India is witnessing a resurgence of local leadership replicating Indian success around the world; reverse brain-drain or ‘brain gain’ is a phenomenon here to stay.
What do the Vice President-elect of the USA, the CEOs of two of the world’s biggest companies, UK’s MP and Chancellor of Exchequer, Chief Economist of the International Monetary Fund, the Chairman of the world’s largest steel-making company, the Chief Financial Officer and Managing Director of the World Bank, the Chairman of WHO’s Executive Board and Singapore’s President have in common?
Kamala Harris, Sundar Pichai, Satya Nadella, Rishi Sounak, Geeta Gopinath, Lakshmi Mittal, Anshula Kant, Dr. Harsh Vardhan and Halimah Yacob are all of Indian descent.
And, there are many countless other Indians we could add to the list. Our hon’ble Prime Minister, Shri Narendra Modi is one of the most respected and recognised leaders in the world.
Over the last decade, men and women from our country have travelled globally and made their presence felt worldwide. From science to politics, from culture to medicine, from technology to agriculture, they are reshaping the world through their ambition, creativity, and intelligence. Simultaneously, India’s growing influence as an emerging superpower is an essential factor in the global polity. In my view, India and Indians are attaining their much-deserved and overdue recognition.
The new India is quite divergent from the traditional notion of the past. Historically, India was known as the land of snake charmers and elephants. Our most capable minds often migrated to more developed foreign shores, searching for more fulfilling professional opportunities and more rewarding personal lives. The brain drain caused huge intellectual losses and resulted in the stunting of the economy.
However, there is a vast evolution in our country’s perception over the last few years. Today, Indians no longer need to travel overseas for opportunities; the country itself is a harbinger of change with democratised opportunities based on merit and hard-work. In the last few years, be it politics or business, we have seen a new crop of leaders who has won elections, created unicorns and taken the world stage without any (family) backing. It showcases the changing India ecosystem which is slowly recognising merit, innovation and entrepreneurs.
As Hon’ble Prime Minister Narendra Modi has noted on several occasions, India has become the land of opportunities with an increasing number of global investors and organizations wanting to participate in the country’s growth story. There is a reverse brain drain trend as countless Indian entrepreneurs are returning home to explore business opportunities, thereby improving the economy’s development prospects.
In my opinion, the transition finds its roots in a combination of wide-ranging factors:
Demographics Leverage:
India’s attitude towards its abundant population has evolved. During the pre-liberalization era, the factor was perceived as a challenge. In the globalized era, the country’s consumer potential represents an unmissable opportunity. It is the core of India’s economic potential as we know it today. It is on the strength of this ‘asset’ that India is projected to be the world’s fastest-growing economy for the rest of the decade. It is the third-largest economy in terms of purchasing power parity (PPP).
Harnessing the Consumer Potential:
India’s vast income disparities, varied demographics, and diverse consumer patterns are unique. The factor enables the country to create an enormous customer base for every type of business. A supportive policy framework allows consumers of every kind to participate in the purchase economy. For instance, policies such as the Jan Dhan Aadhar Yojana, Pradhan Mantri Awas Yojana are enabling hitherto unbanked Indians to participate in the formal economy. Consequently, over the last six years, financial services outreach for the lower-income strata has grown by leaps and bounds. However, given the sheer population size, the complete economy formalization is likely to take a lot of time – creating massive entrepreneurial innovation opportunities along the way.
A Forward-looking Policy Framework:
While India’s demographics demonstrate great promise, it is also a fact that the economy cannot grow sustainably on the promise of its consumer opportunity alone. A modern policy framework is critical to enable the country to participate and compete in a rapidly evolving global economy. Recognizing this fact, the government has introduced a realm of reforms in a cross-section of sectors in recent times. Recent examples include the agri-ordinances, the Atmanirbhar Bharat policy, etc. It is on the strength of these policies that the country is initiating its recovery from the pandemic-led recession.
Facilitating Next-gen Preparedness:
One of the challenges hindering India’s economic expansion was its outdated approach to education. The New Education Policy, 2020, corrects this shortcoming. The policy outlines the vision of India’s new education system. It places a welcome emphasis on a holistic, learner-centered, flexible approach that seeks to transform India into a vibrant knowledge society. It rightfully balances the rootedness and pride in India and the acceptance of the best ideas and practices in the world of learning from across the globe. If implemented well, this policy is the way forward to make India a thriving knowledge hub.
All these factors convince me that India has arrived. As citizens of this great country, it is our collective responsibility to ensure that we fully harness the opportunities that have come to us after decades of hard work and diligence. I conclude my article with this quote by Hon’ble Prime Minister, Narendra Modi, “We walk together, we move together, we think together, we resolve together, and together we take this country forward.”
