Nepali students spend Rs 100 billion for overseas education

KATHMANDU: Nepali students have channeled a staggering 100 billion rupees towards pursuing their education abroad within a single year.

Recent data for the last fiscal year, disclosed by the National Bank on Friday, highlights a remarkable surge of 32.30 billion rupees in expenditures for overseas education compared to the preceding year.

Expenditure dedicated to education, which stood at 67.70 billion rupees the previous year, has soared to an impressive 100.42 billion rupees during the fiscal year 2022/23.

Within the period under examination, travel expenses recorded under the service account have witnessed a notable surge of 48.4 percent, reaching a total of 144.46 billion rupees, in contrast to the previous year’s 97.32 billion rupees.

For the fiscal year 2022/23, alongside commodities, the net service income is at a deficit of 83.85 billion rupees.

The income landscape has experienced an uptick, driven by a surge in tourist arrivals in Nepal. In the reviewed year, income from tourism recorded under the service account has skyrocketed by an impressive 89.6 percent, reaching a total of 61.52 billion rupees. The corresponding income for the previous year stood at 32.45 billion rupees.