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Global recession trigger expats to return to India
By siliconindia
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Monday, 08 December 2008, 23:23 IST |
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Bangalore: With financial markets of U.S. and Europe shattering, the expats are turning back to their homeland. The 7-8 percent projected growth for 2009 in India, triggered the employees to see better prospects back home.
Infact, the employment scene turning jittery abroad with loss of jobs touching a figure of two million in U.S. as reported by Economic Times, Sidharth Punshi, Managing Director and Country Head of Jeffries said, "There are more opportunities in India than abroad. If the right opportunity is not there in banking, there are other sectors. Besides, India is a lot more entrepreneurial now." He believes that the idea of returning to India and leaving Goldman Sachs, after spending nearly half of his life abroad wasn't easy. But the decision had to be made to save from the grave crisis impact.
Even the real estate sectors are doomed with the sharp fall in crude oil prices."Thousands of expatriate Indians in the Gulf are desperate to return. Many of them have young children and want their kids to grow up here," said Ajit Isaac, the former CEO of staffing services provider Adecco India. Moreover, the less impact of slowdown in India, where even the export-reliant tech sector is projected to add some two lakh jobs between April 2008 and March 2009, triggers the return, with many of them opting for a permanent return.
The return is not confined to the employed people but the retired people, too, are fleeing the developed world, as their savings, mostly invested in stock markets, go up in smoke.