While Indians took a nearly 11% share of the total GMAT test takers across the globe the percentage of students wanting to go to the US to study has declined by 50%.

A total of 30,213 Indians took the GMAT exams in 2012 a nearly 19% increase from the test takers in 2011, according to the GMAC World Geographic Trend Report, released along with the European Geographic Trend Report and the Asian Geographic Trend Report.

As the proportion of scores sent to the United States has fallen from 64 percent in 2008 to 51 percent in 2012 interest has grown for programs located in India, the United Kingdom, Singapore, France, and Canada.

In addition, Spain moved from 10th to seventh on the list while Hong Kong rose to eighth.

In 2011 nearly 55% students had applied to the US, "Test takers today have an increasing number of study opportunities with quality schools emerging all across the world, and more types of graduate level programs to consider," said Alex Chisholm, GMAC director of statistical analysis.

"The reports reveal that graduate management education was becoming more global and more diverse, as a broader range of global applicants are sending their GMAT scores to different types of programs in different parts of the world."