Gravitas | Indian expat techies are looking to return home. Here's why | WION

GRAVITAS

5 Mar 202402:45

Summary

TLDRIndian tech professionals, once aspiring to work abroad, are now seeking to return to India. Amidst global tech layoffs and economic uncertainty, India's resilient economy and growing job market offer a more appealing prospect. Factors like better public services, affordable private education, and improved healthcare are driving this reverse migration, with recruitment agencies witnessing a 30% rise in inquiries from Indian expats.

Takeaways

🌐 Indian tech professionals are reconsidering their dreams of working abroad and are increasingly looking to return to India.
📉 Major tech companies worldwide, including Google, Amazon, Meta, and Microsoft, are laying off employees, affecting the job security of Indian techies abroad.
🏠 The allure of the 'American Dream' and other foreign opportunities is fading due to job and visa uncertainties.
🇮🇳 Despite global economic challenges, India's economy has shown resilience with a notable GDP growth of 8.8% in Q3 of 2023.
📈 Moody's has revised India's GDP growth forecast for 2024 upwards from 6.1% to 6.8%, reflecting a positive outlook.
🏢 The number of Indian expats seeking opportunities in India has reportedly doubled in a month, reaching at least 38,000 individuals.
💼 There's a growing trend of Indian expats reaching out to recruitment agencies for job opportunities back in India.
🏥 Healthcare in India is perceived as cheaper and better, which is a significant draw for expats considering repatriation.
🏫 The cost of private education in India is lower, and public education is considered better, making it an attractive option for families.
📈 Headhunters have reported a rise of up to 30% in queries from expats looking for jobs in India, indicating a shift in preference.

Q & A

What are some of the dreams Indian techies have traditionally pursued?
-Indian techies have traditionally pursued dreams such as the American dream, the Canada dream, and the dream of obtaining a golden visa in the UAE.
Why are Indian techies now considering returning to India?
-Indian techies are considering returning to India as they have realized that the grass is not greener on the other side, with growing job and visa uncertainties abroad.
How many Indian expat talents are reportedly looking to return to India?
-At least 38,000 Indian expat talents are reportedly looking to return to India, with the number doubling in a month.
What has been happening with big tech companies outside India?
-Big tech companies like Google, Amazon, Meta, and Microsoft have started laying off employees, leading to uncertainty and a shift in the perception of the American dream.
How has the UK's economic situation affected Indian expats?
-The UK, which was a preferred destination for Indians, has entered a recession, affecting job opportunities and contributing to the desire of Indian expats to return to India.
What is the current state of the Indian economy?
-Despite the global downturn, the Indian economy has remained resilient, with a GDP growth of 8.8% between October and December, higher than the previous quarter's 7.6%.
What is the revised GDP growth forecast for India in 2024 according to Moody's?
-Moody's has revised its GDP growth forecast for India in 2024 from 6.1% to 6.8%.
What are some reasons listed by Tre a Tech for working and settling in India?
-Tre a Tech listed reasons such as ease of getting house help, cheaper and better private education, and improved healthcare as incentives for working and settling in India.
What has been the reported increase in queries from expats looking for opportunities in India?
-Headhunters are reporting a rise of up to 30% in queries from expats looking for opportunities and jobs in India.
What does the phrase 'the grass is greener in India' imply in this context?
-The phrase 'the grass is greener in India' implies that Indian expats have realized that life and opportunities in India are better compared to what they experienced abroad.
What is the significance of the statement 'we are now available in your country'?
-The statement 'we are now available in your country' suggests that the service or app mentioned in the script is now accessible to users in the country where the Indian expats are located, possibly to help them with their job search and relocation.

Outlines

00:00

🌐 Return to India: Tech Professionals' Shift in Aspirations

The script discusses a significant trend among Indian tech professionals who are reconsidering their dreams of working abroad in favor of returning to India. Despite the allure of the American Dream, the Canada Dream, and the prospect of a golden visa in the UAE, many are now seeking opportunities back home. This is due to layoffs and growing uncertainty in foreign tech companies like Google, Amazon, Meta, and Microsoft. In contrast, India's economy has shown resilience with a reported GDP growth of 8.84% and a Moody's forecast upgrade to 6.8% for 2024. The narrative also highlights the benefits of living in India, such as easier access to domestic help, more affordable private education, and better public healthcare. There's a noted increase in inquiries from expats, indicating a recognition that life in India might be more favorable.

