-------------译者：观棋柯烂-审核者：chen_lt------------
kshay Kumar, 25, knew his journey would be tough. But he thought he was prepared.
Kshay Kumar, 25岁，他知道自己的旅途会很艰难，但他认为他已经做好了准备。
In 2012, after an engineering degree and a oneyear stint with a multinational, Kumar felt he needed a makeover. "I didn't want to be stuck with civil engineering all my life. I also wanted to see the world and explore new options," he recalls. Doing an MBA from a premier institute was on his mind.
2012年，在取得工程学位并为跨国公司服务了一年后，Kumar觉得他需要一个转变。“我不想被土木工程套牢一生。我也想看看这个世界，探索一下新的机会，”他回忆道。在一个高等学院读MBA的想法浮现在他的脑海里。
He did think of the Indian Institutes of Management (IIMs) and the Xavier School of Management, but the desire for global exposure pushed him to explore options overseas. Kumar settled for a oneyear post-graduate course at the Imperial University in the UK, which he financed via an education loan. "Visa rules and the bleak job market there did weigh on my mind. But I had a feeling I could manage it," he says. He had confidence in Imperial's good global ranking, its alumni network and his own hard work.
他也考虑过印度管理学院（IIM）和泽维尔管理学院，但是对于全球视野的渴望促使他探索海外的机会。Kumar接受了位于英国的帝国大学的一年期研究生课程，其资金来源为助学贷款。“英国的签证规则和惨淡的就业市场确实在我脑海中权衡过，但我有一种感觉，我一定能够应付得过来，”他说。因为帝国大学在全球的优秀排名、其校友关系网以及他自己的努力，他充满信心。
Kumar began his hunt for a job virtually from the day he landed in the UK. He studied hard to get good grades but worked even harder to find a good job. By tapping into networks of his alumni, friends and family, Kumar reckons he would have reached out to over 200 firms during that year. "It didn't work. My good grades made me eligible for plenty of jobs, but my non-European Indian passport was the problem," he shrugs.
Kumar一来英国就开始寻找工作。他努力学习以取得好成绩，但更努力去寻找一份好工作。通过发掘他的校友、朋友和家庭的关系，Kumar估计在那年他接触了超过200家企业。“这没有用。我的好成绩让我满足了许多岗位的条件，但我非欧洲的印度护照是个问题，”他耸了耸肩。
Kumar moved back to India late last year and has just landed a job with a private equity firm. "All my plans have been delayed by five years," he says. Close to half his salary today goes in paying monthly instalments on his education loan.
Kumar去年底回到了印度，在一家私人股权公司工作。“我的所有计划都被推迟了五年，”他说。他每月要用现在将近一半的薪水来偿还助学贷款。
-------------译者：图特腾-审核者：chen_lt------------

The World isn't Flat
世界不是平的
The West has a problem. Its economy is in a funk, not enough jobs are being created, cautious companies aren't hiring too many, and worried governments — from the US to the UK — are raising visa barriers for foreigners to work in their countries.
西方已经出现问题。它的经济陷入一片混乱，不能创造足够多的职位，谨慎的公司不会聘用过多的职员，焦虑不安的各国政府——从美国到英国——正在增加签证壁垒以阻止外国人在他们的国家工作。
Young Indians, who went overseas for education, are facing a tough time finding a job. Many like Kumar have returned home. And some are now casting the net wider — looking for jobs from the US to Hong Kong and Singapore — or settling for sub-optimal options. Rupa Chanda, professor, IIM-Bangalore, who has worked on reports on international student mobility, says visa and immigration is the biggest factor affecting Indian students' decisions.
海外求学的年轻印度人正在面临找工作的艰难时期。像Kumar一样，许多人已经回家。他们中一些人正在通过更大范围的求职网——从英国到香港、新加坡来寻找工作；或者妥协于较次的选择。印度管理学院（IIM）班加罗尔分校的Rupa Chanda教授曾在研究国际学生流动性的报告中指出，签证和移民政策是影响印度学生做出决定的最大因素。
The US, the UK and Australia — the three most popular destinations for Indians seeking global education — have seen the number of Indian students come down over the past few years (see Out of Favour?). Remember, many Indian students take hefty education loans to finance their studies abroad. While many would find decent jobs back in India that would not help much as these students need dollar salaries to comfortably service their loan. This is taking its toll. "Overseas education is costly. Many Indian students are doing a cost-benefit analysis to figure how to recoup their investments overseas and putting off their plans ," explains New York-based Rahul Choudaha, chief knowledge officer, World Education Services (WES), a non-profit organization that provides credential evaluations for international students planning to study or work in the US and Canada.
美国、英国、澳大利亚，印度人寻求全球教育的最火的三大目的地，已经发现印度学生数量在过去几年持续下降（或者三大目的地已经不受青睐？）。记住，许多印度学生都背负着高额的教育贷款来资助他们的海外求学。虽然回到印度他们都能找到体面的工作，但是这些都没有太大的帮助，因为学生们需要一份用美元支付的薪水来帮助他们更轻松的偿还贷款。这就是造成的影响。“海外教育非常昂贵，许多印度学生都正在进行成本效益分析，以找出如何收回其海外投资，推迟他们（去海外就读）的计划，” 坐落于纽约的世界教育服务中心的知识总监Rahul Choudaha解释道。 这一非营利性组织为准备在美国和加拿大学习或工作的国际学生提供认证评估。
But to be fully able to understand how this trend will play out, one must understand the backdrop. A big generational shift is taking place among the students looking for overseas education. Many of them now are India's liberalization children, who have grown up post-1991 and lived in an increasingly global world with fewer barriers.
但是要完全理解这种趋势是如何产生的，就必须要了解其背景。一个大的世代转变正发生在寻求海外教育的学生中间。如今的他们许多都是印度自由的一代，成长在1991年后，生活在障碍更少的全球化的今天。
So in many ways this is their first brush with a world with barriers. Many are also children of globetrotting well-paid senior corporate executives who think differently about education, exposure and investing in a world-class education. "These parents understand the long-term rewards of a world-class education. I see many of my friends taking their children to these top campuses after they pass out from school to give them a first-hand feel," says Hema Ravichandar, strategic HR expert and a former HR head of Infosys.
所以从许多方面来说，这是他们第一次面对来自世界的阻碍。他们中也有许多是环游世界的、对教育、经历以及投资世界级教育有着不同看法的高薪企业的高管们的小孩。 “这些父母明白世界一流教育的长期回报。我看到我的许多朋友带着他们的小孩去顶尖的校园，让小孩们领略这些高等学府给他们的切身感受，”战略人力资源管理专家、Infosys 公司前人力资源主管 Hema Ravichandar说道。
-------------译者：dragonilove-审核者：chen_lt-----------

