India’s higher education sector is at a crossroads, grappling with ever increasing student population and a shortage of quality educational infrastructure.

India will need an additional 800 universities and 40,000 colleges within the next decade to accommodate 43 million more students. The Indian education market, valued at an impressive USD 55 billion, is on a robust growth trajectory. With an expected CAGR of 10% from 2023 to 2035, the sector is projected to reach USD 180 billion by 2035. India’s higher education sector is undergoing a transformative phase following the release of the National Education Policy (NEP) 2020, which emphasizes internationalization as a key component of reform.

Before the introduction of the NEP, foreign higher education institutions (FHEIs) could enter India only through partnerships with Indian higher education institutions (IHEIs), requiring approval from the University Grants Commission (UGC) and All India Council for Technical Education(AICTE). However, since 2020, the NEP has permitted FHEIs ranked among the global top 500 in the QS World University Rankings or recognized as reputable in their home country to establish campuses in India. Additionally, FHEIs within the top 1,000 can collaborate with Indian HEIs through twinning, joint, and dual degree programs. India’s education reforms signal its ambition to position itself as a global education hub.

With over 40 million students enrolled across more than 1,300 universities, India offers significant growth potential and investment opportunities while enhancing foreign higher education institutions’ visibility and presence in the Asia-Pacific market. With approximately 50% of its population under the age of 25, India has already demonstrated its immense potential. Moreover, the country’s middle-class population is fuelling an increased demand for quality education.

A growing middle class that prioritizes education, combined with the aspirations of a young and dynamic demographic, makes India an attractive destination for educational investments. With a strong talent pool, ample land, and supportive government policies, the country is poised for significant growth in higher education sector.

Setting up campus in India provides multiple benefits for FHEIs but also presents significant regulatory and bureaucratic challenges. Currently, the legal framework for foreign HEI campuses in India remains ambiguous. Most Indian educational institutions operate as not-for-profit entities in compliance with local laws. In contrast, the new regulations recognize that FHEIs must operate for profit to remain financially viable.

Aligning NEP and local Indian laws to enable FHEIs to function as for-profit entities is essential. Until then, FHEIs must carefully assess their investment strategies, understand the funding requirements for their entities, and develop clear operating models to avoid delays. Moreover, maintaining a positive relationship with the government is crucial to mitigating future challenges.

FHEIs must navigate India’s diverse cultural landscape of languages, religions, and traditions. Furthermore, the number of Indian institutions featured in the QS World Rankings has risen by 318% over the past decade, reflecting the improving quality of Indian institutions and the increasing competition for FHEIs.

Partnering with an education compliance consulting firm can help foreign HEIs effectively navigate India’s socio-cultural and regulatory landscape. These firms provide localized expertise, go to market strategy, ensuring alignment with cultural norms, operational practices, and compliance requirements. By addressing challenges such as diverse traditions, values, and a competitive education market, they enable FHEIs to establish a strong foothold and develop sustainable strategies for long-term success.

With evolving policies and a growing focus on internationalization, it may only be a matter of time before India’s regulatory framework aligns more closely with the needs of universities eager to set up in the country.

Foreign HEIs can begin with simpler approaches, such as direct student recruitment, partnerships with Indian HEIs, or establishing in-country representation, and later transitioning to setting up campuses when conditions are more favorable.

In 2023, the global economy displayed surprising resilience amid significant monetary tightening, pervasive policy uncertainties, geopolitical conflicts, and climate change. Despite these shocks, large developed economies showcased robustness, supported by strong labor markets and declining inflation, leading to lower interest rates in the US and Europe, hinting at lower cost of operation for businesses. This provided investors with a favorable opportunity to expand in economies that are exhibiting positive prospects.

The outlook for emerging industries in 2024 is promising, with sectors such as battery energy storage, green hydrogen, biotechnology, AVGC (animation, visual effects, gaming, comics), and semiconductor manufacturing poised for investment-led growth.

