The trend of Non resident Indians returning to work in India has picked up pace with the resurgent Indian economy. A joint research report by the Duke University, University of Berkeley and the Kauffman Foundation for Entrepreneurship in the US, have provided astonishing figures on the Indian NRIs returning back to India, the report says that in recent times, “as many as 60% of the NRIs have returned to India to explore business opportunities”. The report also says that nearly 80% of these NRIs have returned only because the Indian economy has shown the positive sign of a surge, and with the demand for their skill sets growing in India.
According to the global analysts, the recovery for India is led by a range of factors such as easing of liquidity, rising foreign direct investments (FDI), reduction in the repo rates, fall in fiscal and current account deficits and having a more participative government at the top. The Narendra Modi led government has even kick-started the process of structural reforms in India to further boost the growth. The Goldman Sachs, leading global investment banking, securities and investment management firm even predicts India piping China in terms of growth by the next year.
The reasons for return are similar among majority of NRIs namely — family matters and better job prospects. This is a common trend across diverse sectors such as IT, banking & finance, Pharma, Auto, textiles and food processing. “The gap in premium between what the managers would have expected, say, three years back and now has nearly halved”, say the hiring experts.
According to Mr. Moorthy K Uppaluri, CEO, Randstad India, a leading recruitment and staffing firm, "with the recovery of the Indian economy and increase in the number of Indian companies looking to expand globally, there is a definite rise in the number of Indian repatriates".
However not all Indians are returning for just family reasons or better job prospects, NRIs have returned to India for other reasons as well. Leveraging the education and experiences they have acquired abroad, they intend to apply such skills in Indian conditions, and they surely have the zeal to contribute towards India's economy in various ways, across all sectors and walks of life. One of the other triggers for this “reverse brain drain” is the sluggish US economy, for a fact, NRIs have been returning in a massive scale ever since the US recession began, and then there was Euro crisis, which has stretched for several years and apprehensions about job security. Indian companies offer better job prospects with the intangible benefits of better family life, social security and the cultural ties. Another startling reason as to why NRIs are returning to India is related to something a bureaucratic hurdle - they perhaps are unable to achieve their relatives including spouses, parents, and other close ones’ visas abroad.
With Prime Minister Modi at the helm of affairs, there has been a paradigm shift in the perception of NRIs towards India as a business friendly nation. Modi has always been pro business. He was the first Chief Ministers in India to organize events like ‘Vibrant Gujarat’ to invite businessmen from all over the world to attract investments. So after becoming the Prime Minister he is assiduously trying to build the image of India as a hub for manufacturing and businesses with his ‘Make in India’ campaign. He wants to follow up his success in Gujarat on a larger National scale. His stated strategy has been that the MNCs in India “would now be treated with red carpet instead of red- tapism". His pragmatic approach and open armed gestures have certainly captured imagination of millions of NRIs, across the world who now see the ”Promised Land” in India, eager to make meaningful and profitable contribution.