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India, as a job hub, holds its charm for foreign professionals and Indians alike. The evolution of a new trend in the Indian job market which is primarily known as “reverse brain drain” has surprised most people around the world. The development which is a result of the rise in outsourcing and massive job-cuts in countries like USA and the UK has pulled expatriate Indians , foreign-born Indians and IT professionals of foreign origin back to the great sub-continent. These professional have been rendered jobless and are now looking for a brighter future.
The Indian market has flourished to the next level of maturity and is all set to grow at an even more astonishing rate. As according to recent research and forecasts, IT services and back-office work in India will grow in leaps and bounds to a whopping $57 billion annual export industry, employing 4 million people and accounting for 7% of India’s gross domestic product.
Job-seekers who usually look for a bright and promising future in the west are now fascinated by this anticipatory growth and have decided to settle down in their homeland.
The reason behind this reverse migration is mainly due to rapidly rising pay. Salary in India is increasing by 15% annually, offering more growth opportunities than the West. These days, such salaries are globally competitive, hence professionals working in the UK or USA, do not mind coming to India. Moreover, the lower cost of living and decent infrastructure has also charmed millions—especially expats and foreign-born Indians. Besides, countries which were earlier attracting a lot of foreign workers like Singapore and Hong Kong are now reaching a saturation point.
Thus, thousands of foreigners are moving to India as they are lured by the attraction of living in a country that is so vibrant. Moreover, they feel that the Indian experience would be a value-addition to their resumes. As a result, even students from business schools across the globe are showing a strong interest in taking internships with multinationals and domestic companies in India in order to have an exposure to the booming Indian job market.
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The Indian market has flourished to the next level of maturity and is all set to grow at an even more astonishing rate. As according to recent research and forecasts, IT services and back-office work in India will grow in leaps and bounds to a whopping $57 billion annual export industry, employing 4 million people and accounting for 7% of India’s gross domestic product.
Job-seekers who usually look for a bright and promising future in the west are now fascinated by this anticipatory growth and have decided to settle down in their homeland.
The reason behind this reverse migration is mainly due to rapidly rising pay. Salary in India is increasing by 15% annually, offering more growth opportunities than the West. These days, such salaries are globally competitive, hence professionals working in the UK or USA, do not mind coming to India. Moreover, the lower cost of living and decent infrastructure has also charmed millions—especially expats and foreign-born Indians. Besides, countries which were earlier attracting a lot of foreign workers like Singapore and Hong Kong are now reaching a saturation point.
Thus, thousands of foreigners are moving to India as they are lured by the attraction of living in a country that is so vibrant. Moreover, they feel that the Indian experience would be a value-addition to their resumes. As a result, even students from business schools across the globe are showing a strong interest in taking internships with multinationals and domestic companies in India in order to have an exposure to the booming Indian job market.
28 Comments Add this link to... Bury
GyanIn is an India Centric Peer Production News Service. [Gyan = 'Knowledge' in Hindi].
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Covering Indian News, Entertainment, Bollywood, Videos, Music, Games, Cricket, Business, Technology etc. Browse, share and promote news centered around India that is important to you.
You can submit interesting links. Vote for other links in "Upcoming News" section. And you eventually decide what should be on the homepage of GyanIn.
Covering Indian News, Entertainment, Bollywood, Videos, Music, Games, Cricket, Business, Technology etc. Browse, share and promote news centered around India that is important to you.
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