Recession has shown a marked impact amongst the student community. There used to be huge number of students who used to seek foreign visa to go to Western countries for higher studies, but with financial meltdown the number has shrunk and students prefer their own country.
Another reason is that because of recession, the dollar price have increased. If you take India, the dollar price increased by 10%. So the expenditure is heavy for the Middle class families here. Because of this, some students have to forfeit the seats that they got.
I am agree with you. India has a very talented pool of workman and students, but they find it difficult to find a good job due to the current financial crisis. Sustainability in the market is a million dollar question among all of us.
It's awful that the value of the dollar went so far down. It's so expensive for school even for people who grew up in the country where they are going to school. It's absolutely crazy how expensive it is to even get a higher education.