Woes on Foreign Shores
身处海外的痛苦
Both of Ravichandar's children have studied overseas. Her daughter, Aditi, is doing her MBA from Wharton in the US and her son Nikhil, 22, completed his Bachelor's in economics from Warwick in the UK. Nikhil chose the UK over India because of the flexibility available in picking courses — he wanted to do economics with law which was impossible in India with its rigid course structures. "Education in India is not very research-driven and multicultural," he adds.
Ravichandar'的两个孩子都已经在国外留学。她的女儿，Aditi正在美国的沃顿商学院读MBA而她22岁的儿子Nikhil已经在英国的华威大学完成了经济本科学习。Nikhil之所以选择英国而非印度是因为英国大学在课程选择上有更大的灵活性——他既想要修经济学又想要修法律，而这在具有严格课程结构的印度大学是不可能的。他还说，“在印度的教育并不是由研究来驱使的，也不够文化多元性”。
But during his stay there, the UK revoked the two-year work permit for foreign graduates. Thus he needed a firm job offer to stay on after graduation. This was difficult since he was particular about the kind of work. "I wanted a job in economic consulting," he says. Unable to get that he preferred to do a postgraduate programme instead. While he did not take any loan, for many of his classmates, who had taken a hefty education loan, things were difficult.
但是就当他在英国学习时，英国取消了留学生毕业后的两年工作签证，因此Nikhil需要一份工作从而能够在毕业后留在英国。由于他对工作的特殊要求这显得有些困难“我想要一份有关经济咨询的工作”Nikhil说。若不能获得这样的工作，Nikhil宁愿继续读研究生。由于Nikhil没有像他的同学那样申请沉重的助学贷款，事情开始变得困难了。
Now, Nikhil is back in India getting some interesting exposure at a few start-ups in Bangalore, India's Silicon Valley. He is contemplating a startup of his own. "This is the best time to take the risk and explore it," he says.
现在 Nikhil 已经回到了印度并且在印度的硅谷，班加罗尔与一些新兴企业进行了接触。他正在考虑自己创办一个公司。“这是最好的冒险和探索的时候”他说。
Across the Atlantic, Sujoyini Mandal, in her 20s, offers another peek into the odds that Indian students face overseas. After her graduation from Jadavpur University, Mandal went to Singapore for her postgrad and worked with a think-tank there. Life was good but since she had always yearned for a degree from a world-class university, she applied for a Master's at Harvard's Kennedy School.
穿越过大西洋，20岁的Sujoyini Mandal展现了印度学生在海外遭遇的另一面。在她从贾达普大学毕业之后，Mandal去新加坡念了研究生并且在一个智囊团工作。生活过得很惬意，但是由于她希望获得世界一流大学的学位，她申请了哈佛肯尼迪政治学院。
For two years, she deferred her admission as she did not get any financial aid. She saved some money and, with a bit of aid, finally took the plunge in 2011. Foreign students in her college face an education loan cap of $30,000 ($15,000 a year), she says, making things even more difficult Mandal started looking for a job when she graduated in May 2013. But mandates that fitted her needs and aspirations were not easy to come by. She did land a contract with the World Bank but that was short term, uncertain and had no medical cover. Last month Mandal finally landed a job with an investment bank.
两年来，由于Mandal没有获得任何经济援助，她一直在延迟入学时间。在存了一些钱并且一些援助之后她最终在2011年入学了。Mandal说，她所在学院的留学生面临30000美元（15000美元每年）的贷款限额，这使得情况变得更加困难。Mandal在2013年5月毕业后开始寻找工作。但是适合她的需求和期望的职位并不那么容易获得。她确实已经和世界银行签订了合约，但是那是短期的，有不确定性，也没有医疗保险。最终在上个月Mandal在一家投资银行找到了一份工作。
Despite such struggles, there are many reasons why the pursuit of overseas education among young Indians is unlikely to die down any time soon.
尽管面临这么多挣扎，但仍然有很多其他原因让印度学生想去海外留学，短期内这种趋势是不会消失的。
-------------译者：长太息兮-审核者：chen_lt------------