Mindmap

Keywords

💡American Dream

The 'American Dream' is a national ethos of the United States, which suggests that anyone can achieve success and prosperity through hard work, determination, and initiative. In the context of the video, it refers to the aspiration of Indian tech professionals to work and settle in the US, which is now being reevaluated due to job uncertainties and layoffs in big tech companies.

💡Golden Visa

A 'Golden Visa' is a residency permit granted to individuals who invest a substantial amount of capital in a foreign country, often with the aim of attracting wealthy foreigners. The video mentions the 'dream of a golden visa in the UAE,' highlighting the allure of such opportunities for Indian tech professionals seeking a better life abroad.

💡Tech Layoffs

Tech layoffs refer to the termination of employment for a significant number of workers in the technology sector. The video discusses how major tech companies like Google, Amazon, Meta, and Microsoft have started laying off employees, which has led to a shift in the perspective of Indian techies who are now considering returning to India.

💡Recession

A recession is a period of negative economic growth that lasts for at least two consecutive quarters. The video mentions that the UK has entered a recession, which adds to the growing uncertainty for Indian expats seeking job stability and opportunities abroad.

💡Indian Economy

The 'Indian Economy' refers to the economic system of India, which includes its production, distribution, and consumption of goods and services. The video highlights the resilience of the Indian economy despite global downturns, with a GDP growth rate that has prompted a reevaluation of opportunities within the country.

💡Job Market

The 'job market' is the supply and demand for labor in an economy. The video contrasts the job markets in India and abroad, noting that while there are layoffs in India, the market remains open and hiring, unlike in some other countries where the job market is facing more significant challenges.

💡GDP Growth

GDP growth refers to the increase in the market value of all final goods and services produced in a country over a specific period. The video reports that India's GDP grew by 8.8% between October and December, a significant increase that signals a robust economy and potential job opportunities.

💡Moody's Forecast

Moody's is a global risk assessment firm that provides forecasts on economic indicators like GDP growth. The video mentions that Moody's has raised its forecast for India's GDP growth in 2024 to 6.8%, indicating a positive outlook for the Indian economy and potentially attracting expats to return.

💡Expat

An 'expat' is a person who lives outside their native country. The video discusses the increasing number of Indian expats who are seeking to return to India, driven by factors such as job security, better quality of life, and improved economic prospects.

💡Head Hunters

Head hunters are recruitment professionals who specialize in finding suitable candidates for leadership roles. The video reports that head hunters are witnessing a rise in queries from expats looking for opportunities in India, suggesting a trend of Indian professionals seeking to return home.

💡Quality of Life

Quality of life refers to the level of overall well-being, including factors like health, education, and economic stability. The video suggests that the quality of life in India, including aspects like housing, education, and healthcare, is a significant factor driving Indian expats to consider returning.

Highlights

Indian techies are reconsidering their dreams of working abroad, with many now seeking to return to India.

Reports indicate that Indian expat talent is increasingly looking for opportunities back in India.

The number of Indian expats seeking to return to India has reportedly doubled in a month.

Global tech companies like Google, Amazon, Meta, and Microsoft are laying off employees, affecting the job market for Indian techies abroad.

The UK, a popular destination for Indian expats, has entered a recession, adding to the uncertainty abroad.

Despite global economic challenges, India's economy has shown resilience with a growing GDP.

India's GDP growth rate for the period October to December was 8.8%, higher than the previous quarter's 7.6%.

Moody's has raised its forecast for India's GDP growth in 2024 from 6.1% to 6.8%.

An online post by Trea Tech went viral, listing reasons for working and settling in India, including easier access to house help.

Private education is noted as cheaper in India, with public education also being of high quality.

Healthcare in India is described as both cheaper and better compared to other countries.

Headhunters are reporting a rise of up to 30% in queries from expats looking for opportunities in India.

The realization that life in India may be better, with greener grass, is prompting a shift in expat sentiments.

The narrative suggests that the appeal of the 'American Dream' and similar aspirations abroad are diminishing.

The transcript highlights a significant shift in the job market and economic outlook for Indian tech professionals.

India's growing economy and stable job market are attracting expats to return, seeking better opportunities.

The report concludes with a call to action for expats to consider the benefits of returning to India for work.