When I was growing up and till very recently one of the biggest concerns that India had was the brain drain. Thousands of highly intelligent Indians went Westwards to get a degree or employment and never came back. They occupied positions across development centers, laboratories and research institutes and today many of them lead Fortune 500 companies.
But has the time come for some of them to return? Perhaps yes, if the tax policies and ease of doing business in India were more accepting of start-ups. We have jumped up 23 points in the ease of doing business survey but is that enough? Ultimately the opportunity to communicate is significant and this needs to be the burden of trade organizations.
In my view, trade organizations need to stand up and portray the vibrant entrepreneurship opportunity in the country. Opportunities abound and for the right ideas and good qualified people there is capital. Can we encourage more communication to our fellow countrymen overseas to encourage professionals to return and be entrepreneurs?
John Chambers, the former CEO of Cisco and an aggressive investor, said this in an interview with the Economic Times: “I believe startups will not only drive jobs in the future, but that they are also the key to economic growth and innovation in the digital age”.
Returning entrepreneurs create more opportunity, more jobs and in the long run a healthier economy. See what’s happening in China.
Read more of the John Chambers interview here