The Demographic Bulge
人口膨胀
Every year, around 800,000 Indian students reportedly go overseas for their education. This costs the country close to $15 billion of forex annually, estimates industry lobby Assocham. If students are going overseas for education, it's because India has a problem of both capacity and quality. The country has one of the world's largest education infrastructures: 600 universities and 34,000 colleges with 17 million students enrolled and 5 million students graduating every year. But India is also witnessing a demographic bulge — it has perhaps the world's largest young population. Experts estimate that some 100-million-odd students will seek higher education over the next decade.
据报道,每年大约有800000名印度学生出国留学,，据印度工商业联合会估计这将耗费每年近150亿美元的外汇。学生们出国留学是因为印度不管是在教育容量还是教育质量上都有问题。印度的教育基础设施是世界上最大的教育设施之一，600所大学和34,000学院每年接受1700多万新生并输出500多万毕业生，但是我们也正见证着印度人口的爆炸性增长，印度或许有着世界上最庞大的年轻人群，专家估计在未来十年里，将有一亿多的学生寻求更高的教育。The capacity problem is compounded by the quality issue. About 70% of the capacity in India is of poor standards. At the other end of the spectrum, competitive intensity at the premier colleges is so stiff that it is often easier for bright students to get admission in Ivy League colleges in the US and the UK than in the IITs, IIMs and even top colleges in Delhi University.
教育能力和教育质量上的问题是相互关联的。大约70%的印度教育处较低的水准，而另一方面，印度一流学院的竞争激烈且死板，以至于对聪明的学生来说，进入美国或英国的常春藤大学要比进入印度理工学院、印度管理学院、甚至德里大学里好的学院都容易得多。
All this coincides with the rise of India's aspirational upper middle class. Over the past two decades, many first-generation Indians have risen up the corporate hierarchy and are financially well-off. These welltravelled, financially stable corporate executives desire the best for their children. "They are looking for the best educational experience. They know it is a life-long asset. Indian premier colleges do not have the capacity and are very rigid," says TV Mohandas Pai, chairman, Manipal Global Education. Pai's son studied at Stanford University in the US and now works for a start-up in Silicon Valley.
这些现象与印度上层中产阶级不断上涨的雄心壮志密切相关。在过去的二十几年里，许多第一代移民创立了自己的事业，相当富裕。这些经济稳定，见多识广的公司高管希望把最好的东西给予他们的子女。Manipal全球教育主席 Mohandas Pai说他们在为孩子寻找一流的教育，这是孩子一生的财富，印度的一流大学不能给予这些而且这些大学要求过于死板。他的孩子曾在美国斯坦福大学学习，现在在硅谷工作。
This aligns well with the global trend of rising international mobility of students. According to Institute of International Education (IIE), since 2000, the number of students leaving home in pursuit of higher education has increased by 65%, totalling about 4.3 million students globally. What is more interesting is that the share of students from the developing countries in this pie is rising — it moved up from 54.8% to 69% between 1999 and 2009.
这个现象与世界范围内学生国际间流动增强的趋势是一致的。IIE的研究表明，自2000年以来，学生为了获得更高的教育出国的数量增加了65%。全球总计约430万。更有趣的现象是发展中国家的学生所占的份额正在增加---1999年到2009年间从54.8%增加到69%.
-------------译者：*河蟹*员-审核者：chen_lt------------

India vs China
印度对比中国
Not surprisingly, the world's two most populous and powerful emerging countries — China and India — send the largest number of students overseas. But China has rapidly shifted gears to overtake India.
让人毫不惊讶的是，作为世界上人口最多、经济发展最快速的这两个国家向海外派遣了最多数量的留学生。但这方面中国很快就超越了印度。
Consider what's taking place in the US. In 2000-01, India topped the list of international students by country, with 66,836 against China's 63,211. But by 2009-10 China had overtaken India. In 2012-13, China sent 236,000 students; India was nudging the 97,000 mark. While the number of Chinese students has been growing in double digits of late, that of Indian students has been sliding. To understand why that is happening, it is important to analyze the profile of students going overseas from both the countries. 2000-2001年，美国的外国留学生中印度学生是最多的，66836人，而中国学生为63211人。但是在2009-2010年时，中国超越了印度。2012-2013年，中国向美国派遣的留学生
已经达到236000人；而印度才逼近97000人。近来，中国留学生人数呈两位数增长，而印度方面则一直在下降。要想了解这其中的缘由，就有必要分析一下两个国家的留学生的一些基本情况。
Chinese students going to the US are evenly split between undergraduate (40%) and postgraduate programmes (44%). But Indian students are heavily skewed towards postgraduate programmes (55%) with just 13% at the undergraduate level. Indian students are also unique as over 60% are in the STEM (science, technology, engineering, maths) category. Bear in mind that historically, postgraduate and STEM programmes offer more financial support than undergraduate and non-STEM programmes.
中国留学生去主要去美国接受本科教育项目（40%）和研究生教育项目（44%），比较均衡。而印度学生去美国主要接受研究生教育（55%），本科教育只占13%。60%的印度留学生学的是理工科。从历史上来说，研究生以及理工科教育项目比起本科教育项目和非理工科教育项目在资金上会给留学生提供更多的帮助。
"The decline in Indian students is directly related to the 'Strivers' , who have been putting their plans on hold due to increasing cost of studying abroad which in turn was triggered by economic uncertainty and currency devaluation," says Choudaha.
“印度留学生的下降与”奋勉族“群体相关（根据全球教育服务处的研究，指的是资源少的发奋者），这个群体由于海外留学费用的增加导致他们搁置了自己的留学计划，而经济不稳定以及货币贬值引发了海外留学成本的提高，”Choudaha说。
