In the midst of a global tech slowdown, India has emerged as a beacon of resilience, outshining the US and Europe. This trend has sparked the interest of Indian expatriates working in the sector, who are now exploring opportunities to return to their homeland. According to several executives from recruitment and executive search firms, there has been a noticeable surge in inquiries over the past few months.
Anil Ethanur, co-founder of Xpheno, revealed that there are currently over 38,000 active Indian expatriate talents seeking opportunities with Indian employers, a figure nearly double that of a month ago. This number, which had dipped from around 65,000 a year ago, is now on the rise again. HR firms specializing in CXO-level recruitments have reported a 15-30% increase in queries from Indian expats contemplating a move back to India.
Market uncertainties, layoffs, reduced recruitment by global companies, and the high cost of living in Western countries are cited as key factors driving this trend. The majority of active job seekers come from IT services, consulting, and engineering backgrounds, although some from construction and oil & energy sectors are also considering employment opportunities in India.
Michael Page India has observed a 15% uptick in applications from Indian tech professionals in the US. Pranshu Upadhyay, regional director at Michael Page India, attributed this trend to India’s advancement in cutting-edge technologies and the greater impact of the slowdown on the US tech market. Many of these professionals are at senior levels, holding positions such as heads of product or engineering functions, or chief technology officers.
Ratna Gupta, senior partner at ABC Consultants, noted a surge in interest not only from the US but also from European countries and Singapore. However, she emphasized that these individuals are not rushing into decisions. Anshuman Das, co-founder of Careernet, mentioned that many returning employees are in junior to mid-level positions, driven by the volatile job markets abroad and the pronounced impact of the IT slowdown in countries other than India.
Furthermore, Indian professionals who pursued higher studies in the US are now considering returning to India due to dwindling job opportunities. Puneet Malhotra, partner at Heidrick & Struggles, highlighted India’s growing prominence as a hub for global roles in multinational corporations. Additionally, the narrowing pay gap between Indian and US locations is encouraging IT professionals to contemplate a return to India.
