However, I differ from these reports because these arguments are not looking at higher education in a holistic way, but instead are based on bits and pieces of data and information. My contention is that, unless, we globalize education with restraints, the objectives stated above may not be fulfilled.

Economic Benefits

The argument that India will save $4 billion dollars looks into the "outflow" of dollars because of students going abroad. We don't have information about how many students are taking loans and repaying it, and how many are getting full scholarships to study abroad. If we do an analysis of educational loans, we would learn that many banks have been giving loans of Rs. 15 lacs or more to study abroad. Most of these loans are repaid, and they are repaid when the student is working in the foreign country. Thus, a sizeable amount "inflows" back as loan and interest repayment. There is another important "inflow" because of students going abroad. India topped the remittances from foreign countries in year 2008 ["Ministry Seeks safety net for NRI workers", The Economic Times, 29th July, 2009.].

A total of $43.5 billion was sent to India from foreign countries by Indians staying in foreign countries. This constitutes about 3.3% of out total GDP. Out of this the total remittances coming from gulf countries (where most of it come from skilled laborers), is about $18 billion. The rest of it comes from countries like US and UK. That amounts to $25.5 billion dollars. Why is that Indian remittances were comparable to that of Mexico ($26 billions), which has higher number of emigrants outside Mexico? The reason is simple: Indians enter into higher education in developed countries like USA, and then stay there to work in white collar professions. Then, they remit back to India generously. If proper economic analysis is made, I am sure that India gets more ' inflow" because of the 'outflow' of $4billion that is spent by Indians abroad!!

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Dr. Parthasarathi Mohapatra completed his Ph. D. in Business Administration from University of Kentucky in 2005. He has worked as Asst. Professor at Morgan State University. Currently, he is teaching at University of Maryland-University College. He has published in several international journals and presented in international conferences.
E-mail: PMohapatra@faculty.umuc.edu