Sliding Rupee stops Indian graduates coming home

Sliding Rupee stops Indian graduates coming home
Published:  11 Jul at 12 PM
The speedy decline of the Indian rupee over the past year has prevented more than a few Indian graduates from returning home after completing overseas courses. Indian students had to borrow more rupees last year to pay for courses in locations such as the UK and US.

The falling rupee has impacted India’s economy and MBA graduates say there are now more opportunities in their host countries. They also claim that if they stay on and work in their host nations they will repay their student loans that much quicker as one US dollar, or one UK pound, buys a lot more rupees than it did two years ago.

According to Live Punjab, Stanford business graduate Abhishek Poddar stated that it did not make economic sense to go back to work in India and try to pay heavy student loans off. An Indian graduate from the Wharton School said his former classmates had taken advantage of the US’s friendlier business environment to establish ventures there.

The lack of enthusiasm for Indian graduates to come home is an about face of the situation a few years ago. Most Indians studying overseas then were on the first aeroplane home as soon as they had attended their graduation ceremonies.

The Indian rupee has plummeted when compared to the world’s key currencies. The rupee has dropped 20 per cent against the US dollar since January. In the same period it has depreciated 15 per cent against sterling and 13 percent on the Australian dollar.