I am proud to have achieved a masters degree from a premiere institute in the US where 26 000 applications are submitted for a handful of 130 students in my branch, but probably I am just quite lucky to come back in due time when the worlds equation is changing.
The reason is simple. Read on.
It started way back in the 1970s as a labor arbitrage scheme. Little did we know this would change the world equation hardly 50 years hence?
That the number of visas granted to get into my country India is more than the one going out is just a recent trend, but implies certain important things. The effective brain drain is no more.
That the US universities are planning to open up centers in India has the ball rolling. In fact I will not be surprised if some of them plan to open in China too, or in the BRIC.
Here in also brings out the eternal dilemma, currency valuation. Although INR is gaining heights, it is still below the USD or EURO (Thanks to the Greece and Espania), for which the labor arbitrage occurs. Will it remain the same in 2035 when China would have surpassed all the countries as a major economic power? Or India per say when around 2035 would be the second most economic power as calculated by certain institutes. What will happen to the brain drain then?
With US and other foreign universities ready to tap the Indian Market supplying intellectual capacity to feed the domestic need of the place, I do not feel along with the currency revaluation many of my next generation Indians would feel the need to go outside India for higher studies. Not only the students will get the admission to the coveted universities in India, but losing dollar along with loosing Euro would be a concerning factor to this stop of brain drain.
I will not be surprised if the next generation of Indian American doctors come to India for internship to add value to their resume or take a voluntary work in the Africa to do more justice to their next step.
The signs are visible.
There has been a lot of pressure on the Chinese government from its western counterparts to revaluate its currency. What the Chinese government will do is a matter of their concern, but for my country India, RBI would be strict. And there are reasons for it.
Revaluating the currency would lead to lesser labor arbitrage. We do not want a total dependency of FDIs and FIIs to run our show in Dalal Street. We should be more speculative and watchful in allowing so many direct investments and equity flow in India. Let the country grow in a manner when the full bloom is always pushed back.
That way it will always enjoy the benefits of the favorite destination for investments and the country will attain heights. As already mentioned, we should not be very conservative or even liberal as China to FDIs. In fact I am surprised to know that the FDIs control the boom of the Indian Stock market.
Well the lesson for the government is the China’s progress. I will not mind being said that China would be better preferred than my country after 2035, or even now, but the saturation point in China would come too soon. Especially with FDIs following trail in every market.
Learn from China. Watch it closely. I hope you have all this in mind.