The economic downturn has caused the returning back of NRIs (Non-Resident Indian) in large numbers. More than five lakhs are reported to be back home, jobless from Gulf region, mainly from U.A.E. In America, the number is one lakh according to a recent study.
Generally, the situation is alarming .But despite all the anxiety; we have a reason to think positively. According to Vivek Wadha, senior research associate at the Labor and Work life Program at Harward Law School, we have enough scope to overcome this crisis.
His research titled,” America’s Loss, The World’s Gain” was published by The Ewing Marion Kauffman Foundation. He is also the executive-in-residence for the Pratt School of Engineering at Duke University and Business Week columnist. Vivek says that the returning of professionals from the U.S will help boost our economy rather than affect it adversely.
The highly skilled professional force would begin their projects in home country. The booming of new outsourcing companies would earn more opportunities, back home. Indian economy would be benefited by this situation. An entrepreneur, who founded two technology companies, Vivek speaks to CalicutNet.com in an exclusive email interview.
Thousands of jobless Indians are returning back to home. Are we
prepared to accommodate them?
A. Yes, having more western trained and educated workers will create more
opportunities. The outsourcing industry will grow tremendously and these
workers will start new companies which develop products for western markets
which they know very well.
Q.What will be the immediate effect of NRI return?
A. Short term, a slight glut of talent. More economic growth and innovation will be the long term effect.
- You have said Indian that American professionals who go back home will
benefit to India’s growth. Could you explain?
A. They will start companies and make India a more attractive destination for
outsourcing. Don’t forget that one of the big complaints about India recently was that there was a shortage of skilled workers.
Q. What are the other revelations of your studies related with economic
A. That people who returned have done so well back home. Those American policies
Q. Government has not yet confirmed any package for gulf returnees and
other jobless NRIs.
A. The gulf returnees may need assistance, but skilled returnees from America
often have substantial savings. They don’t need assistance.
Q. Do you think the situation will make many social issues?
A. Not the skilled returnees. They are at the top of the social ladder.