Turmoil in Western economy making NRIs return home!
The current recession in world economies have made several NRIs lose their jobs while many others have faced cut in salaries. To avoid any further downturn in their careers, NRIs are heading back home in search of a better life. This is seen as a lucrative opportunity for Indian companies to target the attractive resource pool.
It is expected that by the end of this year, 19%of the total recruitment will be of NRIs compared to 11% in the last year. Between April and June 2011, 21% of the total recruitment was of NRIs. Elevated financial condition of India has been successful in attracting many NRIs to step back to their own country. In addition, most of the Indian companies which own their offices in West are shutting down there. The economic crisis in West is not the only reason for attracting NRIs. Good economic, social and other good factors in India are also a major contributor for pulling NRIs back to their country.
IT & ITES, automobiles, manufacturing and engineering, banking and financial services, infrastructure, telecom, FMCG and retail are the Indian sectors which are expected to have large NRI recruitments.
By the end of 2012, recruitment of NRIs will rise to 9%, a reported by a survey performed on 429 corporate and 710 recruitment consultants in India. Also the recruitment rate in automobiles, manufacturing and engineering sector will rise by 8%, while for banking and financial sector the NRI recruitment can rise by 4%.