New Delhi, Feb 26 || By supporting a stronger domestic presence for foreign universities, India could retain an estimated $113 billion in foreign currency by 2040, with around 19 million sq. ft. of vertical campus space required for Foreign Higher Education Institutions, a report said on Thursday.
The report from Deloitte India and Knight Frank India said that foreign universities could significantly reduce the remittance outflows currently lost to overseas education.
The shift, driven by the National Education Policy 2020, is transforming India from a "student‑exporting nation to a global knowledge hub" as demand surges with 53 million students currently enrolled in tertiary education. To meet the government target of 50 per cent gross enrolment ratio by 2035, the enrolment will rise to about 72 million, the report estimated.
The report highlighted a stark mismatch as there is "a critical shortage of opportunities in elite education".
"In 2025, while approximately 54,000 students successfully cleared all levels of the JEE for engineering, the prestigious Indian Institutes of Technology (IITs) could only offer 18,000 seats, highlighting a stark mismatch between student aspirations and available high-quality infrastructure," the report said.
"India’s education sector is undergoing a historic transformation. With 18 international universities already receiving approvals or commencing operations, the momentum is visible,” said Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India.