Some of us in Marcellus are reaching that point in our lives where our children are heading abroad to study at universities in the Western world. When we attend the events hosted by these Western universities in Mumbai, we can see that Indian girls outnumber boys 3:2 in these sessions.

In our latest bestselling book, “Behold the Leviathan: The Unusual Rise of Modern India”, we have highlighted the vertiginous rise of Indian women (in Chapter 4 of the book). Whilst travelling around India to publicize the book, we realized that the mental model affluent people use when they think about the rise of Indian women is that a highly educated, English speaking urban professional. In reality, women from less privileged backgrounds are the ones who are breaking out most spectacularly not least because – and this is especially true in northern India – they have nothing to lose. We quote from this remarkable piece of on-the-ground journalism from Anuj Behal:

“In the heart of Punjab, 22-year-old Jaspreet, who lives in a slum in Moga and works as a nurse in a private hospital, dreams of a future in Singapore. Inspired by her aunt’s successful stint in Dubai, she sees international migration as a path to financial prosperity.

“Even working full shifts from 9 a.m. to 7 p.m. here only earns me Rs 7,000 [a month],” she explains. “As a housemaid or caretaker abroad, I could earn four to five times that amount.”

Jaspreet has been saving money to fund her move. According to a local immigration agent, the process–including agency fees and allocation of work–will cost her Rs 1.5-2 lakh. “I’ve saved a little, but I still need more,” Jaspreet says.

When she was in grade XII, Jaspreet wanted to become an air hostess. “My parents didn’t support it, saying it wasn’t respectable,” she recalls. “They asked me to pursue nursing instead, as there were institutes offering affordable courses nearby.” She now sees nursing as a path to a good future. “Once I’m settled abroad, I might start practicing nursing because it pays better. In the beginning, working as a domestic helper is more convenient and manageable.”

Jaspreet’s story reflects a broader transformation in Punjab’s migration landscape. The state’s migration history is well-documented, with nearly one million people emigrating from Punjab and Chandigarh between 2016 and February 2021. A 2023 study reveals that Punjab has the second highest proportion of households involved in international migration, after Kerala. In Punjab, 13.34% of rural households have at least one family member living abroad.”

Mr Behal sources his data from a study conducted in 2023 in migration by 831 individuals: “Of these, 247 (30%) were women, but the numbers of women emigrating have been increasing. While 70% of the men had made the move to other countries between 2016 and 2022, 80% of women emigrated during these years.

Canada is the primary destination for Punjabi women, attracting 64% of female migrants, followed by Australia at 13%. Study visas were the predominant pathway, with 64.4% of Punjabi women using this route, mostly as a stepping stone toward work permits and permanent residency rather than a means to get an education and return home…

Shalini Sharma observed a significant rise in women from Punjab seeking work visas abroad, marking a trend toward the feminisation of migration. “For many Punjabi women, these opportunities are more than just employment–they are a pathway to financial independence and a means to support their families while saving for their future,” she explained. Sharma highlighted a shift in aspirations driving this trend. “Women are increasingly prioritizing economic stability and mobility over traditional migration routes tied to marriage or education, even if it means working in challenging environments.””

Fascinatingly, in contemporary Punjab, it is the women’s educational credentials that allow couples to migrate to richer countries:

“Adding to this dynamic is the rise of ‘contract marriages’ in Punjab. For young Punjabi men unable to migrate independently, a woman’s IELTS score or qualifications have become commodities in the migration-marriage market. Families with unmarried males often sponsor the woman’s education abroad, knowing that their son can join her on a spouse visa and settle permanently.”

The 2023 study shows the Indian women have a strong migration in favour of migrating to the Gulf rather than to the West. Mr Behal rationalizes this factoid in the following way:

“These smaller regions, long dominated by male migrants–42.12% of whom prefer destinations like Dubai–are increasingly attracting women due to a combination of factors. Shalini Sharma, a sociologist at Punjab Agricultural University and lead author of a 2023 report on migration in Punjab, noted the growing appeal of affordable migration pathways for lower-income women. “These countries offer steady jobs in domestic work, caregiving, and hospitality with minimal financial investment,” Sharma said. “Unlike Western nations where migration costs are prohibitively high, these destinations allow women to achieve financial independence with fewer bureaucratic and financial hurdles.”

Shivam Sharma, a 25-year-old immigration consultant based in Chandigarh’s Sector 34, explained the stark financial contrast between migrating to smaller countries and destinations like Canada. “It costs around Rs 1.5-2 lakh to secure a work visa for countries like the UAE, Bahrain, or Oman. In comparison, moving to Canada can cost Rs 30-45 lakh,” he said. “For families without substantial savings or land to sell, migrating to smaller nations becomes the only viable option.””

As ever in India, the modern and the medieval mix in unique ways to create strange outcomes: “Migration patterns in Punjab reveal a divide rooted in caste and economic status. Historically, Jat Sikh and agricultural families with better financial resources dominated overseas migration. However, the lower costs associated with moving to smaller nations have increasingly attracted marginalized communities.

For example the UAE, a leading destination for Punjabi migrants, draws a significant number of Dalits (52%), people from landless households (41%), and families with the lowest standard of living (72%). Meanwhile, higher-cost destinations like Canada are preferred by wealthier households.”

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Note: The above material is neither investment research, nor financial advice. Marcellus does not seek payment for or business from this publication in any shape or form. The information provided is intended for educational purposes only. Marcellus Investment Managers is regulated by the Securities and Exchange Board of India (SEBI) and is also an FME (Non-Retail) with the International Financial Services Centres Authority (IFSCA) as a provider of Portfolio Management Services. Additionally, Marcellus is also registered with US Securities and Exchange Commission (“US SEC”) as an Investment Advisor.



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