Rebranding present India in the global world was prompted by the Minister of External Affairs, Dr. Subrahmanyam Jaishankar, in a recent edition of The Ranveer Show Podcast. It was a fascinating episode of discussion covering various themes, such as the role of artificial intelligence and quantum computing in geopolitics and his ongoing work with Prime Minister Narendra Modi. He also provided insight into the country’s brain drain crisis.
Dr. Jaishankar complimented India’s growth and business footprint under the BJP-led government. He also highlighted that the energy of the Indian youth has driven the economic growth of the country and has popularized India as the global workforce.
Strong economic growth and global connection
As one of the world’s fastest-growing economies, India holds the potential to be the worldwide leading center of skilled workforce for other countries. The focus of India’s reforms is to strengthen its ‘Make in India’ project and develop India as a valuable manufacturing hub. It is focused on developing India as a global leader in digital transformation and boosting the digitization of various sectors in India. This growth can be seen from its latest contribution to the IT-ITeS industry. The contribution of the IT-ITeS industry to the country’s GDP has more than quadrupled in the last decade, and it is now one of the 12 Champion Sectors in the world.
With the increased government proactiveness and its robust policies, India has rapidly expanded its political influence and extended its connections with the rest of the world. Migration and Mobility Partnerships with Germany, Denmark, Portugal, France, and the United Kingdom, the Working Holiday Programme with Austria and the Australian government’s enhanced and flexible working arrangements are a few dedicated examples. It reflects the government’s support and commitment to increasing global connections and expanding business opportunities in India, as per Dr. Jaishankar.
Celebrating Youth Pravasi Bharatiya Divas, where Indian diaspora from other countries can register is another example of recognizing Indian talent spread across the globe. Indian business enthusiasts from more than 70 countries registered in the year 2023. With these sincere efforts, the work of a young and growing India is becoming obvious.
World business diaspora and interest in India
Speaking of growth, India has become a choice destination for any business. India has created an identity as one of the leading outsourcing destinations for companies, especially in the communication and IT sector. Government regulations have provided support and incentives to enhance skills, train tech talent, and attract international and domestic investments in India.
India’s total FDI is expected to be around $570 billion by 2023. Startups and a high number of SMEs have invested in services such as engineering, infrastructure, healthcare, software development, and telecommunications. More than 1200 global business leaders from the US, the UK, Japan, and Singapore mentioned their interest to invest in the future or expand their business venture in India.
India becoming the next Silicon Valley
Historically, India provides a cost-effective alternative for skilled workforce, software, and support services to multinational companies from various countries including the UK, the US, and the Philippines. In 2019, India ranked third for attracting investments in technical transactions from various countries.
As Dr. Jaishankar rightly highlighted, Silicon Valley is now interested in investing in the valleys of India. Businesses from Silicon Valley are turning heads toward India to explore business opportunities. A striking example of a Silicon Valley company coming to India is Apple. Since 2017, Apple has established its presence and built its manufacturing, marketing, research, and development teams in India. Though having advanced technological expertise outside India, Apple recognized the strong foothold and talent of the Indian youth. The company has heavily invested and collaborated with Indian entrepreneurs and skilled professionals to improve its services and operations in India.
Other Silicon Valley companies have also recognized the potential of the Indian youth. These companies are exploring the Indian market availability which is home to more than 1.3 billion people and is recognized as one of the fastest-growing economies in the world.
The growing interest of overseas companies in building business teams in India along with increasing government support can help India achieve its target of rebranding as a global workforce leader. This availability of talent, workforce, and booming digital economy has bolstered India’s potential to become the world’s next Silicon Valley.
The vision of the Indian government toward Indians becoming a global workforce
Dr. Jaishankar emphasized that the government’s outlook toward Indian talent moving abroad has changed. He stated the main focus of the Indian government is not to reverse the “brain drain” but to maximize their assistance to the Indian youth.
As Dr. Jaishankar mentions, the global workspace is like a membrane. There is movement of people and opportunities throughout the world. The vision of the Indian government is not to put a stop to this movement of talent or to address the brain drain. It is a matter of pride for India that Indian talent has the provision to grow abroad smoothly and come back to explore more opportunities in India. The Indian policies are designed to make sure that the Indian talent achieves the benefits and successes that are due to them while working from India.
Work opportunities are everywhere and the Indian policies should open up these opportunities for Indian youth. How do we create this space for a talent pool sitting in India to explore these opportunities and do their best? was answered by Dr. Jaishankar.
According to Dr. Jaishankar, moving into the tech war era, there is a huge demand for trusted talent who understand how the international business system works. There is an opportunity for organizations to find skilled resources and fulfill the massive demand for talent resources in the global workspace. In this global workspace, employees do not have to move or shift for work opportunities. But in fact, the employer does not have to be in your country. The preferences of employees have changed. An employee in India can find better opportunities in India rather than moving abroad.
The working ways for employees and opportunities presented by employers are changing. There is movement and mobility when it comes to employment. These changes are addressed by Indian reforms and are now helping Indian youth to adapt to these ways of working in India. The younger generations are now able to be in charge to connect India with the increasing opportunities across the globe.
How does Remunance support this vision of rebranding India as a global workplace?
Remunance, as an International PEO (Professional Employer Organization) supports the government’s vision of rebranding India as a global workspace. Remunance observed the growing interest of overseas companies in India and set out to guide companies looking to build teams in India. Our customizable solutions and compliant EOR/PEO services are aligned with the Government’s vision of enhancing business opportunities in India for companies beyond borders.
As a premier support agency, Remunance provides curated services to help Indian talent and skilled professionals grab meaningful employment opportunities from employers across the globe. We provide informed guidance on non-core Business matters and ensure prompt, transparent, and compliant services, enabling businesses to build and manage a scalable team in India. Our team of accredited professionals, identify and capture skilled resources and workforce from the large talent pool of India.
Our two-fold approach aims to simplify the team expansion journey for foreign business expats in India and expand the work horizons for talent in India. Since 2020, Remunance with its remote hiring, payroll processing, and other services has helped numerous companies to have smooth business operations in India. If you are ready to enter the Indian market and wish to build scalable teams in India, let us assist you.
To understand the mission of the Indian government of rebranding India, refer to the podcast of Dr. Jaishankar. You will be enlightened by his vision, experience, and outlook toward a young and growing India.