CHANDIGARH: Education opportunities in UK post London Olympics are likely to be drastically reduced due to debt crisis in Europe and strict visa regimes.
"We feel education funding in the UK post London Olympics will go the Australia way after attack on Indians," Rajneesh Bansal, executive director of one of the top money exchange chains in Punjab, told TOI.
At present, 30% out of a total of Rs 12 crore per month outgo of remittances to other countries are sent to UK for supporting education of Punjabi students in that country but the opportunities created by the Olympics will go away now, once the biggest sports event of the world is over mid this year.
The economy of England had seen some extra capacity to absorb manpower and students pre-Olympics but those opportunities are feared to shrink and unemployment due to debt crisis has already forced a stricter visa regime making it almost impossible to settle in the UK. Punjabis have been pursuing education abroad to find an opportunity to settle in those countries but UK is now discouraging outsiders.
The money transfer companies foresee the fall in their business within two years of their opportunities vanishing in Australia after attacks on Indian students. Two years back, Australia constituted 90% of outgo of money transfer for education purposes. It is almost "negligible" now.
Immediately after the Australian crisis, Punjabis started going to the United Kingdom for education in large numbers. However, loss to the money transfer companies could be a gain of Indian education institutions as these students will look for opportunities in India as US is not a very popular education destination for Punjabi masses.
To compensate for the loss on education money transfer funds, money transfer companies, also sending money for travelers, are targeting a hefty growth in tourism and travel. They have set a target of 40% rise in funding about for travelers.
Punjab, however, is lagging behind in travelling compared to South Indian states which are booming due to business and education opportunities.
Punjab's position as a state getting remittances has also slipped to third position with Tamil Nadu topping and followed by Uttar Pradesh. Punjab is the third largest receiver of remittances.
European crisis, however, has not affected flow of personal remittances as one of the biggest dealers Paul Merchant alone has seen 2.25 billion dollar remittances during 2011-2012, up from 1.83 billion dollars in 2010-2012.
"We feel education funding in the UK post London Olympics will go the Australia way after attack on Indians," Rajneesh Bansal, executive director of one of the top money exchange chains in Punjab, told TOI.
At present, 30% out of a total of Rs 12 crore per month outgo of remittances to other countries are sent to UK for supporting education of Punjabi students in that country but the opportunities created by the Olympics will go away now, once the biggest sports event of the world is over mid this year.
The economy of England had seen some extra capacity to absorb manpower and students pre-Olympics but those opportunities are feared to shrink and unemployment due to debt crisis has already forced a stricter visa regime making it almost impossible to settle in the UK. Punjabis have been pursuing education abroad to find an opportunity to settle in those countries but UK is now discouraging outsiders.
The money transfer companies foresee the fall in their business within two years of their opportunities vanishing in Australia after attacks on Indian students. Two years back, Australia constituted 90% of outgo of money transfer for education purposes. It is almost "negligible" now.
Immediately after the Australian crisis, Punjabis started going to the United Kingdom for education in large numbers. However, loss to the money transfer companies could be a gain of Indian education institutions as these students will look for opportunities in India as US is not a very popular education destination for Punjabi masses.
To compensate for the loss on education money transfer funds, money transfer companies, also sending money for travelers, are targeting a hefty growth in tourism and travel. They have set a target of 40% rise in funding about for travelers.
Punjab, however, is lagging behind in travelling compared to South Indian states which are booming due to business and education opportunities.
Punjab's position as a state getting remittances has also slipped to third position with Tamil Nadu topping and followed by Uttar Pradesh. Punjab is the third largest receiver of remittances.
European crisis, however, has not affected flow of personal remittances as one of the biggest dealers Paul Merchant alone has seen 2.25 billion dollar remittances during 2011-2012, up from 1.83 billion dollars in 2010-2012.
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