A majority of Indian students arrives at the Master's level and funds education by taking loans as financial aid from colleges has dried up. So, while the majority of Indian students go for education loans, Chinese students are supported by their families. According to a research by WES, 47% of Indian respondents report loans as one of the primary sources of funding as compared with only 3% of Chinese.
大部分的印度海外留学生取得了硕士文凭，但由于学校助学金的萎缩，他们不得不通过贷款来完成学业。所以大部分印度学生是通过贷款来完成学业的，而中国留学生则靠父母支持。根据全球教育服务处的一项研究，47%的印度回馈者说贷款是他们完成学业的主要手段之一，而这么说的中国学生只占3%。
Chinese students, in contrast, are "explorers" (experience seekers), says Choudaha. Often the only-child of financially well-off parents, they have the financial wherewithal to study abroad and are under less pressure to find a job there. But change may be afoot. Some Indian students could make the transition from 'strivers' to 'explorers' and Choudaha expects more and more Indian students — most of them children of well-off senior executives — to go overseas at the undergraduate level. Not so dependent on financial aid, he also sees many more Indians exploring new interdisciplinary fields, beyond STEM. Even in the STEM category, experts feel that Indian students will be the biggest beneficiary as the Obama government eases rules for this critical segment in future.
对比来说，中国学生是“探险族”（追求体验一族），Choudaha如是说。通常是富裕家庭的独生子女，所以留学的钱不用愁，也没有太大的压力去找工作。但情况可能会有所改变，一些印度学生有可能从“奋勉族”向“探险族”转变，Choudaha预测说将有越来越多大多来自印度富裕家庭的学生到海外接受本科教育。他们不会太依靠助学金。他还说越来越多印度学生除了理工科外还涉及了新的跨学科教育领域。即使是在理工科类别中，专家们认为随着奥巴马在未来放宽这个类别的规定，印度学生将成为最大的受益者。
-------------译者：thekstyy-审核者：chen_lt------------
Lessons from China
中国榜样
Two decades back, China faced problems similar to those India faces today — its higher education had both capacity and quality issues. Since then China has worked hard to upgrade its educational institutions. It has two programmes — Project 211 and Project 985. The former aims to make 100 Chinese universities world class in the 21st century; this will help China churn out world-class trained professionals to push economic growth. These universities are expected to set national standards for education quality that can be replicated by others.
二十年前，中国面对的问题如同今日印度面对的问题——高等教育在质和量上的不足。从那时起中国努力升级发展他们的教育机构，其中包涵了211工程和985工程。前者旨在创造21世纪的世界级名牌大学，这会快速培养出大批的专业人才，有效推动其经济发展。这些大学被期望于发展可供借鉴的全国性教育质量标准。
Project 985 started more than a decade back and is an attempt to build China's own Ivy League colleges in the 21st century. In the first phase the project included nine universities. The second phase, launched in 2004, includes 40-odd universities. The projects have been backed by significant investments. According to a New York Times report, China is investing $250 billion a year in human capital.
985工程开始于十多年前，意在创造21世纪中国自己的常春藤校盟。工程第一阶段包括了九所大学。第二阶段在2004年启动，新增四十所大学。这项工程受到了大量投资支持。据纽约时报报道，中国为人力资源发展一年就投资了2500亿美元。
The dragon country's efforts are now bearing fruit. Many Chinese universities are climbing up the global ranks. Two Chinese universities have made it to the top global 50 in the Times Higher Education report. India has none. In the top 500, 16 Chinese universities make the cut against seven from India. Mobile international students are taking note. A decade back, China was hardly on anybody's radar.
龙之国度的努力现在已经开花结果，很多中国大学都跻身入全球排行榜。泰晤士报高等教育刊报说两所中国大学成功挤入全球最佳大学前五十名。印度一个名额都没。在全球前五百名大学中中国有16所，完胜印度的七所。国际学生们都注意到了中国的巨大变化，而十年前，中国大学几乎不被关注。
Today, it is the third largest education hub in the world after the US and the UK with 3.28 lakh international students, according to IIE. By 2020, it hopes to host 500,000 international students. Even Singapore is targeting 1.5 lakh foreign students by 2015. In contrast, India was home to just 27,000 international students in 2012. China is aware that to push innovation and realize its economic ambitions, it must be able to attract top talent — in its colleges and workforce.
据国际教育学会数据，现在中国拥有32万八千的外国学生，是仅次于美国和英国的世界第三大教育中心。到2020年，这一数字可能变为50万。即使小国新加坡也有在2015年达到15万外国留学生的目标，而印度在2012年却只有2万七千外国留学生。中国已经意识到，若要推动创新和实现他的经济腾飞，就必须吸引来高端人才——在大学和职场上。
Also, in virtually every key statistic, the world today is seeing a shift from the West to the East. From economic GDP to consumption power, MNCs across the board are looking at Asia and the world's two most populous nations. This shift is happening demographically too. But in the education space, the West still dominates.
从每一个关键数据都能看出，实际上世界中心正从西方转移到东方。亚洲国家，特别是世界两大人口大国国民生产总值和消费能力的提升吸引了所有跨国公司的目光。这种转变和人口有关，但是在教育方面依然是西方占主导地位。
Of the world's top 100 universities, 46 are in the US. Seven of top 10 universities are in the US. Asia has just 11 in the top 100. "It is difficult to replicate what US has done with its universities to 2emerge as an innovation hub," says Pai. So, ambitious and aspirational Indians will continue to look overseas for education. But if India has to realize its potential, it must invest heavily in building world-class institutions in the country — the China way.
世界前100名大学有46所位于美国，前十名有七所是美国的。亚洲在全球大学前一百名中只有11所。“美国通过大学而转变为创新中心的成功是很难被复制的，”派说。因此，有理想有抱负的印度人会继续寻求海外教育机会。如果印度想发掘自身潜力，他必须学中国那样，大力投资于建设世界一流的国内大学。


