After spending all of his childhood in the US, studying in Wharton School with majors in finance and management and working with McKinsey in New York, Rahul Bajaj is the least likely candidate to come back to India.

But India-born American Bajaj has not only returned to the country, he has also joined a government-backed telecom regulator in New Delhi to associate himself with "fascinating new opportunities" in India.

He is not the only one though. Bajaj is among the many Indian immigrants who are reversing the process of brain drain from one of the world's fastest growing economies, lured by the country's rapid strides in the tech field, relaxed guidelines and increased prosperity.

After losing its best and brightest to the West since the early 1960s, the Asian economic major is now seeing the "brain gain" trickle turning into a tide.

"When I announced my decision to shift to India after returning to the US from one of those family trips, no one, not even my parents, would take me seriously," said Bajaj, who migrated to New Jersey from Kanpur when he was just six.

"But it was difficult for me to ignore the changes in India, especially in the technology field. I was pleasantly surprised and just wanted to associate myself with that," Bajaj told on the sidelines of the Pravasi Bharati Divas here.

And Bajaj took the plunge in late 2003 by returning to India along with his wife, leaving behind his parents and an elder brother in the US. He joined the Telecom Regulatory Authority of India (TRAI) as consultant (projects).

"When I joined TRAI, my friends joked that I was trying to be the new age Sam Pitroda. I just laughed it off. I came here with very low expectations to find out if there was anything I could do for India," he said.

Pitroda, an India-born American, is hailed as a telecom guru and credited with ushering in the communications revolution in the country at a time when there were few foreign companies, capital or expertise available.

Since Bajaj also has a Master's in telecommunications and networking, he saw joining TRAI a "tremendous opportunity" to make a real impact on the technology scene in India.

"I could have easily joined any private company on a much higher salary but they only think about their profits. By associating myself with a government agency like TRAI, I can look at the country as a whole."

Although Bajaj's salary difference in India and the US is a whopping over 90 percent, he doesn't repent his decision to move to his country. "You have to be here for long haul to reap the benefits and am determined to do that."

A few years down the line, Bajaj plans to launch his own company in India.

Anuraag Hooda, a second generation Indian-American, wants to explore the possibility of returning to the country after completing his education in IT and finance in Denver.

Hooda, who was in India to participate in an Indian diaspora event that ended Sunday, is bullish about the opportunities that the country provides to diaspora students and entrepreneurs from across the globe.

"India has really come a long way. The business opportunities are now as good as any other growing economy in the world," he said, adding a large section of new generation Indian Americans want to get back to their roots.

Nearly 25 million overseas Indians are spread over 110 countries in five continents and have an estimated combined annual income of $160 billion, equal to about 35 percent of India's gross domestic product.

The Indian diaspora has made a name for itself in knowledge-based industries, especially in Silicon Valley in recent years. They are climbing on to top rungs in just about every industry.

"While drawn by a booming economy and changing lifestyle, a large number of overseas Indian have already shifted to India, many more may follow suit," said Mohan Jain, president of Illinois-based India Development Coalition of America.

"Overseas Indians not only bring back their talent, high-level skills and education, they also usher in a new cultural perspective that helps in overall development of the society," he added.