By Newsgram Staff Writer
With the strengthening of Indian economy, reverse immigration of Non Residents Indians (NRI) has seen a huge rise in the past few months. Foreign banks in particular are witness to this reversal of brain drain.
Globally, a total number of 21909875 NRIs work in developed economies according to the records (as on May 2012) of Ministry of Overseas Affairs.
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.
Union minister of science and technology, Dr Harsh Vardhan, addressing the 13th Pravasi Bhartiya in January this year asked the vast diaspora engaged in cutting-edge research and innovation to return and contribute for India’s progress.
Until 18th century, India’s GDP was the fastest growing in the world.
Why are Indian immigrants abroad returning to India?
With the upward growth in Indian economy, there has been a positive sentiment in hiring, either to cater to expansion, like in e-commerce and information technology, or in anticipation of growth, as with sectors such as infrastructure, telecom, banking and financial services.
Staffing firms such as TeamLease Services Pvt. Ltd, Randstad India Ltd, Antal International Network, Manpower India Services Ltd and Kelly Services India saw a surge in the number of middle managers hired during the second quarter, with more than a 25% increase in the number of people placed, compared with a year ago. And companies are offering salary hikes of 20-25% over last year’s average of 15%.
Actually, NRIs are in demand as they have gained experience in developed market and employers value the international experience.
According to Statistic Canada, one third of all male immigrants who were between ages 25 to 45 when they immigrated to Canada had left within 20 years of their arrival. Furthermore, 6 out of 10 of those who leave, do so within the first year of arrival.
When asked the reason of coming back to India this writer was told by a NRI, who did not want to be named, “I would rather live like a first class citizen in a third class country than to live like a third class citizen in a first class country.”