "This is the best time to take the risk and explore it," he says.
现在 Nikhil 已经回到了印度并且在印度的硅谷，班加罗尔与一些新兴企业进行了接触。他正在考虑自己创办一个公司。“这是最好的冒险和探索的时候”他说。
Across the Atlantic, Sujoyini Mandal, in her 20s, offers another peek into the odds that Indian students face overseas. After her graduation from Jadavpur University, Mandal went to Singapore for her postgrad and worked with a think-tank there. Life was good but since she had always yearned for a degree from a world-class university, she applied for a Master's at Harvard's Kennedy School.
For two years, she deferred her admission as she did not get any financial aid. She saved some money and, with a bit of aid, finally took the plunge in 2011. Foreign students in her college face an education loan cap of $30,000 ($15,000 a year), she says, making things even more difficult Mandal started looking for a job when she graduated in May 2013. But mandates that fitted her needs and aspirations were not easy to come by. She did land a contract with the World Bank but that was short term, uncertain and had no medical cover. Last month Mandal finally landed a job with an investment bank.
Despite such struggles, there are many reasons why the pursuit of overseas education among young Indians is unlikely to die down any time soon.
The Demographic Bulge
Every year, around 800,000 Indian students reportedly go overseas for their education. This costs the country close to $15 billion of forex annually, estimates industry lobby Assocham. If students are going overseas for education, it's because India has a problem of both capacity and quality. The country has one of the world's largest education infrastructures: 600 universities and 34,000 colleges with 17 million students enrolled and 5 million students graduating every year. But India is also witnessing a demographic bulge — it has perhaps the world's largest young population. Experts estimate that some 100-million-odd students will seek higher education over the next decade.
据报道,每年大约有800000名印度学生出国留学,，据印度工商业联合会估计这将耗费每年近150亿美元的外汇。学生们出国留学是因为印度不管是在教育容量还是教育质量上都有问题。印度的教育基础设施是世界上最大的教育设施之一，600所大学和34,000学院每年接受1700多万新生并输出500多万毕业生，但是我们也正见证着印度人口的爆炸性增长，印度或许有着世界上最庞大的年轻人群，专家估计在未来十年里，将有一亿多的学生寻求更高的教育。The capacity problem is compounded by the quality issue. About 70% of the capacity in India is of poor standards. At the other end of the spectrum, competitive intensity at the premier colleges is so stiff that it is often easier for bright students to get admission in Ivy League colleges in the US and the UK than in the IITs, IIMs and even top colleges in Delhi University.
All this coincides with the rise of India's aspirational upper middle class. Over the past two decades, many first-generation Indians have risen up the corporate hierarchy and are financially well-off. These welltravelled, financially stable corporate executives desire the best for their children. "They are looking for the best educational experience. They know it is a life-long asset. Indian premier colleges do not have the capacity and are very rigid," says TV Mohandas Pai, chairman, Manipal Global Education. Pai's son studied at Stanford University in the US and now works for a start-up in Silicon Valley.
这些现象与印度上层中产阶级不断上涨的雄心壮志密切相关。在过去的二十几年里，许多第一代移民创立了自己的事业，相当富裕。这些经济稳定，见多识广的公司高管希望把最好的东西给予他们的子女。Manipal全球教育主席 Mohandas Pai说他们在为孩子寻找一流的教育，这是孩子一生的财富，印度的一流大学不能给予这些而且这些大学要求过于死板。他的孩子曾在美国斯坦福大学学习，现在在硅谷工作。
This aligns well with the global trend of rising international mobility of students. According to Institute of International Education (IIE), since 2000, the number of students leaving home in pursuit of higher education has increased by 65%, totalling about 4.3 million students globally. What is more interesting is that the share of students from the developing countries in this pie is rising — it moved up from 54.8% to 69% between 1999 and 2009.
India vs China
Not surprisingly, the world's two most populous and powerful emerging countries — China and India — send the largest number of students overseas. But China has rapidly shifted gears to overtake India.
Consider what's taking place in the US. In 2000-01, India topped the list of international students by country, with 66,836 against China's 63,211. But by 2009-10 China had overtaken India. In 2012-13, China sent 236,000 students; India was nudging the 97,000 mark. While the number of Chinese students has been growing in double digits of late, that of Indian students has been sliding. To understand why that is happening, it is important to analyze the profile of students going overseas from both the countries. 2000-2001年，美国的外国留学生中印度学生是最多的，66836人，而中国学生为63211人。但是在2009-2010年时，中国超越了印度。2012-2013年，中国向美国派遣的留学生
Chinese students going to the US are evenly split between undergraduate (40%) and postgraduate programmes (44%). But Indian students are heavily skewed towards postgraduate programmes (55%) with just 13% at the undergraduate level. Indian students are also unique as over 60% are in the STEM (science, technology, engineering, maths) category. Bear in mind that historically, postgraduate and STEM programmes offer more financial support than undergraduate and non-STEM programmes.
