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News Updates - 15 September 2005
India's MBA Gold rush - Business week (US) magazine
India takes stage as a global player - CNN
India's
MBA Gold Rush - both at home and abroad
13 September 2005, By Francesca Di Meglio Business Week (US) magazine
The
burgeoning Indian economy is creating a serious demand for high-quality
managers to oversee the nation's growing businesses. That makes the MBA a
valuable commodity that insures a quick return on investment. And the growth
of India's middle class means more Indians than ever before are able to
afford brand-name American degrees. More interesting is how many of the
newly minted Indian MBAs plan to use their American degrees back home. Just
a decade ago, the Indian population was lamenting a brain drain. Now, it's
heralding a renaissance, says R. Ravi, associate dean for intellectual
strategy and professor of operations research at Carnegie Mellon,
USA.
About 50% of Indian applicants to
Anderson
said they wanted to return to
India
after graduation.
"There's a
desire for Indians to get trained to help their own country move forward
progressively," says Rosemaria Martinelli, associate dean of student
recruitment & admissions at the University of Chicago Graduate School of
Business.
“India is a
land of opportunities and the MBA gives you a valuable platform” says Ankit
Gupta, who is in his first year MBA at
Anderson.
Gupta says he plans to return home directly after graduation.
The
competition for an MBA in
India
is fierce. For instance, 133,000 people applied to IIM, Ahmedabad in 2005.
The school usually admits only about 1% of those applicants, and in 2004,
100% of those admitted enrolled in the program. Those who don't make the cut
are usually well qualified and find they have a better chance in the U.S.
Most of them speak English fluently, so language isn't a barrier.
It's too
early to tell if Corporate America is losing out due to the number of
Indian students choosing to go back home after garnering some experience
in the U.S. But some India-based recruiters are concerned that they won't be
able to afford to hire back talent that has been earning the significant pay
typical of American MBAs. Starting salaries are upward of $80,000 in the
U.S. and only $18,000 in India, although the cost of living is lower, says
Rohtash Mal, CEO of AirTel, Bharti Televentures in New Delhi. "Even so,
after adjusting the purchasing power parity between the two countries,
top-level MBA hires from Indian business schools would certainly be more
cost-effective for the Indian market -- at least for the foreseeable
future," says Mal.
CULTURAL
TREASURE: Still, students say it's the long-term opportunities and the
chance to be a part of their country's exciting new economy that's driving
their decisions to return to
India
-- not short-term return on investment. Besides, for some American-based
corporations that are looking for Indian nationals to work in their
divisions abroad, an international employee with a desire to go home -- and
firsthand knowledge of the culture -- is a treasure.
B-schools and
businesses will be keeping a close watch on what's happening in one of the
fastest developing regions on the planet. "The economic development of the
world depends on human capital," says Mark Zupan, dean of the Simon school.
"India
has the numbers, talent, and motivation." Now, that sounds like the stuff of
which Bombay dreams are made.
Top of the page
India
takes stage as global player
15 & 19 September 2005, By Marianne Bray, CNN
After years
of economic isolation, India is finally modernizing rapidly and integrating
its economy with the rest of the world. And with annual economic growth
rates of 7 percent to 8 percent and newly emerging spending habits, the
world is taking notice. Such business potential has been driving the
U.S.
and other Western countries to establish closer ties with India.
India has
some advantages -- it has a strong technology and service industry, a
relatively efficient capital market with a long history of banks, a strong
private sector and legal framework, a younger workforce, a growing
population, and a great university system. For two decades their economies
have been growing twice as fast as the rest of the world, and they now
account for 40 percent of the world's working age population and 18 percent
of the global economy, on the basis of purchasing power parity.
Morgan
Stanley says that on this basis, a decade from now China's consumers will
have more buying power than their American counterparts, and Indians will
have more than the Japanese. International companies will be able to get
their hardware made in
China
and power it with software and circuitry designed in India. There's no doubt
that the two will become the biggest consumer markets, with a vast number of
investors, producers and users of energy and other commodities. "The case
for taking a view on India or China may arise in five to 10 years but, in
the meantime, we believe that today it is India and China," the Morgan
Stanley report concludes.
In August,
New Delhi won U.S. President George W. Bush's approval to get U.S. fuel for
its nuclear reactors -- an agreement many regard as Washington's recognition
of India's nuclear status. Analysts say closer U.S. ties with India could
serve as a counterfoil to the growing power of China. It's a wish, but many
Indians are optimistic and confident of building a nation they say will soon
be a global power.
Top of the page
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