REVERSE BRAIN DRAIN- A CONTRIBUTION TO INDIAN ECONOMY
India is on the brink of an economic upturn as the phenomenon of brain drain has taken a role reversal in the last decade. The crème of the country’s management and technical acumen left due to inadequate opportunities and working conditions. Now, the stage is set. The world is watching as India experiences the most exciting phase of economic growth. As per the recent UN Development Programme report of 2001 as many as 100,000 professionals were heading to the US every year in search of a great career. However, around 60,000 Indian professionals returned in 2010 and reverse brain drain seems to be the silver lining on the cloud. It is because though the global economic meltdown caused an upheaval in the western countries, India withstood the trauma and is still growing at 6 per cent GDP growth rate. Abound with challenging jobs, attractive pay packages and an equally good lifestyle, India is succeeding in bringing back the great minds.
The US economy had been reaping huge benefits from the migration of tens of thousands of talented Indians who have settled in the country. However, with a reverse brain drain in recent times, India is gaining and will continue to gain in the long term by leveraging this pool of highly educated and skilled workers who also have the western experience. It’s been noted that almost half of the start ups in the Silicon Valley are headed by immigrants. Intellectual capital in the form of knowledge of western markets and management techniques has been flowing in. These returnees also possess the essence of the country’s culture and some experience about the prevalent mindsets. They either join corporate or make their own start ups thus making the economy more competitive. The foreign experience that they earned also helps them to capitalize on the untapped market and earn better remuneration. The play ground will be level as hundreds of companies are started which provide equal or...
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