For a while our focus has been largely on the social, environmental and other developments happening across India. There has been little, if any, cheer to be found on the economic front with the world as a whole looking at bleak days ahead. However, it is evident that Indians still have a reason for optimism. Compared to the global economy, the Indian financial system is definitely more firmly rooted and toiling along quite impressively. Despite the horror of recession looming large over most other nations, the finance ministry still predicts a growth rate of 7%, and it does not seem unachievable at this point of time.
Another happy news is for the Indian universities and B-schools. In these times of turmoil, foreign grads of reputed business schools like Harvard and INSEAD to name a few have looked towards India for respite and survival. This not only ratifies the strong fundamentals of the Indian economy, but also gives deserved credit to our educational institutions.
Kamayani Singh reports in Hindustan Times about the amazing brain drain that we had not imagined would happen.
Alumni of top B-schools in the US and Europe, especially those focusing on entrepreneurship, strategy and information technology, are stepping up efforts to explore India’s job market.
And why shouldn’t they: When investment bank Lehman Brothers went bankrupt, heads rolled at its trading offices across the world, except in Mumbai, where operations were profitable and bought over by Japan’s brokerage giant Nomura Securities. In fact, the India unit is reportedly hiring now.
Several B-schools are trying to re-habilitate alumni who have lost their jobs in the recent upheaval at places like Lehman Brothers and find suitable jobs for them. India has emerged as a favourite destination for this activity as well, besides being at the top of the list for current MBA students.
“IESE has started a programme called ‘Inside India’ for alumni and executives who want to get an insight into doing business in India. The programme gives opportunities to interact with both major industry players and consumers,” said Anjaney Borwankar, a Mumbai-based associate director for MBA admissions at the Spanish school.
Some more surprises:
“In the last few weeks I have received numerous emails from Harvard alumni looking for jobs in India,” said Surat Singh, who has served as the president of Harvard club of India and Asia in the past.
“Surprisingly, more Americans than Indians have e-mailed me. I have been trying to get them in touch with Indian alumni who are in key positions now,” Singh added.
It has been an interesting turning of tables in the global scenario. And it has been fascinating to watch India’s journey up the value chain from an outsourcing destination for lowering costs of manufacturing and services, to a destination of choice for high profile management careers.
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