In this current global landscape, India’s outbound foreign direct investments (OFDI) maintain a strategic focus. According to data from the Reserve Bank of India (RBI), India consistently directed its investments towards traditional destinations, with the USA, Singapore, the UK, Netherlands, and the UAE leading the OFDI chart. Notably, Canada has emerged as a significant addition to the top 10 list, indicating India’s exploration of growth opportunities in the North Americas. The manufacturing sector remains a primary recipient of Indian equity-based investments.

The World Investment Conference 2023 held in New Delhi underscored India’s pivotal role in addressing global FDI imbalances, with emphasis on investment-friendly policymaking and fostering inclusive growth. Aligning with the conference theme, “Investing for a Better World,” investors were urged to prioritize sectors such as renewable energy, semiconductors and clean hydrogen, demonstrating a commitment to sustainable and impactful global collaborations.

It is in this context we can note that Indian companies venturing abroad are shifting their priorities from mere expansion to building resilient supply chains to mitigate risks. They are looking at geographies such as Canada and Latin America abundant in natural resources such as oil and gas, critical minerals, and biofuels – for expansion in both fossil-fuel and renewable energy projects. Besides, Indian corporations are also seeking opportunities to globalize their technology, with a strong focus on manufacturing technology.

In Q4 2023, there was a cumulative ~USD 100 Mn investment made by Indian companies in Latin America across energy, technology, agribusiness and automobile sectors.

In response to significant political shifts and high debt levels in 2023, countries in Latin America implemented robust macroeconomic frameworks – positioning themselves as attractive destinations for foreign investment. For instance, Brazil is a magnet for investors, especially in international renewable energy projects with ~USD 115 billion investment in the 2015-2022 period. FDI boom is also evident in countries like Chile and Colombia experiencing the high inflows.

Given the outlook for the year, leaders in the global economic development space on various forums issued a compelling call to investors to take center stage in reshaping the global economy. They highlighted the imperative to capitalize on emerging opportunities arising from the energy transition, agrifood and health sector transformations, and evolving solutions for sustainable development. The call to action resonates with India’s commitment to seize opportunities abroad to position itself as a global player.

India’s education sector is undergoing a transformative phase, as highlighted in the recent ‘Spotlight on India: Recruitment Insight and Transnational Education Trends’ report by Times Higher Education (THE) and Studyportals. This report sheds light on India’s burgeoning potential as a sought-after market for international universities, presenting a wealth of opportunities and insights for institutions worldwide.

The report unveils several key insights that underscore the significance of India’s higher education landscape. Firstly, India has emerged as a pivotal player in the global education arena, with a substantial increase in the number of students venturing abroad. Over the past five years, the count has surged by 300,000, reaching a staggering 750,000. This influx underscores India’s rich talent pool and its appeal to foreign universities seeking to diversify their student body.

In terms of academic preferences, Indian youth are increasingly drawn to fields like Medicine & Health and Computer Science & IT, reflecting shifting career aspirations. This trend fuels intense competition among universities offering undergraduate programs, particularly in countries such as Canada, Germany, the UK, and the US.

Moreover, the postgraduate education sector in India is witnessing remarkable growth, with Medicine & Health emerging as a standout choice among students. This presents a promising opportunity for universities aiming to cater to the evolving demands of Indian learners.

While major cities like Delhi and Mumbai have traditionally dominated the education landscape, smaller cities such as Ludhiana, Jaipur, Thrissur, and Chandigarh are now emerging as promising education hubs, offering untapped potential for institutions.

In terms of preferred study destinations, while the UK, US, Australia, and Canada continue to attract a significant number of Indian students, countries like Italy and Germany are gaining traction across various Indian cities. This diversification highlights the evolving preferences and aspirations of Indian learners.

Lastly, South Asia, including India, is witnessing a growing acceptance of Transnational Education (TNE) models, presenting collaborative opportunities for international and Indian institutions. This trend paves the way for partnerships and joint initiatives aimed at enriching the educational landscape.

In conclusion, India’s education sector is not merely a market to observe but one to actively engage with and capitalize on. With its vast talent pool, evolving preferences, and openness to international collaboration, India presents unparalleled opportunities for institutions worldwide. As the education landscape continues to evolve, embracing India’s potential is key to fostering global academic excellence and innovation.

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