Forging ahead due to knowledge-based economy and global services supply chain, start-ups gaining centre stage, the country has emerged as a prominent outsourcing centre and has scored high points in global talent mobility
The best news possible for India is that half of its population is within the working age. This is indeed a unique demographic advantage. While in Western Europe, the ratio is one to one, there are four 20-year-olds for every 65-year-old in India. But then average earnings in India are 70 times lower as compared to Europe and the US. This is what has given a spurt to India’s migration.
Expertise in digital payments, online retail and software in India is further making the workforce attractive. The largest diaspora, as 18 million people from India living outside their own country, is a godsend to many, as global remittances exceed foreign direct investment inflows. Knowledge and technological diffusion have also grown, and that diaspora bonds can fuel development, which is gaining focus every day. About 75 per cent of high-skilled migrants can be found in the US, the UK, Canada, and Australia, and over 70 per cent of software engineers in Silicon Valley are foreign-born.
India’s large diaspora is in the United Arab Emirates (3.5 million), the United States of America (2.7 million) and Saudi Arabia (2.5 million) followed by Australia, Canada, Kuwait, Oman, Pakistan, Qatar and the United Kingdom.
Working on global talent pool several corporate houses today insist on international mobility to post people in senior leadership positions. Forging ahead due to knowledge-based economy and global services supply chain, with start-ups gaining centre stage, the country has emerged as a prominent outsourcing centre and has scored high points in global talent mobility.
Special incentives for bank deposits, investments in the share market, and certain special provisions for OCIs (“Overseas Citizenship of India”, is a long-term visa and is not Indian citizenship constitutionally ) and NRIs for foreign direct investment have further given a boost to the Indian diaspora efforts at foraging ahead in the realm of employment abroad. Plus, virtual talent mobility is increasing by leaps and bounds through video conferencing, digital platforms, online labour exchanges, besides other applications. Encashing upon all of this, India is becoming an increasingly important destination for high-skilled labour. The Indian diaspora, as we see, is clearly positioned at a vantage point, with little or no scope of getting dislodged in the near future.
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