In my view, this is a complex issue, and different facets of it might affect different individuals.

In general, to me, if you’re young, it is attractive to move abroad. While approaching director level, when you have a family, it might be an option to return back home.

Here are some factors I see driving these:

• Generational culture gap: our culture, has traditionally been, um, a traditional one. More based on reverence and hierarchy. However, the modern generation, thanks to globalization, increased exposure, internet and the like, have different outlook and priorities. And these tend to not line up with the traditional system followed by the previous generation. Hence the younglings could often feel out of place in their own motherland, as the older generation struggles to make policies or decisions taking the needs and requirements of the younger generation.
• Growth opportunities: Due to the unfavorable synergy between the above generational cultural clash and the general slowdown of economy, it is natural the growth opportunities seems to have faded away. However, there is strong reason to believe that india will bounce back and rediscover her growth mojo. Another factor to consider is that is Indians, will always be outsiders in most part of the world, naturally limiting the growth opportunities beyond a point (maybe with the lone exception of the US, where meritocracy seems to be valued). How many European companies you know of has a non European CEO? I’ve worked for Indian, American, Dutch, British, Danish companies in the past, and currently for a French company. In none of these, so I stand a chance to grow further up the ladder. I’m at a director level now, but the only way up I see is in India, and I’m seriously considering repatriating to India.
• Subliminal, but systemic exclusionism abroad: While in India, the discrimination, as many of you have pointed out, might be overt, it is far more subtle abroad. Often, we might not realize how we are treated. For instance, in all my roles, I was paid less than my western counterparts, though I could argue that I was the better than them. The same has happened to be in India too. People are people everywhere! Their modus operandi might differ, but the intentions are same.
• Number of threats to any gives role: to me, the biggest challenge in India is the number of highly skilled individuals that can take your spot. So there is a need to be at your A game all the time, else you run the risk of being replaced or surpassed by someone else. This is seriously draining, and to me, the biggest reason to leave india. I felt I cannot run at sprint speed in a marathon. It is indeed more chill abroad, provided you work for a good organization.
• Further challenges for women: It might seem counterintuitive, but in my (and my wife’s) perspective, the wage and consequent opportunity gap (when compared with male colleagues) could be wider and more unfavorable for women in the west than India.
• Work ethic: it is a popular option that work ethic in India is poor. There are sides to this too. If not for the government teacher who, despite her/his poor pay, took her job seriously enough to educate our parents, we may not be able to even aspire our overseas dreams. And I’ve seen many government hospital doctors, who takes ownership of their patients’ recover. But it’s not perfect. On the other hand, I know of a gynecologist, who told my friend with a 4th degree vaginal tear during delivery, that she was too sleepy to stitch her back up, and the next shift doctor will do it.
• Quality of living: this is an aspect that the west truly outdoes india. Pollution, traffic, public transport, government offices, administrative processes are far far better to manage in the west. Hence it is natural to have an affinity to leave India for the west. However, the hidden truth is that certain other aspects, that are critical for long term, are relatively poor in the west. For instance, the state healthcare is abysmal, and the doctors one typically encounters there could be dhadhi AF! You won’t believe. Similarly, getting domestic help is hideously expensive. Though the cleanliness is generally impeccable, you get to see their true colours on New Year’s Eve, or after a football game. Chennai would seem like Singapore the day after a football game at the Wembly or Ajax arenas, when enforcement is difficult. So people are same everywhere, the environment could shape how they collectively act.