"The decline in Indian students is directly related to the 'Strivers' , who have been putting their plans on hold due to increasing cost of studying abroad which in turn was triggered by economic uncertainty and currency devaluation," says Choudaha.
A majority of Indian students arrives at the Master's level and funds education by taking loans as financial aid from colleges has dried up. So, while the majority of Indian students go for education loans, Chinese students are supported by their families. According to a research by WES, 47% of Indian respondents report loans as one of the primary sources of funding as compared with only 3% of Chinese.
Chinese students, in contrast, are "explorers" (experience seekers), says Choudaha. Often the only-child of financially well-off parents, they have the financial wherewithal to study abroad and are under less pressure to find a job there. But change may be afoot. Some Indian students could make the transition from 'strivers' to 'explorers' and Choudaha expects more and more Indian students — most of them children of well-off senior executives — to go overseas at the undergraduate level. Not so dependent on financial aid, he also sees many more Indians exploring new interdisciplinary fields, beyond STEM. Even in the STEM category, experts feel that Indian students will be the biggest beneficiary as the Obama government eases rules for this critical segment in future.
Lessons from China
Two decades back, China faced problems similar to those India faces today — its higher education had both capacity and quality issues. Since then China has worked hard to upgrade its educational institutions. It has two programmes — Project 211 and Project 985. The former aims to make 100 Chinese universities world class in the 21st century; this will help China churn out world-class trained professionals to push economic growth. These universities are expected to set national standards for education quality that can be replicated by others.
Project 985 started more than a decade back and is an attempt to build China's own Ivy League colleges in the 21st century. In the first phase the project included nine universities. The second phase, launched in 2004, includes 40-odd universities. The projects have been backed by significant investments. According to a New York Times report, China is investing $250 billion a year in human capital.
The dragon country's efforts are now bearing fruit. Many Chinese universities are climbing up the global ranks. Two Chinese universities have made it to the top global 50 in the Times Higher Education report. India has none. In the top 500, 16 Chinese universities make the cut against seven from India. Mobile international students are taking note. A decade back, China was hardly on anybody's radar.
Today, it is the third largest education hub in the world after the US and the UK with 3.28 lakh international students, according to IIE. By 2020, it hopes to host 500,000 international students. Even Singapore is targeting 1.5 lakh foreign students by 2015. In contrast, India was home to just 27,000 international students in 2012. China is aware that to push innovation and realize its economic ambitions, it must be able to attract top talent — in its colleges and workforce.
Also, in virtually every key statistic, the world today is seeing a shift from the West to the East. From economic GDP to consumption power, MNCs across the board are looking at Asia and the world's two most populous nations. This shift is happening demographically too. But in the education space, the West still dominates.
Of the world's top 100 universities, 46 are in the US. Seven of top 10 universities are in the US. Asia has just 11 in the top 100. "It is difficult to replicate what US has done with its universities to 2emerge as an innovation hub," says Pai. So, ambitious and aspirational Indians will continue to look overseas for education. But if India has to realize its potential, it must invest heavily in building world-class institutions in the country — the China way.
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Skhey Mobile (Gurgaon) 22 Hours ago Foreign degree is no more a guarantee card for success.
Neil M (pune-mumbai) 22 Hours ago Finding a good university and a good course is important. I know many guys select short courses which are not recognized world wide and specially in India find it difficult to get a job. Also, dream america is not true for everyone. All the best to seekers.
Rajesh Thambala (Hyderabad, India) 23 Hours ago Very informative article.
Partha (Bangalore) 1 Day ago Nice Article. Much Appreciated
SAMAD (India) 1 Day ago right choice....
Tempcool Mukhopadhyay (India) 1 Day ago An excellent article. Appropriate and very well timed. Issue lies with inadequate job creation in India compared to passing out rate and all sorts of reservation quota for the "privileged" groups. Also unscrupulous marketing by planting misleading information by the education institutes of developed countries and their Indian agents.
Guramandeep Singh (Mexico) 1 Day ago 67 years after Independence, we are still stuck to providing reservation quotas in institutes of higher education. The recent Supreme Court order puts 27% reservation for OBCs which along with that of SCs and STs brings the total reservation to 49.5%. Here is the breakup of IIM-A seats: General 182 Non creamy OBC 104 ---- Schedule caste 58 ---- Schedule tribe 29 ---- Differently-abled 12 ---- Total 385 --- I have read various comments touching upon patriotism towards India to youngsters being crazy and the need to enlighten them. Reservation for a certain group is discrimination against the other groups. So ask yourself, is our system really fair? Should we not be looking at this objectively and trying to solve the root cause of the problem instead of commenting upon the phenomenon which is a result of a messed up education system at the behest of corrupt politicians?
