The economic crisis brings MBA students and aspirants to India in search of studies and work. According to an ET report, there’s been a spike in the number of students from overseas business schools currently interning at software firms such as MindTree and Tata Consultancy Services. The trend of going abroad also has been hit with a lesser number of people registering for GMAT and GRE classes.

Students admit that the recession is the main reason for them taking up these internships. These internships also provide students with the experience of working in an unknown land which is also one of the few countries growing at significant rate. India will teach b-schoolers and help them get a clear idea of how adaptable they are . They will get a firsthand experience of the culture and ideologies which are characteristic of India. These would range from getting used to India’s cricket obsession to the festival celebrations to the cows which peacefully meander through roads.

Indian companies will get more awareness of how students from foreign b-schools approach work and tackle issues. This will help them to compare foreign b-school graduates with MBAs who have studied in India and form a clear opinion of the differences which exist between them. If students and companies find the internship experience to be mutually beneficial then future years may witness a higher number of foreign b-schoolers choosing to take up work in India. Of course, this would hinge on how long the economic crisis lasts and whether Indian companies will be able to provide the salaries which foreign MBA graduates will be aiming for after completion of their MBA course.

The credit crunch has also resulted in students thinking twice before applying for an MBA program at a foreign business school. The Indian School of Business has reported a 25 percent increase in applications as compared to last year and I think a lot more people who would have earlier applied abroad will write the CAT and consider an MBA program in India. The recession seems to have resulted in a reverse brain drain effect and it is only appropriate given that the Indian economy is holding its ground in the current slowdown and will prove to be a strong player in the future.