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Skhey Mobile (Gurgaon) 22 Hours ago Foreign degree is no more a guarantee card for success.
外国文凭已经不再是成功的保证了
Neil M (pune-mumbai) 22 Hours ago Finding a good university and a good course is important. I know many guys select short courses which are not recognized world wide and specially in India find it difficult to get a job. Also, dream america is not true for everyone. All the best to seekers.
找一个好的大学和好的专业是十分重要的，据我了解一些人选择了一些短期的课程，这些课程并不在世界范围内被承认尤其在印度会发现很难找到一份工作。并不是每个人的美国梦都能实现。祝追梦者好运
Rajesh Thambala (Hyderabad, India) 23 Hours ago Very informative article.
十分有意义的文章
Partha (Bangalore) 1 Day ago Nice Article. Much Appreciated
很好的文章，表示赞赏
SAMAD (India) 1 Day ago right choice....
正确的选择
Tempcool Mukhopadhyay (India) 1 Day ago An excellent article. Appropriate and very well timed. Issue lies with inadequate job creation in India compared to passing out rate and all sorts of reservation quota for the "privileged" groups. Also unscrupulous marketing by planting misleading information by the education institutes of developed countries and their Indian agents.
一篇很棒的文章。写的正是时候。问题在于在印度创造的就业不足，而毕业生却不断增加，而且“特权”团体得到各种各样的预订配额。另一方面，发达国家的教育机构和其印度代理通过误导性的信息来是肆无忌惮的推销自己的教育产品。
Guramandeep Singh (Mexico) 1 Day ago 67 years after Independence, we are still stuck to providing reservation quotas in institutes of higher education. The recent Supreme Court order puts 27% reservation for OBCs which along with that of SCs and STs brings the total reservation to 49.5%. Here is the breakup of IIM-A seats: General 182 Non creamy OBC 104 ---- Schedule caste 58 ---- Schedule tribe 29 ---- Differently-abled 12 ---- Total 385 --- I have read various comments touching upon patriotism towards India to youngsters being crazy and the need to enlighten them. Reservation for a certain group is discrimination against the other groups. So ask yourself, is our system really fair? Should we not be looking at this objectively and trying to solve the root cause of the problem instead of commenting upon the phenomenon which is a result of a messed up education system at the behest of corrupt politicians?
已经独立67年了，我们的高等教育学院仍在坚持预定配额制度。最近，最高法院颁发命令27%的份额给“其他落后阶级”（OBC），同时给予“设籍种姓”（SC）和“设籍部落”（ST）一定的配额，所以总共就达到了49.5%的配额。对某一群体的配额预留其实是对其他群体的歧视。因此，扪心自问，我们的教育系统真的公平吗？相比于仅仅讨论因为腐败政客的命令导致的混乱教育系统的各种表象，难道我们不应该客观的看待并从根本上解决这些问题吗？ （译著：印度的预留机制指的是将政府机构中一定数量的空缺席位留给那些落后和代表人数不足的团体（主要通过种姓和部落来定义）的成员。相当于以配额为基础的平权运动。“其他落后阶级”、“设籍种姓”以及“设籍部落”是这项机制的主要受益者。
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ILA (Chennai) replies to Guramandeep Singh 1 Day ago Dear Learned Singh. This article has nothing to do with reservation. Reservation is about affirmative action (in US parlance). Trying to give some sort of equal opportunity to people (98%) who were subjugated, denied education, and exploited by so called Forward Castes in India who constitute only 2% of the total population for millenium. This reservation is in vogue for only 60 years how can this equation be achieved in such a short span of time. Now the Forward Castes are slowly waking up and cramming for their share in the available piece of cake. If heat is felt for this itself then what should the subjugated feel for having been so for a millenium in the name of MANU SMRITIs laws? People who believe so are as you had rightly (?) pointed out are HYPROCRITS and prisoners of their own conscience.
亲爱的Learned Singh，这篇文章没有提到预留制度，预留制度是一种平权运动（用美国的说法）。它可以给被占2%总人口的高等种姓剥削了上千年，没有机会接受教育，占人口98%的低种姓人一定程度的公平机会，预留制度刚才实施了60年，在这么短的时间内绝对公平是很难实现的。现在高种姓的人正慢慢觉醒，开始狼吞虎咽的享用他们的份额。如果有些人对这种制度反应都如此激烈，那么在《摩奴法典》教义下过了上千年的被征服者又应该做何感想？反对这种平权运动的人都是伪君子和不道德的人。
RM (MN) replies to ILA 9 Hours ago Excuses, excuses. Sixty years after Independence you're still making excuses for a quota system that has made Indian education into a pile of rubbish.
呵呵，独立已经60年了，你还在为把印度的教育弄得一团糟的预留制度找借口
Athena (London) 1 Day ago It is Imperial College and not Imperial University. Perhaps ET must invest in better human capital!
那是帝国理工学院而不是帝国大学，或许《经济时报》应该加大人力资源投入了。
(Hyderabad) 1 Day ago Same thing happened with me as well like akshay kumar. I thought i am reading my story.
我和阿克夏·库马的经历很相似，我还以为在读我自己的故事呢
Nihar (Mumbai) 1 Day ago It completely depends on which institution a person is studying in abroad. It is not so that somebody got a degree in a well recognized institution in foreign and unable to get a job in India. So I request "The Economic Times" to provide a proper interpretation to the reader.
这完全取决于个人在国外的哪个机构学习。一个人得到国外著名机构的学位，却不能在印度找到工作 ，这是不可能的。所以我要求经济时报对给读者一个合理的解释。
kshi S (Bhopal) 1 Day ago coming to US was the worst decision of my life
来美国是我一生最错误的决定
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B Venky Venky (Bangalore) 1 Day ago Very informative article. To have world class universities in India, the government should get out of the way. The quota raj in higher education has to stop. More and more private funds has to be garnered towards higher education by giving tax sops. But all this remains in the realm of fiction at the moment.
