The Hindu Business Line : The gung-ho Indian

Sridhar Chandrasekar was a systems analyst in a bank and in his late-20s, when he decided to pursue his Masters in the US. He stayed on to gain work experience at a time when software outsourcing was growing in popularity (1991-99). "I was part of the boom period when Indian software companies made strident gains by winning large-volume contracts, especially during the Y2K and Internet/dotcom boom," he says.

During this period he realised that the best avenues for Indian talent could be found only in India. "In any other place, the quest will only be partially fulfilled and there will always be trade-offs," he reasons. Besides, the opportunities afforded by a growing economy like India — "whether in the job scenario or from an entrepreneurial standpoint" — encouraged him to seriously consider returning to India. Today Sridhar works from Chennai as Director - Marketing, Virtusa Corporation, a US-based software company.

The upbeat Indian economy and the consequent explosion of opportunities have prompted many NRIs to return home. More and more young graduates now appear willing to explore opportunities closer home than seek out distant foreign shores. And even among those pursuing higher studies abroad, a significant number intends to return after completing the course.

Says Namrata Sundaresan, Partner, Zen Knowledge Service, a Chennai-based knowledge process outsourcing firm, "The government and industry have joined hands in propelling the nation forward; the government by formulating growth-oriented policies, and the industry by innovating and boosting the revenue flow with handsome contributions in taxes." Besides, India's "bold nuclear policy and firm stance on Kashmir have made it clear to the world that we are not a pushover," she says. C. Ramshankar, fresh out of IIT - Kharagpur, is thrilled that youngsters like him have the prospect to launch their professional lives in a "free-market India" with the entire world on their horizon. "It feels good when the West cries about India taking their jobs and doing it better... a complete turnaround from the days when it was the developing countries that were singing a similar tune."

Growing stature

Sridhar attributes the country's turnaround to the loosening economic shackles and the presence of a large educated population. "The foresight of having a good educational foundation, coupled with innate intelligence is bringing the Indian intellect into limelight," he says.

The country's growing economic confidence is best reflected in "our refusal of aid post-tsunami" and our gesture in "sending relief material to the US post-Katrina," says Ramshankar. He cites the Mittal-Arcelor deal as another case in point.

Stating that the country holds even greater potential, Namrata says India Inc needs continuous backing in the form of easy taxes, progressive policies and, above all, a conducive business environment.

Sridhar foresees double-digit growth over the next decade or so, "if we continue to do all the right things". Global macro-economic factors will play a critical role too, he adds.

Opportunities aplenty

Besides the `happening' IT industry, says Achuthan Nair, Vice-President - Strategic Resourcing, Wipro Technologies, "new industries like retail, telecom and some older industries like financial services have leveraged on the liberalisation policies and with good performance, positioned themselves as potential employers of good standing."

Compared to the previous decade, there is a dramatic change in the employment landscape, says E. Balaji, Chief Operating Officer, Ma Foi Management Consultants. The government is no longer the biggest employer; public sector jobs are dwindling thanks to disinvestment and privatisation policies. The dismantling of the Banking Services Recruitment Board is a classic example, he says. Sunrise industries such as BPO, IT, telecom and insurance drive the job market now.

Namrata, however, insists on a reality check. True, opportunities are aplenty but where are the employable Indians, she asks. Referring to the "thousands of graduates passing out each year", she says that many of them do not have adequate marketable or communication skills. "We desperately need to improve educational standards and make our workforce globally employable with industry-relevant skills," she adds.

Notwithstanding these pitfalls, Sridhar feels these are the best of times for a creative and entrepreneurial mind. Drawing attention to the significant jump in starting salaries for graduates this year, Ramshankar says. "It's not without reason that the Indian market has been a magnet for companies abroad." And it is this increased global focus on India that has lured many NRIs back to the country. "They bring with them a wealth of experience and exposure that they can use in many fields."

Purchasing power

Swanky homes, top-of-the-line brands and luxury cars are increasingly within grasping distance of the country's middle class. It's now not uncommon to spot vegetable vendors in small-town India conclude the day's deal on the mobile phone. While heartened by the sight of glitzy shopping malls, multiplexes and other temples of flagrant expenditure in even the small towns, Namrata sounds a note of caution.

"We should avoid falling into the debt trap that has manifested itself in the American economy. Even though we are still a long way from it, credit cards and such instruments of financial convenience could be double-edged swords."

Another worry stems from the Indian youth's craze for brands. From high-end cosmetics, designer watches and clothes, down to fried chicken and coffee... multinational brands are highly coveted but, warns Namrata, "little do we realise that this costs our country dearly in terms of cash outflow. If we exercise a little discretion and settle for something home-grown, yet just as good, the cash circulation within our economy would ultimately benefit us."

The education scene

Beyond the traditional favourites — medicine and engineering — today's students have diverse options. From biotechnology and environmental law to forensic science, all of them offer excellent career opportunities. Super specialisation is the `in thing' today. "IIT - Kharagpur, for example, is setting up an Intellectual Property (IP) Law School, which is demand-induced, thanks to the many IPs coming out of the country. Another happy fallout of the Indian growth story," says Ramshankar.

And educational institutions are equally focused on local needs as they are on global demands, he says. He cites the example of Hero Mindmine, a call centre training company in New Delhi, which runs a course catering mostly to the global market.

But the sceptic in Namrata says we'll have to watch out against institutions that "operate as knowledge shops and peddle degrees for a price. At the end of the day, we have half-baked professionals, brimming with confidence but with weak fundamentals and ill prepared to meet the demands of the industry. Pretty soon, the confidence gives way to disillusionment," she says.

Brain-drain on the wane?

"Even if there is no wane, there is definitely a distinct correction. The reversal is definitely seen at the middle-management levels," says Wipro's Nair. Opportunities in Indian Inc are as challenging and attractive as those on offer outside the country. Matching lifestyles in India also prompt NRIs to consider returning to India for good.

Balaji contends that North America, Western Europe and countries like Singapore continue to attract Indian talent. According to him, it is the charm of the Gulf countries that is on the decline.

The `reservation' issue

But the renewed debate on quotas is dampening enthusiasm in some quarters. Ramshankar says that the "disillusionment caused by the new reservation push has resulted in talk of a new brain-drain among my batch-mates." Sridhar disagrees that the proposed policy would drive people out of the country; but says it's time we took a 360-degree view on the country's quota system and formulate a system to benefit young Indians. He thinks reservations have facilitated some social equity, but advocates a re-look at the existing model.

Balaji cites the American example. "The supporters of reservation policy often quote Condoleezza Rice and General Colin Powell as beneficiaries of an enabling system, while its opponents say that merit will take a backseat." The challenge is to formulate an inclusive policy that will reach the fruits of the surging Indian economy to the masses, he adds.

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