Amidst the fervent rush for medical education in India, concerns mount over the escalating costs, leaving many aspiring doctors grappling with financial burdens. Read below
Amidst the fervent rush for medical education in India, concerns mount over the escalating costs, leaving many aspiring doctors grappling with financial burdens. The National Eligibility-cum-Entrance Test (NEET), attracting over 2 million applicants annually, sees only 56% securing qualification, intensifying pressure on students to vie for coveted seats in government colleges.
The burgeoning expenses of medical education, particularly outside the limited government-owned institutions, have become a cause for alarm.
An analysis by Mumbai-based financial services firm, Anand Rathi, predicts a potential doubling of costs by 2035. Currently, an MBBS course averages ₹5 lakh, expected to surge to ₹11 lakh, while postgraduate studies may leap from ₹15 lakh to the same figure.
Despite a commendable 110% increase in MBBS seats over the past decade, the education cost has surged by 11–12% annually, far outpacing inflation rates. Atul Thakkar, author of the Anand Rathi report, highlights the staggering investment—nearly ₹1 crore—required for a specialized medical degree.
Private medical colleges, driven by skewed demand-supply dynamics, accentuate the financial strain on students. With government colleges oversubscribed, over a million applicants vie for a mere 68,000 postgraduate seats, exacerbating the competition. While government initiatives aim to mitigate costs by expanding seat quotas and mulling tax incentives, the allure of overseas medical education remains strong.
Over 30,000 Indian students sought affordable alternatives abroad last year, drawn by comparatively lower tuition fees!
Financial planners advocate early investment strategies like the Sukanya Samriddhi Yojana to alleviate future educational burdens.
Not just that, investments in international funds offer a hedge against currency fluctuations for those eyeing foreign studies.