The phenomena of international mobility of labour has given rise to the idea of World Labour Market in the era of globalization. Globalization assumes, among other things, free flow of labour across the world. This process started much before the onset of globalization. The bright students from the well-to-do families in India used to go to either England or America for higher education. Getting accustomed to better working conditions, much higher salary, comfortable life and social status, many of them did not return to India. This loss of the most intelligent people was described as ‘brain-drain’.
World Labour Market is a new form of brain-drain. A much large number of people enrol themselves in the world market and seek employment anywhere in the world. This has become a transnational phenomenon and people of one country migrate to another country. Thus, world has become a single market for the employers to select their prospective employees from anywhere in the world. Those seeking employment are willing to serve employers anywhere in the world.
This hunt for employees oh the one hand and the jobs, on the other hand, is more pronounced in high technical areas due information technology, biotechnology, communication and medical science. India is among the loser countries in the World Labour Market. However, the remittances of the fofeign exchange by the NRIs adds to the country’s foreign exchange reserves.