非常有教育意义的文章。印度如果想要建设世界一流的大学，政府就不能介入。高等教育的配额制度必须终止。通过给予税收方面的优惠，吸引更多的私人基金投入到高等教育中来。不过到现在为止，这还还都是痴人说梦。
ketan m (mumbai) 1 Day ago study there, work here. sounds great!
出国留学，回国工作，看上去不错！
thomas (india) 1 Day ago Yes, every Indian should go overseas for education - build up net work..learn how other s think..their style-quality etc. come back and start self employed business ... it will flourish. take example from china who are into A to Z of business and industries ,they make impossible happen...of course duly and completely supported by their govt..
我同意，每个印度人都应该去国外接受教育，这样可以建立人际关系，了解别人的思维模式，健康的生活习惯等，然后再回国创业，这样国家才能繁荣。就像中国一样，在各行各业里他们都创造了不可能的奇迹，当然，也离不开政府部门适时的大力支持。
Saswata mandal (kolkata) 1 Day ago still every good student wants to go abroad.. why is it like that??
为什么所有的好学生仍然都想着出国？
Nanda Kumar (Chennai, Tamil Nadu) replies to Saswata mandal 1 Day ago ET pointed it out already..Global Exposure! and Farther mountains always seem smoother :)
金融时报已经指出来了。。。他们希望能在国际上露脸！因为外国的月亮比较圆 ：）
Anupam (Bangalore) replies to Saswata mandal 1 Day ago Quick money
想赚快钱呗
Mumbaikar (Mumbai) 1 Day ago It's not entirely the kids fault - some ambitious parents push out the kids too - 'we don't think there is a future here', they say. Now, some are stuck abroad and need to return home, as countries are on an economic downturn and/or are looking more inward now, . Complicated situation - but opportunities are here too, if you want to grab them. Not everything here is as bad as you may think.
不完全是孩子们的错，一部分雄心勃勃的家长们把他们的孩子推到了火山口。家长们总会说：”我们在这看不到未来。”现在，由于外国经济的不景气以及现在他们更看重本土的学生，留学生在国外没出路，所以只能回国。情况很复杂，但是如果你想要，国内同样有机会。国内情况并非你想象的那么糟糕。
Bharath Selvan Sukumaran (Chennai) 1 Day ago Good news for India. Let their knowledge be used for Indians in India
对印度来说是个好消息。他们学成之后可以回来造福印度人民。
jgsemig (Delhi110007) 2 Days ago what about large numbers of foreign students studying in India? How could IIM-B professor be so insensitive? In a global world does this mean that Indian educational Institutions have already thrown in their towels? Does it also mean that Universities like SAARC and others have no futures?
也有很多外国学生在印度留学啊。 为什么印度管理学院班加罗尔分校(Indian Institutes of Management) 的教授们这么愚钝。从全球范围来看，是不是这就意味着印度的教育机构已经宣布投降了？类似南亚区域合作联盟（South Asian Association For Regional Cooperation）这类的学校就没有前途了吗？
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Sriram B (Bharat) 2 Days ago Learn Globally and be back to improve India. Just as they say wait till the last ball is bowled in a cricket frenzy country; do not lose hope till you have tried your hands on what you want to transform the country into.
出国深造回来为祖国效力，在这个痴迷于板球运动的国家里，就像人们所说的不到最后一球都不能言败；在尝试做一些让我们的国家变得更好地事情之前，也不要放弃希望。
Ajay Kumar (NYC) 2 Days ago Only the people who have earned admissions into Indian Universities based on reservations, face problems studying abroad, as they are looking for concessions always. People who have earned admissions throughout based on their capability and knowledge, do not face any problem. Such students do not come back.
只有那些依靠配额进入印度大学的人在出国留学学习时会面临问题，因为他们一直在寻求被特殊对待。而依靠自己能力和知识进入大学的人不会面临这些问题。这些学生也不会回国的
Ayush Jha (NOIDA) 2 Days ago Study in the US(OUT OF INTEREST in the field and/or spectrum, NOT parental pressure/peer pressure) , Work to repay the loans & then do your own startup in India. All the best :)
在美国学习（自己兴趣使然，而不是受到父母或者同龄人的压力），工作付清借款，然后在印度开始自己的事业，祝好运 ：）
Mukesh Mishra (Haridwar) 2 Days ago It didn't work. My good grades made me eligible for plenty of jobs, but my non-European Indian passport was the problem," he shrugs.
他耸耸肩说：“没用的，我的成绩足够好让我可以得到很多工作，但是我的非欧洲的印度护照才是问题的关键。”
Ashwani Kaushal (New Delhi) 2 Days ago righly said, getting an addmission in DU colleages are like dreaming in day time.... it is always good to go abroad and get certification and return back... but once the indian student get a better envoironment and facility abroad why they come back to corrupt indian culture, only few with family business background will come to share the same plateform with their parental company ....shamful for Indian corruption
说得对，要想进入德里大学无异于白日做梦。出国留学获得学位然后回印度总归是好的，但是，既然印度学生在国外有更好的环境和设施，他们怎么会回到腐败的印度呢，只有很少一部分有家族企业背景的人回国继承父母的产业，对印度的腐败感到羞愧。
Parthipan K (Chennai) 2 Days ago I agree with the fact that Indian Universities are not flexible. But intelligent students can acquire knowledge of any subjects of their own. So they should not blame Indian Universities. More over, not all institutes in abroad are of high standards. Even in Ivy schools, the standards are coming down like our IITs. My opinion is that if one works hard in Indian top universities, they can acquire global standards. Also all the premier institutes in US are putting their course material in the web and hence, by going thru them one can acquire high knowledge.
我同意印度的大学不够灵活。但是聪明的学生可以靠自己得到任何学科的知识。所以他们不应该抱怨印度的大学。另外，并不是所有的外国机构都有很高的水准，甚至常春藤大学也正下降到印度理工学院的水准。我想说的是，如果一个人在印度一流大学里足够努力，那么他可以达到世界级的水准。另外美国一些著名大学把他们的课程放在网上，因此通过网上课程我们可以得到尖端的知识。

