At one point of time the Silicon Valley in California attracted the best IT minds from India. There was a time when more than 90% of the students passing from the prestigious academic institutes of India were West bound, but not any more. After nearly three decades of continuous growth, and innovations, a reverse trend has started. The shear charm of the United States almost withered away. India’s own Silicon Valley has managed to attract its shining lights back to the country as entrepreneurs.
Indian IT giants are seeking US-based top IT professionals in job fairs that are held each year. The growing business opportunities in India are luring experienced minds back return to their homeland. Many smart entrepreneurs have already returned and thousands will be back in the next couple of years. Technology experts predict that India will be dominating the technology map of the world in the coming few years with the IT boom. Currently, Bangaluru is the most preferred location for bright Indian entrepreneurs to settle down.
What Brings Them Back?
1. The best IT minds in US believe that at present India is the new land of opportunities.
2. They are attracted to their roots because of the rich cultural heritage and family structure.
3. The steady decrease in the gap of salaries in the two countries.
4. Jobs are abundant in India and easy availability of venture capitalists encourage aspiring entrepreneurs to set up start-up ventures.
5. The majority of the returnees belong to the age group of 30-40 years who cater to middle to senior management categories. Many of them like their children to be brought up in the Indian culture and grow as self-reliant and independent souls.
6. The new working environment, technological revolution and liberalisation in software business are creating a conducive environment.
7. At the end of the day, the main goal is to create a product. The US-experienced IT minds have identified their niche areas instead of merely carrying out coding for US and European companies. India has emerged as a producer of technology and not just a mere consumer.
8. The overwhelming growth in the field of computer technology bridged the gap between India and US. It has enabled us to work from remote locations. This helped the enterprising people to come back and work from India.
9. The urge to contribute towards India’s economy has definitely been one of the key inspirations. Experienced professionals wanted to leverage the education and experiences they gained abroad and contribute in a meaningful way.
10. The global meltdown in 2008 triggered the flow of the many NRIs returning to India.
In a recent study published by the Harvard Law School reveals that 50% of the NRI returnees are entrepreneurs and want to start a business in India. More than 10% of the Indians in the US held senior management positions and have managed to find similar profiles in India.
