I was just reading PH's post when I decided that I need to pen some of my own thoughts on this topic.
First a little bit of a background. I did my masters in the US and worked there for a year before deciding to move back to India. Now its been slightly over two years and I still keep getting this question once in a while "Why did I come back to India?" To put things in perspective there were many reasons of which I will delve into the most significant ones.
1) "I was fed up living there trying to get a relevant job": 2003/2004 were the years when recession was just starting to loose steam. But there was a big anti-India anti-H1B wave back then. There were many interview calls to fill limited positions. Foreign candidates were the last ones to be considered.
2) "Missing my loved ones back home": It had been almost 2 years since I last visited them and would have been another year had I secured a job just then.
3) "Hiring in India": It was shooting northward. Gone were the days when trivial jobs and backend office work were being done in India. Good companies were setting up their R&D labs in India aplenty. The scenario looked very rosy.
Here I am now happily married enjoying my work...touch wood! But once in a while I look back at the country I studied last, met a whole lot of great friends, my very nice colleagues at my former work place, the american way of life and realize how much I miss it!
PH says "Grass appears greener on the other side" and I completely agree with her.