Why Indians are leaving the country? Checkout this article and see what report states
According to a Morgan Stanley bank report, almost 9 lakh Indians have given up their citizenship since 2015. Furthermore, 23,000 millionaires have left India since 2014.
According to another report, by 2024, 1.8 million Indians will have spent nearly $85 billion on study abroad.
This figure demonstrates how India's talent is evaporating alongside its money, and brings up the serious issue of brain drain.
Top professionals around the world are Indians
A government survey indicates that up to 12percent of scientists and 38percent of doctors in the United States are of Indian descent and that 36percent, or 4 out of 10 scientists at NASA, are Indian.
Within the business sector, Indians make up 34percent of all employees at Microsoft, 28percent at IBM, 17percent at Intel, 13percent at XEROX, and over 12percent at Google.
The "International Migration 2020 Highlights" report states that between 2000 and 2020, India saw the largest increase in foreign migration, with nearly 10 million people leaving the country.
What is brain drain?
Brain drain is the migration of professionals or educated individuals to another nation, industry, or field in search of better employment opportunities or living standards.
Top reasons observed for Indians leaving India and moving abroad
1.Possibilities for Employment and Greater Salary
India's labor market is extremely competitive. Thousands of new job seekers enter the market each year, competing with one another to land positions at the top companies. Due to the intense competition for jobs, salaries are drastically declining as an increasing number of people are willing to work for less money. The pay for the same role in Europe, the US, or other foreign countries is significantly greater than that of India.
2.Lack Of Opportunity in Higher Education
Over 18.5 lakh applications were received for the NEET exam in 2022. There were just 27,698 BDS seats, 50,720 AYUSH seats, 91,927 MBBS seats, and 525 B.VSc & AH seats available.
Comparable patterns can be seen in other national elite exams like the UPSC or the entrance exams for IITs, where thousands of students compete for a spot.
So the intense competition for admission to India's top universities may be one of the causes of Indian students relocating overseas.
3.Tax Policy
One possible reason for the increasing number of HNIs leaving India to migrate abroad is the country's high tax rates and intricate regulatory framework.
In India, the highest tax rate, inclusive of surcharge and cess that applies to an individual earning more than Rs1 crore is 35.88percent. In contrast, the peak rates of Singapore and Hong Kong, two neighboring countries, are significantly lower at 22percent and 17percent, respectively.
Taxes affect not only individuals but also the overall cost of living. As taxes rise, governments often pass these costs onto consumers in the form of higher prices. From essential goods and services to luxury items, we end up paying more for everything we purchase. This can create financial strain, especially for low-income households already struggling to make ends meet.
4.Better Standard of Living
People move to first-world nations in search of better living conditions, more lucrative jobs, and access to cutting-edge technologies that will support their future development.
India is classified as having a Medium Level of Human Development. India received a score of 0.645 in the 2022 report, placing it 131st out of 189 nations. The phenomenal standard of living makes it equal to or close to 1.
The HDI should be as high as possible. A high Human Development Index (HDI) essentially indicates that a nation provides a generally high standard of living, along with good healthcare, education, and employment opportunities.
Also read: PM Modi’s 5 Remarkable Initiatives that Have Transformed the Indian Economy
To effectively address the issues surrounding brain drain in India, a comprehensive strategy that includes funding for research, innovation, and education as well as supportive policies that increase opportunities, enhance the quality of life, and eventually turn the brain drain into a brain gain for the country's sustainable development is needed
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