Page 68 - EW November 2023

Cover Story

partment, Enforcement Directorate School of Global Management of Ari-
etc). When taxes and jobs generating zona University, USA and currently a
entrepreneurs and businessmen lack director of GIA Capital, Delhi, an in-
global ambition, the national economy vestment banking firm.
Yet such optimism, although re-
is the loser. assuring, is like clutching straws in
F ORTUNATELY, EVEN IF a storm. Driven by the combination
belatedly, the tide is turn-
of factors detailed above, to which
ing. A new generation,
and environment in urban India, an
more idealistic and less add the deteriorating quality of air
enamoured of the phoren, is becom- alarmingly large number of successful
ing increasingly aware of the damage businessmen and highly qualified pro-
inflicted upon the Indian economy fessionals, who should be generating
through the continuous emigration of wealth contributing to India’s national
our brightest and best citizens. development, are migrating abroad.
“Retaining wealth creators and Moreover it’s pertinent to note that
educated professionals should be one the exodus to the Anglo-sphere is not
of the highest priorities of government Akhil Behl: most effective catalyst restricted to India’s HNWI and most
and society. There is no greater drain talented professionals and academics.
of wealth than intellectual and human indicate that the outflow of wealth cre- Increasingly, fed up with the prospect
capital which is the foremost driver of ators and professionals from India to of ill-remunerated employment, the
economic growth and national de- OECD countries seems to be swelling, insolence of office, the law’s delay and
velopment. Major factors driving the some young professionals believe that the proud man’s contumely, a rising
brain drain are excessive bureaucracy the inflow of emigres back into India number of lower middle and working
and red tape, lack of merit-based re- is also increasing, and that emigrants class Indian citizens are making des-
ward systems and frameworks, and are indeed building a bridge between perate attempts to enter OECD coun-
overall lack of professionalism that can their host and mother countries. “In tries — especially the US — illegally.
be attributed to ethical and moral defi- the 1970-80s when opportunities for According to recently released data
ciencies at the systemic and individual business and professional advance- of the US Customs and Border Pro-
level. Also the glaring socio-economic ment were scarce, there was a big tal- tection (UCBP) authority, between
disparity in every walk of life can be ent outflow into the West. But since October 2022 and September 2023,
very discomforting for well-educated the retreat from socialism in the new a record number of 96,917 Indians
and informed individuals. Uplifting millennium, there has also been a were arrested while attempting to en-
education is the most effective catalyst reverse flow. Besides, emigrant busi- ter the US unlawfully mainly along the
for progressive development, wealth nessmen and professionals maintain Canada-Mexico borders — a five-fold
redistribution, creation of merit-based strong ties with India. Young entre- increase over the 19,883 apprehended
reward systems and improving the preneurs are becoming aware that in 2019-20. Curiously the majority of
moral and ethical standards of society. long-term capital is now available in these illegal immigrants are from Gu-
Purpose driven education institutions India and even when they emigrate, jarat, held out as a model state for the
and curriculums that are managed they are retaining footholds and rest of India.
and implemented by subject matter strong family ties with the mother The equanimity with which aca-
experts is the answer to stemming the country,” says Akhil Kishore, alum demics and the establishment are
wealth and talent drain from India,” of Delhi Technical University and the mere bystanders to this phenomenon
says Akhil Behl, a forties-something amounts to grave dereliction of duty
economics and business management and responsibility. Conditions have to
alum of Trinity College, Connecticut An alarming number of be created within the country to retain
(USA) and INSEAD (France) and for- successful businessmen & enterprising, high-potential citizens
mer investment banking and private professionals are migrating — many of them educated at public
equity professional in the US and expense — from migrating to perhaps
Europe (Berkshire Capital and Grail abroad while politicians, deceptively green pastures abroad. To
Partners), currently a Mumbai-based academics and media this end the first bold national initia-
director of the ICS Group, a real estate tive should be to accord highest prior-
major which has a portfolio of 250 as- pundits look on with ity to education and human capital de-
sets under management. equaniminity velopment, for too long a back-burner
Although alarming data seems to subject.

68 EDUCATIONWORLD NOVEMBER 2023