The USA, the land of opportunities, has been luring Indian professionals in diverse fields for decades. The key ingredients to the migration to these developed nations have been higher salaries, the top-notch standard of living, and a scope to climb the income ladder. In fact, according to the Ministry of External Affairs, 1% of the Indian population lives abroad.
However, in the past few decades, especially since the Financial Crisis of 2008, climbing the income ladder has got much difficult in developed nations like the US, UK, and Canada. This means that a youngster is less likely to surpass the income level of his father. This has led to a downturn impact on the positive perceptions of the Indian Diaspora, who have started to explore alternative career paths in their home country.
The last two pandemic years have been a conundrum for businesses across the nations but what came out crystal clear was the high confidence in countries like India with robust capabilities and great minds to steer the economic growth curve. This is evident from the fact that besides the fragile global economy, the investments in the Indian private equity in the first eight months of the year were at $47.3 billion, which was at par with the previous full-year high recorded in 2020. Interestingly 15 Indian start-ups became unicorns in the first half of this calendar year while nine more reached unicorn status in July and August. That is more new unicorns created in India in just two months than the eight that emerged in all of 2020. It brings the country’s total to 57, closing the gap with China, which boasts about 160 unicorns, which in turn is second only to the U.S., with roughly 400.
With the uncertain business environment triggered by the COVID-19 pandemic and immigration-related issues, many talented Indians in the US who were forced to return to India are now seeing the start-up ecosystem as a platform to monetize their expertise and build home-grown technologies for the world. The peculiar thing about this change is the fact that not only tech and software start-ups are trying to poach this inflow of rich talent, but also the companies in the banking, consumer discretionary, healthcare sectors are quite keen to hire foreign returnees to fill up digital skills and cloud migration positions.
Read More at https://www.financialexpress.com/economy/the-booming-start-up-ecosystem-calling-the-indian-diaspora-back/2401492/lite/
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