The falling Indian rupee has found a new victim besides the financial investors and businessmen of the nation. The students of India who intend to study abroad are feeling the finch of the current scenario. They have been hit hard by the latest trends and the rate at which the value of the Indian Rupee is descending. The student masses are feeling jittery and are cross-fingered with an anxious eye on the future of the Rupee in the coming days.
The reason behind the fall of the rupee
The rupee has taken a clear nosedive due to some events in the Indian and global market scenario that took place over the last year or so. Global depression in the market is a severe cause that has led the foreign investors to rake in their money back to their pockets. This has led to a shortage of money in the market which has weakened the Rupee. Moreover, India has reported a sluggish growth in the past year owing to the decrease in industrial productivity and increased volatility in the Indian market. The aforesaid prime reasons coupled with many minor ones have severely weakened the Indian Rupee in the past year or so to a great extent.
How the Rupee is hurting the students
The Indian students intent on studying abroad are spending sleepless nights owing to the falling rupee. The fall in its value means a hike in their course fees abroad. The rate at which the rupee has fallen automatically transforms into a direct hike of 15-20% in the course fees compared to the last one or two years. A large chunk of the students who spent a fortune to study abroad are feeling themselves in peril. Rise in course fees for many who toiled hard to arrange for their monetary requirements are filled with negative vibes on being able to fulfil their dreams. More and more students are feeling scholarships to have become indispensable to meet their cause and help them in attaining success.
The further consequences of the phenomenon
The falling Rupee that has made so many students feel perilous means that it may translate into a lesser number of Indian students opting for studying abroad. More demands for scholarships especially full scholarships are expected to spruce up in the near future which in fact have already been felt. More students will be seen who if they don’t get scholarships, will not opt for studying abroad at all. A strong dollar which is currently the global exchange currency, means that course fess in all countries will follow a steep rise.
Solution to the problem
In practical terms, there seems to be no solution up the anvil to solve the crisis. The only hope is that if the rupee gains its credibility and past value in the ensuing days, only then can one feel assured. The initiatives by the Indian government s well as the Reserve Bank of India are expected to hike the rupee’s value in the coming days. Moreover the robustness of the Indian market is also a key factor in strengthening the rupee. The students can only hope for a cut down in their course fees only if the aforesaid criterions come true in the future.