On the 75th Independence Day, Prime Minister Narendra Modi announced that India is entering its Amrit Kaal or the ‘The Era of Elixir’, which, in turn, refers to an auspicious period according to Vedic astrology. “Starting from here, the journey of the next 25 years is the Amrit Kaal of a new India,” stated the PM in 2021. To be sure, anyone mapping public sentiment might come to the conclusion that Indians have never been more proud of India and that at long last, India is fulfilling its destiny.The government under Modi is viewed by many as the first government that is neither corrupt nor incompetent, unlike the governments in the past. What’s more, national interest pervades all public life. India is now more united, more prosperous and more ambitious than anytime in recent history. As such, India is emerging as the destination for international investors, attracting best talent from across the world. Gone are the days when Indians would do anything to somehow escape from the country and go to some part of the so-called developed world. After all, who would want to leave India at this golden juncture? As it turns out, it is the rich and the well-to-do. What’s more? They are taking their riches out of the country as well. And that, on the face of it, is the focus of the book, as the title suggests.“What we wish to draw attention to in this book is that while the poor and the working classes have always migrated in search of livelihood, with the last quarter of the 20th century witnessing the beginning of the out-migration of the professional middle class, we see more recently a surge in the out-migration of the wealthy and the power elite,” writes Sanjaya Baru, the author, one of the well-known financial journalists and also the former editor of The Financial Express, a financial daily published by The Indian Express Group.The data is rather damning. On August 1, 2024, the Minister for State for External Affairs told the Parliament that a total of 2,25,260 Indians had “renounced their Indian citizenship” in 2022, and another 2,16,219 did so in 2023. In 2014, this number was 1,29,234. Between 2011 and 2023, the minister said that a total of 18,80,559 Indians had given up their citizenship. It is another matter that the minister chose to see the data in a positive light stating: “A successful, prosperous and influential diaspora is an asset for India.”But the truth is, unlike the past when either Indians left as indentured labourers (under the British rule) or as skilled professionals (doctors and engineers leaving India since the 1970s), it is the wealthy who are now fleeing the country, states Baru. He lists four phases of Indians emigrating and this is the fourth phase.“It is still in its incipient stage but has already acquired a high profile. It is the migration of the children of the wealthy as well as of high net worth individuals (HNIs) and the politically and socially powerful and influential elite… the fourth wave, in many ways, amounts to a ‘secession of the successful’,” writes Baru. He quotes data from Morgan Stanley that an estimated 23,000 Indian millionaires had left the country since 2014. It is important to note the setting as well: The net wealth of Indian billionaires has grown by 280 per cent in the period 2014-22, which amounts to 10 times the growth rate of India’s national income over this period.“India’s super rich have funds to secure multiple homes around the world. However, more importantly, they are now securing residence status and citizenship too,” states Baru.Story continues below this adThe reasons for this flight out of New India are not very difficult to guess but Baru categorises the emigrants into four categories: Fugitives from the law — “the Choksis, Mallyas and Modis”; first generation wealthy who are wary of the political and bureaucratic regime at home — essentially the rich who have weak political connections; those desirous of de-risking and diversifying “from an uncertain economic, regulatory and governance environment in India”; wealthy Indians seeking a better lifestyle or quality of life — those who are “tired of living in First World ghettos in Third World India”.But here is the most perverse aspect of this flight. Baru writes that “the Indian industry fights shy of globalisation and external liberalisation, seeking high tariff walls to protect their business interests at home but Indian business leaders want a liberal regime for taking their wealth out of India”. In other words, the rich are using India’s high tariffs to keep out competition and make profits and then taking this wealth outside the country.“Neither industry organisations nor the government, nor indeed many in the academic and media world, seem to view with much concern the fact that a low-middle income developing economy is declaring with pride its export of capital to a high income developed country,” warns Baru.While Baru raises a timely alarm through this book, by itself, the book’s title is misleading. For the most part, the book is part history of emigrations out of India and part reflection about what constitutes New India. The specific bit about the “secession of the successful” is largely dealt with in just two of the 12 chapters; the first of which comes well after the mid-way mark. As such, the title of the book is, at once, the smartest and the most misleading aspect of the book.Story continues below this adAnd considering the hardcover edition is priced at Rs 799 when the average daily income of an Indian is Rs 652, perhaps an average Indian, who can only dream of leaving New India, can put that money to better use; a mutual fund SIP maybe.Udit Misra is Deputy Associate Editor. Follow him on Twitter @ieuditmisra ... Read More© The Indian Express Pvt Ltd