“We the People of India”

I still remember the words of Modi “People from around the world have settled in America and People from India have settled across the world”. Then I started thinking about importance of Indian talent across the globe. Since decades Indians are moving out towards other countries in search of better opportunities and are grabbing those opportunities. Today we can find Indians at very reputational positions across the globe.

According to a report of World Bank, Over 14 Million people born in India are living abroad, which is estimated to be the largest emigrant stock of the world. India is topping the global remittance chart with around $71 Billion in 2014, which is 1.5% more than previous year’s $70 Billion.  China is on second position in remittance chart with $64 Billion and the two Asian giants received around 23% of $584 Billion across the globe in 2014. According to Ministry of Overseas Indian Affairs (MOIA), Inwards remittance forms around 22-23% of country’s foreign exchange and also contributes to around 3-4% of country’s GDP.

Trend that differentiates the capital inflow from foreign labor to India is that unlike many other countries, India is in very good position of high skills labor export. Expertise in technology space accounts for large part of remittance.  

According to a report of Oxford Economics, Of the major emerging markets, the fastest annual talent pool growth will be in India (7.3%), followed by Brazil (5.6%), Indonesia (4.9%), Turkey (4.7%) and China (4.6%). Already half of world’s college graduates (54%) come from top emerging markets as compared to 46% from industrialized world.  Over the next decade, the percentage of college graduates will rise to 60% in the emerging markets which will be approximately 217million workers as opposed to 143 million in the developed world.

The Mc Kinsey Global Institute (MGI) projects that by 2018, the US alone will face a 50-60% gap between supply and demand of analytical talent. The gap is estimated at 140,000 to 190,000 analytics specialists and 1.5 million more data-literate managers. India has over 1500 technical colleges producing over 500,000 graduates each year is an education superpower. While majority of graduates needs further training for become employable as per international standards, but Indian students knows that not only education but skills will help them in attracting good jobs and packages. By 2025, 25% of world’s workers will be Indians.

India is projected to be at the top positions among the countries in terms of surplus of educated talent. Indian pool of college educated talent is expected to rise more than 45 million in 10 years. It will exceed the demand in Indian economy. This will result in compression of wage premium for talent and this will force the best talent to search for better opportunities outside India.

India has the resource, expertise and experience to meet the upcoming demands, but have to develop tie ups and partnership with prominent universities and corporate world to pace up with upcoming market challenges and working cultures. With proper training and guidance, Indian talent will roar high in the future market.