ILA (Chennai) replies to Guramandeep Singh 1 Day ago Dear Learned Singh. This article has nothing to do with reservation. Reservation is about affirmative action (in US parlance). Trying to give some sort of equal opportunity to people (98%) who were subjugated, denied education, and exploited by so called Forward Castes in India who constitute only 2% of the total population for millenium. This reservation is in vogue for only 60 years how can this equation be achieved in such a short span of time. Now the Forward Castes are slowly waking up and cramming for their share in the available piece of cake. If heat is felt for this itself then what should the subjugated feel for having been so for a millenium in the name of MANU SMRITIs laws? People who believe so are as you had rightly (?) pointed out are HYPROCRITS and prisoners of their own conscience.
RM (MN) replies to ILA 9 Hours ago Excuses, excuses. Sixty years after Independence you're still making excuses for a quota system that has made Indian education into a pile of rubbish.
Athena (London) 1 Day ago It is Imperial College and not Imperial University. Perhaps ET must invest in better human capital!
(Hyderabad) 1 Day ago Same thing happened with me as well like akshay kumar. I thought i am reading my story.
Nihar (Mumbai) 1 Day ago It completely depends on which institution a person is studying in abroad. It is not so that somebody got a degree in a well recognized institution in foreign and unable to get a job in India. So I request "The Economic Times" to provide a proper interpretation to the reader.
kshi S (Bhopal) 1 Day ago coming to US was the worst decision of my life
B Venky Venky (Bangalore) 1 Day ago Very informative article. To have world class universities in India, the government should get out of the way. The quota raj in higher education has to stop. More and more private funds has to be garnered towards higher education by giving tax sops. But all this remains in the realm of fiction at the moment.
ketan m (mumbai) 1 Day ago study there, work here. sounds great!
thomas (india) 1 Day ago Yes, every Indian should go overseas for education - build up net work..learn how other s think..their style-quality etc. come back and start self employed business ... it will flourish. take example from china who are into A to Z of business and industries ,they make impossible happen...of course duly and completely supported by their govt..
Saswata mandal (kolkata) 1 Day ago still every good student wants to go abroad.. why is it like that??
Nanda Kumar (Chennai, Tamil Nadu) replies to Saswata mandal 1 Day ago ET pointed it out already..Global Exposure! and Farther mountains always seem smoother :)
Anupam (Bangalore) replies to Saswata mandal 1 Day ago Quick money
Mumbaikar (Mumbai) 1 Day ago It's not entirely the kids fault - some ambitious parents push out the kids too - 'we don't think there is a future here', they say. Now, some are stuck abroad and need to return home, as countries are on an economic downturn and/or are looking more inward now, . Complicated situation - but opportunities are here too, if you want to grab them. Not everything here is as bad as you may think.
Bharath Selvan Sukumaran (Chennai) 1 Day ago Good news for India. Let their knowledge be used for Indians in India
jgsemig (Delhi110007) 2 Days ago what about large numbers of foreign students studying in India? How could IIM-B professor be so insensitive? In a global world does this mean that Indian educational Institutions have already thrown in their towels? Does it also mean that Universities like SAARC and others have no futures?
也有很多外国学生在印度留学啊。 为什么印度管理学院班加罗尔分校(Indian Institutes of Management) 的教授们这么愚钝。从全球范围来看，是不是这就意味着印度的教育机构已经宣布投降了？类似南亚区域合作联盟（South Asian Association For Regional Cooperation）这类的学校就没有前途了吗？
Sriram B (Bharat) 2 Days ago Learn Globally and be back to improve India. Just as they say wait till the last ball is bowled in a cricket frenzy country; do not lose hope till you have tried your hands on what you want to transform the country into.
Ajay Kumar (NYC) 2 Days ago Only the people who have earned admissions into Indian Universities based on reservations, face problems studying abroad, as they are looking for concessions always. People who have earned admissions throughout based on their capability and knowledge, do not face any problem. Such students do not come back.
Ayush Jha (NOIDA) 2 Days ago Study in the US(OUT OF INTEREST in the field and/or spectrum, NOT parental pressure/peer pressure) , Work to repay the loans & then do your own startup in India. All the best :)
Mukesh Mishra (Haridwar) 2 Days ago It didn't work. My good grades made me eligible for plenty of jobs, but my non-European Indian passport was the problem," he shrugs.
Ashwani Kaushal (New Delhi) 2 Days ago righly said, getting an addmission in DU colleages are like dreaming in day time.... it is always good to go abroad and get certification and return back... but once the indian student get a better envoironment and facility abroad why they come back to corrupt indian culture, only few with family business background will come to share the same plateform with their parental company ....shamful for Indian corruption
Parthipan K (Chennai) 2 Days ago I agree with the fact that Indian Universities are not flexible. But intelligent students can acquire knowledge of any subjects of their own. So they should not blame Indian Universities. More over, not all institutes in abroad are of high standards. Even in Ivy schools, the standards are coming down like our IITs. My opinion is that if one works hard in Indian top universities, they can acquire global standards. Also all the premier institutes in US are putting their course material in the web and hence, by going thru them one can acquire high knowledge.
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