The US is still the number one destination but the proportion of scores sent to business schools there fell from 64% to 51%. India, which has increased its share from 14% in 2008 to 18% in 2012, is in the second position.
Most of this growth is driven by Indian test takers. The number of GMAT candidates from India has grown by 41%, with 30,213 Indian citizens having taken the test in 2012, up from 21,481 citizens in 2007.
"More Indians are looking to study in India with more job opportunities and more Indian schools accepting the GMAT score," said Michelle Sparkman-Renz, senior market analyst at Graduate Management Admission Council, which conducts the test.
More than 180 programmes and 82 business schools in the country accept GMAT scores. The top five destinations for business school applicants from India in 2012 were the same as in 2008, with US schools however losing some share.