The Dollar Dream

This article is slightly different from my regular write-ups on brands, products, businesses or companies. However, I think, branding is not constrained only to products or companies. It is very much applicable to an individual, a place or a country too! In the last decade there is a paradigm shift in the mind-set of the people. I keep on probing various young professionals, medical/management/engineering students, undergraduate / school students’ in-fact their parents also. I’ve been hearing a common goal from all of them. Believe me, it’s very coherent!  “The Dollar Dream”, each one of them desires to settle in another country where the local currency (of that country) is stronger than of India. The most desired locations are USA/UK/selected European countries and now some South East Asian countries like Singapore, Malaysia and Hong Kong. 

What is the motivation behind this?

I was very much intrigued by the insights I recently gathered while travelling to small cities of South East Asian countries and also some parts of UK and USA last year. We all know India’s GDP is growing @ 8% (approx.), higher than any other country on this planet. Then why Indians yearn to move to other countries? Let me tell you a small story of the gentleman whom I met during this trip.

Mohan, a native from Kerala completed his schooling in 1984 in India. One of his uncle migrated to Malaysia before Indian independence helped him to move into Malaysia in 1984 for further studies. Mohan finished his studies and managed a job in traffic police department in Kuala Lumpur.  He joined at a salary of MYR 5000/month plus other benefits like house, medical and free education for his children. He worked there for 17 years and quit his job in 2005. At that time he was drawing MYR 12000 / month. He had some savings and with that he bought three taxis. Currently he has 9 taxis and he is earning over MYR 50000 / month and is residing in Penang.  I asked him if he would ever like to go back to India. He laughed and gave me an interesting reply. He said “Sir, in India we all work for three main things, a) Basics like food, clothing and shelter b) Good education for our kids c) Future health emergencies”. In Malaysia Food and Shelter is provided at subsidised rates. Education for Kids is free and if our kids want higher education in other countries then government will sponsor it and healthcare is also free. I’d be mad if I think of going back to India.

According to the International Monetary Fund, India's nominal GDP stands at $1.53 trillion. In terms of purchasing power parity, India's economy is the fourth largest in the world at $4.06 trillion. India could emerge as the world's third largest economy by 2030, benefiting from strong domestic demand and favourable demographics, according to a Standard Chartered Global Research study. The major industries include textiles, telecommunications, chemicals, food processing, steel, transport equipment, cement, mining, petroleum, machinery and software.

India has the world's second largest labour force with 467 million workers. About 25 per cent of the world's new workers will be Indian in the next three years. Over half of India's population is below 25 years. By 2020, the average age of an Indian is expected to be 29 years. India's working-age population will increase by 240 million over the next two decades, according to Deutsche Bank. India has the second-largest pool of scientists and engineers in the world.

Mumbai has the world's 6th most expensive office location. The housing and real estate sector including cineplex, multiplex, integrated townships and commercial complexes, etc. attracted a foreign direct investment of $ 9,405 million from April 2000 to January 2011.

India stands third after the United States and China in the number of billionaires. The combined wealth of India's 55 richest is $246.5 billion, much higher than last year's total of $222.1 billion. India ranks 51st in global competitiveness, 17th in financial market sophistication and 24th in the banking sector, 44th in business sophistication and 39th in innovation, ahead of several advanced economies.

All the above facts provide an outstanding platform for India to become an aspirational country. People from other countries should aspire to come to India and achieve their dreams.

The future estimated growth of the country hinges on this young population. If all that is true then why most of the Indian’s (especially the talent pool) wants to immigrate to other countries?

I think this question should be answered by you!

Data Source: Rediff.com, third party reports