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Growing economic opportunities in India are attracting an increasing number of Non-Resident Indians (NRIs) back to the country. They want to return to their home nation even if it results in a substantial pay cut, says Paul Dupuis, the CEO and managing director of Randstad India.
“We call such returnees ‘U-turn candidates’. They are typically 35-45 years of age, highly qualified and working for multinationals in the US, UK, Canada and Australia. Every day, we get a few unsolicited mails from returnees and also get connected via social media,” Dupuis told The Hindu BusinessLine.
Randstad is a Dutch multinational human resource consulting firm with headquarters in Diemen, the Netherlands. It is said to be the world’s second-largest HR service provider.
Talking about U-turn NRIs, Dupuis said that a similar trend was seen in Vietnam a decade ago, and China in the recent past. “What I mostly hear from returnees is that this is India’s moment. India is the rising tiger,” he said.
However, NRIs also face issues such as gaps in the salary. For example, an NRI from the United States will have to take a 20 per cent cut while one from West Asia will take a 25 per cent salary cut. But for them, other factors, such as living with the family, good schools and lower cost of living, compensate the salary cut and make India more attractive, Dupuis added.
India’s rising middle class and a GDP growth rate of over 7 per cent have been among factors that are drawing more NRIs to India. Employment opportunities have increased in the light of recent developments, such as demonetisation, which has impacted sectors such as e-payment, and implementation of the Goods and Service Tax (GST) that has created an increasing demand for tax specialists.
But there is still a huge skill gap, Dupuis pointed out. Recruiting freshers and training them, the way Japanese companies do, even teaching them how to exchange business, can help India.