U.S. immigration policies and the financial crisis are pushing many of the best-educated and successful minds in finance back to their home countries of India and China, reports the Globe and Mail.
A new large-scale study of 1,200 Indian and Chinese returnees that’s due out next month shows the majority of those returning home have masters or doctorate degrees, are under 40, and now believe their home countries offer better career opportunities than Wall Street.
It’s similar to what happened in the early 2000’s when the dot.com boom collapsed. Thousands of Indian software engineers who had honed their skills in California’s Silicon Valley moved back home. They brought their advanced skills and a spirit of entrepreneurship that ended up creating the great Indian outsourcing boom that generated thousands of home-grown jobs. While India’s economy is also feeling the effects of the global slowdown, many Indian companies are cash rich and fundamentally sound. Could the birth of a new wave of Indian and Chinese venture capital and private equity activity be on the horizon?
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