The “Brexit” or the decision of UK to leave the European Union has created a step downward impact on pound value by 11% along with other political & global market impact to the United Kingdom. But in many ways, India could benefit from Britain’s controversial choice.
1. Cheaper U.K. Travel and Studies
The UK is often the most desirable places to pursue higher studies. When it comes to higher education, the United Kingdom has top-most universities that has many collaborations with high-profile research places like CERN and other leading universities in the EU, and Indian students meet the required purpose perfectly when it comes to Britain’s demand for more talented brains.
Following Brexit, it is now cheaper for Indians to travel and study in the U.K. In Forex language, less Indian rupees (INR) needed to buy GBP, meaning you had to spend 100 INR before Brexit to buy 1 GBP. After Brexit, you just need to spend 89 INR to buy 1 GBP. Reduced sterling pound value could raise more number of Indian students in the UK, making it as their preferred country for higher education or work opportunities. Now being the fees is 10% cheaper, you can save more and contribute towards your other ambitions while studying in UK.
2. Possible Changes to Immigration Rules
It isn’t clear in what way the U.K.’s immigration policies will change post Brexit, but several analysts think that if Britain executes work limitations on EU citizens, it could deliver more opportunities for Indian students applying for a Tier 2 General work visa switching from Tier 4 Student visa. Moreover, the immigration rules to search a job upon completing the studies may also be relaxed in the UK.
3. More Scholarships
United Kingdom is one of the popular destinations for Indians students who want to study abroad. Currently, UK universities are forced to provide subsidized tuition fees for citizens of the UK and EU. With Brexit, however, the universities will no longer be legally bound to offer scholarships to EU citizens, which will free up funds for students from India and other countries. Many more Indian students could be able to get scholarships for pursuing higher education in the UK.
4. Education & Job Opportunities
Brexit might also generate more temptation towards the STEM (science, technology, engineering, mathematics) field by Indian students, since the universities will be in dreadful need for more effective functionality.
According to The Independent, ‘Every year, universities in UK generate over £73 billion for the UK economy – £3.7 billion of which is generated by students from EU countries, supporting nearly 380,000 jobs’. This results UK would require a ‘big help’ to build more jobs in their marketplace to support its revenue from Universities.