60,000 IT workers return home from Silicon Valley

60,000 IT workers return home from Silicon Valley

By agencies   |   Tuesday, 15 May 2007, 07:00 Hrs
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New York: The Indus Entrepreneur Group (TiE) estimates that around 60,000 IT workers may have returned from Silicon Valley to India in recent years, reported PTI.

No regions of the United States have been more affected by this trend than Silicon Valley. In 2003, TIE had reported that between 15,000 and 20,000 Indians have returned. Charter member of the organization Vish Mishra told San Jose Mercury News that the trend had continued and about 40,000 more had gone back in the last four years.

The flow of investment capital to India also has expanded, much of it from Silicon Valley VC firms, says Mishra, Senior Venture Partner with Clearstone Ventures. Clearstone Venture partners now have an office in Mumbai.

During the 12-month period that ended in August 2006, VC firms invested $2 billion in early and late stage companies, Mishra told the Economic Times.

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