NOTE: I did not write this article below. I simply copy and pasted the article. Please click the following link to view the entire article. The article includes charts and images which were not transferred to the text below.
https://steemit.com/cryptocurrency/@lennartbedrage/the-ripple-xrp-effect-fundamental-analysis
The Ripple(XRP) Effect - Fundamental Analysis: lennartbedrage44 in cryptocurrency ripple.jpg
Lately, there’s been a tremendous amount of buzz around Ripple(XRP), but is it only because of the massive growth we’ve seen in the past few 30 days, or is there something more?
In this article, I’ll dive into a brief back ground of Ripple, objectively examine the arguments for and against it, explore its potential from a economic standpoint, then close with potential threats to your investment and a summary.
Meet Ripple(XRP)-
Released in 2012, Ripple aims to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks” through their real-time gross settlement system (RTGS) and currency exchange and remittance network. Ripples distributed open-source internet protocol consensus ledger was created as basic technology for interbank and regulated financial institutions to integrate Ripple into their own systems. This differs from the Bitcoin full node and other crowdsourced altcoin consensus networks in several ways:
Ripples common shared ledger is a network of independent validating servers which compare their transaction records, rather than the full network of nodes coming to consensus prior to each transaction, enabling faster transaction speeds. Although their protocol is open source, it was not created as a plug & play solution, like bitcoins full-node software, nor does it rely on crowd-sourced support. Unlike Bitcoin, Litecoin, Ethereum, and other Alt-coins, Ripple is recognized as legal tender by several governments, which gives it instant liquidity via financial institution, as well as purchasing power over material goods. Because of this, it cannot be evaluated in the same ways as other coins, which are largely evaluated based on assumptions & speculation. In terms of value, it’s more like cash than a commodity. Because of this, it is evaluated in a much different way than Ethereum(ETH) and other alt-coins with intrinsic value, but is accepted much more rapidly because it’s easy for the mass-market to understand. Remember: without market acceptance, there is not value, regardless of how innovative something may be.
Just 4 short years after its release, on 01MAY17, Ripple announced that a consortium of 47 banks have successfully completed a pilot implementation of Ripple in Japan, making it the first country in the world to enable domestic and international real time money transfers via the cryptocurrency. This event lead the XRP value to sky-rocket from $0.051580 USD to an all-time high of $0.430085 in just 16 days… but why? Is it 100% speculation, or is there something else going on here?
“It’s not a real cryptocurrency!” Or is it? Well, those whom bring this argument to the table are probably referencing facts that I’ve mention during my introduction to Ripple: Its a centralized and regulated crypto-currency which does not need global consensus for transfers, and it is built specifically for (and potentially by) financial institutions. Though a lot of the Anarcho-Capitalists may want to steer clear of this one due to its highly regulated nature, regular capitalist may believe these core differences to be its greatest strengths:
Regulated - As I mentioned in my analysis on Ethereum(ETH), Bitcoin’s lack of regulation was likely he reason (or at least, that’s what they told us) that the proposed ETF failed to pass the SEC’s evaluation several months ago. If adhering to some sort of trusted regulatory standards, this could drive federal confidence, which in turn drive bank and lending institution faith…trickling all the way down to the consumers. This insures rapid mass market acceptance. Consensus - As mentioned before this is much different process than Bitcoin’s global consensus, which means that transaction times are nearly instant regardless of volume transferred. Additionally, all transfers adhere to distributive ledgers DLT standards, which is a requirement for many financial institutions to be insurable. Institutional Management - You’ve probably guessed this one already. Although the demand and speculative value is driven at some capacity by ‘the people’, this currency is about as close to the World bank and SWIFT as you can get. This is largely due to the amount Deliberate - It feels like a big bank, because it is. Ripple was built specifically for the financial markets, which is why they specifically targeted regulatory compliance. shutterstock_289877267_long_read_cover_large.jpg
Economic Value As mentioned in the last point, Its easy to see that Ripple offers tremendous value to financial-institutions and retail investors. These two groups make up 358 billion (numbers from 2013) non-cash cross-country annual transactions, and the FOREX market which sees more than $5.1 trillion $USD each day. Per a report released by Capgemini and The Royal Bank of Scotland, this is growing at an average rate of about 7.5% each year globally, though China and other Emerging Asian economies have been leading the charge at around 21%.
Seems like a lot, right? Well, for sake of uncovering the immediate value of XRP, we will zoom into the recent adopters of the distributed ledger technology: Japan, India, and the Central Europe, Middle East & Africa(CEMEA) regions.
Japan.jpg
Japan is the third largest economy in the world by nominal GDP ($6.11 trillion), fourth by purchasing power parity(PPP) and second largest developed economy. Currently, their GDP per capita is roughly $48,412 (vs $56,430 in US) and their major trade partners include the US, China, Hong Kong, Australia and South Korea.
Japan GDP.png
Aside from the speculation that they maybe soon pressure their trade partners (excluding the US and China) to adopt a system which allows for instant, near free transfers of funds, here’s where it gets interesting for the immediate future: Japan has already started accepting Ripple(XRP) as legal tender. If Ripple raises to just 25% of the overall transaction volume of P2P, P2B & B2B within Japan itself (represented in the chart by Other Services, Real Estate, Retail, Transport, Communications, Finance & Utilities) which is equal to about 20% of their overall economy, Ripple would be handling roughly $1.27 trillion USD in Japan – alone - every year. To put that in perspective, the current (at the time of writing) market capitalization of Bitcoin(BTC) is $30.7 billion USD (or >0.4%). Unlike Bitcoin, Ripple is legal tender which means that it can be exchanged for material goods and services, which means that it’s likely to have explosive acceptance in the local area.
India.jpg
India-based Axis Bank announced in April that they will soon begin leveraging distributed ledger tech for cross-border transactions and to make banking simple and convenient for their customers. About 15 days’ prior, another large financial institution, Yes Bank, also announced that they would be adopting Ripples ledger for the same reasons. If Ripple continues to grow in acceptance at this rate in India, we could see another economy, roughly 1/3 the size of Japan’s ($2.074 trillion USD) add to Ripples annual transaction value. Now, from an economic stand point, this is most interesting because agriculture represents more than 50% of India’s employment, which means that India would be the 2nd case of consumer trading Ripple for staple foods.
India GDP.png
It is likely that Ripple will not handle as large of a percentage of overall transaction volumes in India because only two major banks have adopted this currency and it is not the only Crypto. The latter is probably one of the most important variables, as this means that Ripple will be duking it out for market dominancy. As all of my projections are fairly conservative, I would estimate that Ripple will handle roughly 10% of India’s over all transaction volume in the next 365 days, equal to roughly $311.1 billion USD.
One last thing that I would like to mention is that India is literally the ‘I’ in BRIC and roughly 13% of the BRIC countries total output. If the BRIC comes to fruition, India may be able to convince it’s other close trade partners to jump on the XRP-Train as well.
Dubai.jpg
Abu Dhabi Bank, the National and largest bank of the UAE, has already begun offering cross-border transaction services with Ripples distributive ledger technology as well. As they deal extensively with their middle eastern neighbors, such as Saudi Arabia, and Qatar, the UAE is likely to set a trend for other CEMEA countries to follow.
UAE GDP.png
This might be a surprise to some people, but Dubai’s largest industry is the energy sector (shocker!) followed closely by Real Estate and their Finance industry (double shocker!). Although their GPD is much smaller than Japan and India’s (about $370 billion USD), I am anticipating Ripple to handle a larger percent of the UAE’s transaction volume (31.11%), especially in the finance, Real Estate, Retail and Logistics industries. This is due largely to the fact that their population is only roughly 9.157 million, but most Abu Dhabi nationals are very financially inclined (or at least heavy spenders).
Potential Threats As this threatens SWIFT (unless they are completely on board) and the US dollars’ supremacy in the economic & financial markets, I would not be surprised to see a false flag attack, in which the NSA attacks Ripple and blames it on North Korea or China. Frankly, this would be a cake walk compared to Stuxnet or WannaCry and they could probably hand the task to an MIT intern. Where semi-centralization is Ripples strength in terms of transaction speed and regulation, it is also the biggest security flaw and may open it’s user to some heart ache, hair loss and heavy drinking over the next several years.
Possibility So, what is possible in terms of value over the next few years? Well, if we consider the following scenario:
XRP accounts for roughly 20% of Japan, India full GDP, but 31.1% UAE’s GDP ($7.152 Trillion USD) total exchange volume in the next 2 years Max XRP Supply stays at 100 billion No other countries adopt XRP (not likely) No hacks or other catastrophic events remove confidence Exclude speculation, demand, rallies, and GDP growth projections for each country Then we’re looking at each Ripple(XRP) market capitalization over ~$1.75 Trillion USD, making each coin $17.52 in real value. This means that if you were to invest today at $0.362794, your ROI would be about 4,989%. That said, I think that it’s likely it will go over $30 in the next 2 years, due to speculators flooding the markets and other countries signing up. Again, these are conservative numbers are based on total transaction value in USD equivalent.
For those whom subscribe, I will update as new variables are available to my appraisal
Bottom Line Although it was most definitely created by an insider of the banking industry and does not ‘feel like a crypto’, I personally feel that due to its rapid market acceptance, liquidity and position as legal tender in 3 large economies, Ripple(XRP) is both primed for explosive growth in the near future and likely to be one of the safest value based Crypto-investments we can make today.
Another thing, China is the anchor of the West Pacific, so we should all watch their evaluation of Ripple, very closely. If they were to jump on the XRP-Train, you are likely to see Australia, South Korea, Indonesia and Singapore do the same.
If you enjoyed this article, be sure to share & subscribe, as I have kept my proprietary models and will update as major events and additional countries begin to adopt this currency. If you feel that I have missed something or am just flat out wrong, please be sure to let me know in the comments below!
Planned articles for the next 14 days:
ICO advice from a Venture Capitalist (Follower Request) Paper Wallets (Follower Request) VIVA Analysis (Follower Request) Segregated Witness(Segwit) : Friend or Foe? A Kraken ate my gains... Fundamental Analysis: Stellar Lumens(XLM) Dual-Citizenship and Banking in Panama Rich vs. Wealthy All analysis, numbers and projections are my own. Core information was gathered from reliable sources, such as the World Bank, IMF, CIA world fact book, eia.gov and more.

