Along with the MNCs that look to tap Indian markets, European and Asutralian universities, backed by their governments, are also trying to snare some of the foreign exchange Indian students are willing to spend chasing the lure of the foreign degree. France, for instance, has just 150 Indian students at present, said French Consulate sources. Thus when Edufrance, a private entreprise promoted by the French government, chose to make its first international foray, it landed in India, and recently held a forum in partnership with the Confederation of Indian Industries (CII) to inform students abouteducational opportunities in France.

This followed close on the heels of the British Education Fair and an Australian education fair in November and a one organised by the Institute of International Education in October about universities in the US. Most recently, a Canadian educational fair was also held on December 8.

Jayant Bhuyan, senior director, CII, said the CII has link-ups with institutes in the US, UK and Germany. Besides, he pointed out, ``There is a large readymade market available in India'' for any country that wishes to tap students.

Bharati Bacha, education counselling officer at the British Council, also attributed the rush to liberalisation. ``International education is easily accessible now because of the relaxation of Reserve Bank of India rules on the amount of foreign exchange a student can take out for the purpose of study,'' she said, adding that students interested in going abroad are now finding it easier to do so.

``The education industry has been one of the major exportearners of Australia,'' affirmed Dhira Sur, education promotion officer at the Australian Consulate. An Indian student in Australia will spend over Rs six lakh per year there, added Tasneem Saiyed, acting manager, IDP Education Australia.

Even the higher amounts spent by Indian students compared to their counterparts doesn't take the shine off the foreign degree. ``As compared to a degree from an Indian university, a degree from a foreign university is better recognised,'' claimed Mahesh Thyagarajan, a third-year BDS student at D Y Patil College, Nerul, who plans to hop over to the US for post-graduation.

Students also don't seem to mind the university they get into. Milin Desai, a final year computer engineering student at Fr Agnel's College, Bandra, said ``The exposure that you get even in a B-grade university in the US is tremendous. There's hands-on training in good companies and better facilities... It's anyday better than a Mumbai university degree.''

Besides, MNCs prefer persons withqualifications from abroad, according to students. ``A management degree offered by an Indian university has no value, it is not recognised anywhere in the world. But with a degree from a foreign university, MNCs pick you up immediately.'' Looks like brain drain is all set to go international.