The India story is shining bright and clear. In last one year, FDI equity inflows shot up by 39 per cent from $20.7 billion to $28.8 billion. The primary push factor comprises the extensive corporate restructuring which took place in the United States and other developed nations after the recent financial crisis. While many of the developed nations witnessed negative growth and double dip recessions, the Asian market showed remarkable resilience with India maintaining an average of 6.6 per cent annual GDP growth rate in 2011. Also long-pending NRI demands seeking ease of visiting India have already been implemented by the Narendra Modi led Government.
There is a significant trend being seen in NRI’s returning to India and what is heartening to note is that these are not just professionals in the IT space. Recruitment experts are seeing a broad-based trend that includes sectors like banking and finance, pharma, auto, textiles and food processing. This return has been seen because of the recovery of the Indian economy and increase in the number of Indian companies looking to expand globally. Also today there is a definite reduction in the difference in compensation between India and other countries. This difference is especially lesser for functions like analytics, risk, finance and operations in banking. Foreign banks in particular are witness to this reversal of brain drain as professionals are seeking out India in a bid to up-skill themselves in a growing market like India. With economic growth stalling in the West, leading to slower career growth opportunities, India is a market which appears to be more dynamic, offering better job prospects to NRIs. What’s assisting the process is a change in the standard of living in India and its education system. Again with the changing scenario there is a definite improvement in the quality of life which comes at a more affordable rate – a plus point that is hard to ignore. With rising standard of living and affordable international schooling Indians are now able to reconnect with their roots.
According to a research by NASSCOM, India has the third largest start-up ecosystem in the world and this presents unprecedented opportunities for experience talent. Start-ups are looking to hire experienced global talent who have been there and done it before. Opportunities are across product management, architecture, marketing, channel partnerships and management. There is a misconception that opportunities are heavily skewed towards technical talent. But based on HireCruise interviews and research with various companies, it is safe to say that opportunities span across finance, marketing, audit, technology etc. This means that pretty much any NRI/Expat with good product/service delivery experience has great opportunities back in India.
Again NRIs are in demand here as they have experience in developed markets and having worked in a more professional environment they would be able to put it to good use in India. Likewise the focus is on building intellectual capital and NRI’s have more ownership and decision-making roles apart from a good understanding of the cultural differences between India and other developed markets. Today’s new age employers value the international experience NRI’s come with. It is perhaps now more feasible to imagine an ‘Indian Dream’ rather than an American one.
Details: http://www.businesstoday.in/opinion/columns/why-nris-should-return-to-india/story/226543.html