Hello All,
Every now and then I do stock screens to see if there are any companies that would be a good value investment. Thanks to the bull market, the opportunities have been few and far between over the last year or two. However one company has consistently popped up in my screens. I initially ignored it as the company is in a sector I personally don't like to invest in due to the large capital requirements. The company is Toyota Motors (TM).
Simply put, the valuation seems too good to be true.
First off, let me show you what I am talking about. Here are the heat maps from FinViz:

• P/E
• Forward P/E
• P/E/G
• P/BV

Now as you can see, the general trend of the market is giving you discounts to Financials, Utilities, and Basic Materials, more specifically oil and gold.
Of those sectors, I really only like Financials as big oil has been in a downward trend over the past three years. Both Exxon and Chevron have produced less oil than the previous years and are both spending at near record high CapEx levels with no turnaround yet. I have continuously looked at both of them as I don't have any oil in my current portfolio, but haven't got myself to buy either of them.
Financials will continue to be attractive at these levels as investors still don't trust their book values since the financial crisis even though asset quality has continued to improve on a broad base. Over the next 5 years, interest rates will rise which will increase their spread which in turn increases their profitability.
For the most part, it appears healthcare, consumer goods, and services are currently overvalued.
Now, let's look at Toyota. Below is a quick multiples valuation against TM's peers. These are from Yahoo! Finance as GM isn't on FinViz for some reason.
P/E

• Toyota Motor Co. (TM): 7.81
• Honda Motor Co. (HMC): 10.87
• General Motors Co. (GM): 15.11
• Ford Motor Co. (F): 8.65

Forward P/E

• Toyota Motor Co. (TM): 9.11
• Honda Motor Co. (HMC): 9.30
• General Motors Co. (GM): 7.35
• Ford Motor Co. (F): 7.90

P/E/G

• Toyota Motor Co. (TM): 0.29(!)
• Honda Motor Co. (HMC): 0.37
• General Motors Co. (GM): 0.52
• Ford Motor Co. (F): 0.97

P/BV

• Toyota Motor Co. (TM): 1.02
• Honda Motor Co. (HMC): 0.91
• General Motors Co. (GM): 1.34
• Ford Motor Co. (F): 2.91

As you can see, the whole sector looks cheap on a multiples basis, but of that bunch Toyota seems to win out on an overall valuation based on multiples.
Per my own investing rules, as I am a long term shareholder, I won't touch a company that has recently been bankrupt, therefore I rule out GM for any potential investments.
Now Toyota is too big of a company to do a full report on in a couple of days. However, of what little research I have done, this is what I have found.
First of all, on a macro perspective, the yen has weakened against both the US Dollar and the Chinese Yuan. Over the past two years, the Dollar and Yuan have both gained over 30% to the yen and over 10% this past year. This is a great thing for a Japanese multinational as North America and Asia is TM's second and third largest markets which combined are 46% of 2013's sales.

• USD/JPY
• CNY/JPY

Because of this, profitability should be higher within Toyota which is also a reason to buy them over GM or Ford as the american automakers will lose money with a strong dollar overseas.
Over the past three years, TM has a Compound Annual Growth Rate (CAGR) of 5.12%. Last year, North America saw 32.8% sales growth and Asia saw 30.22% sales growth. This compounded with the yen weakening is a one-two punch.
Due to the strong demand in both North America and Asia, Toyota has had a surge in Consolidated Net Income for Fiscal Year 2014 of 135% in which ForEx is responsible for 123% of that growth alone. In this latest quarter, Net Revenues are up 23.9% with Net Income up 118%.
Toyota's Shareholder Presentation
Margins have increased across the board with their Gross Profit increasing from last year:
TM's Gross Profit Margin

• 2013: 15.51%
• 2012: 11.81%
• 2011: 12.52%

As for a quick look at the balance sheet, Toyota has been de-leveraging over the past 5 years with Total Debt / Equity of 1.25 in 2009 to 1.16 in 2013. Book Value per Share has stayed relatively flat but grew 15.14% from 2012 to 2013. Compare that to a one year increase in share price of only 12.25% I believe we have a winner.
This is only what I have found off of a couple hours looking at this tonight and have only scratched the surface as to the information on this company.
However after just a small amount of research I firmly believe this is a truly undervalued company and should be bought right away.
References: Quick Stats pulled from TM's Annual Report
EDIT Thank you all for the replies. I should state that this is just beginning due diligence and there are several assumptions with this thesis, mainly that the Yen will stay depressed at least over the next year. This type of condition is a short term catalyst only and not a long term theme. As some have mentioned already, FX has been almost entirely behind TM's profit and there are real geopolitical risks between Japan and China.
Next week I will put together another post looking more into the actual underlying company's long term performance and management's strategic plan going forward. That way we can get a glimpse of what the company might look like in the future.
Again thank you all for the kind words and the intelligent discussion around this topic.