The United States, the land of opportunity, has been attracting Indian professionals in various fields for decades.
The key components of emigrating to these developed countries are higher wages, a first-class standard of living, and the ability to move up the income ladder. Indeed, according to the Ministry of Foreign Affairs, 1% of India’s population lives abroad.
However, in recent decades, especially since the 2008 financial crisis, climbing the income ladder has become very difficult in developed countries such as the United States, the United Kingdom, and Canada. This negatively impacted the positive perception of the Indian Community, who began to explore alternative career paths back home.
The past two years of the pandemic have been a thorny puzzle for businesses across countries, but what has clearly shown is great confidence in countries like India with their strong capabilities and intelligence. Great mind for navigating the economic growth curve.
Interestingly 15 startups became unicorns in the first half of this calendar year while another nine achieved unicorn status in July and August. This brings the country’s total to 57, narrowing the gap with China, which has around 160 unicorns, second only to the US, with around 400, With an uncertain business climate activated.
Due to the COVID19 pandemic and immigration issues, many talented Indians in the US, who were forced to return to India, now see the startup ecosystem as a platform to make money.
While covid has caused massive disruption to the Indian economy, it has also acted as a breath of fresh air for digital and tech companies, making it an important barometer for companies. Private equity firms want to bet on the next group of high-growth companies in India.
Today, on the occasion of Pravasi Bharatiya Divas, India invites people from all over the world to come back and showcase their abilities where they are appreciated. With labour costs still very low, knowledge, and English proficiency still very strong despite competition from the Philippines and China, high-tech R&D infrastructure is being produced and supported.
With good financial support, India’s position is better than that of the best countries in the world at the moment. Thus, making significant investments to improve and establish digital infrastructures and build townships to cater to the families of these skilled migrants.
People with better skill sets are now finding it difficult to grow professionally in Silicon Valley, because of the stagnation that prevails there. They like any other investor are now looking at investing their brains in growing the Indian economy, which provides much better opportunities for growth in unexplored markets.
Many of them will return and build companies that will employ thousands, with a difference that this time the jobs will be in Hyderabad or Pune, and not in the Silicon Valley.
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