In the age of economy slowdown, India is passing through a bad phase and its monetary condition is severely affected. Inflation rate is high and people are unable to manage their daily life. In this context Indian government has great expectations from millions of Non-resident Indians to resolve the crisis through making investments in India.
NRIs generate earnings is estimated to be $250 billion and is one third of the GDP of India. This clearly indicates that they can contribute a lot to Indian economy and enhance its fiscal growth.
With the net worth of the NRI baby boomer generation increasing, marvellous opportunities are provided for them by the government. This actually had begun since the year 2000, when a high level Indian Diaspora committee headed by Dr. L.M. Singhvi, was established to tap the NRIs resources and to discover the possibilities of their investments in India.
Since then India is reaching out more NRIs for their attention to support in the India’s developmental activities. There are numerous opportunities provided by the government to the NRIs to invest in India.
The Reserve Bank of India has directed the Indian banks to attract NRI deposits and there are numerous short and long term investment plan option for them. Besides, NRIs are encouraged to establish business and educational institution in India. As a result of all this there is greater involvement of NRIs in India.
Even though NRI’s contribution is not visible but they are helping their country through varied activities in India. Many reports reveal that NRI’s are major source of Direct Foreign Investment, market development (outsourcing), technology transfer, charity, tourism, political contributions and more substantial flows of knowledge, in India.
The NRIs have came forward with several non-governmental organizations in India helping in array of developmental, educational and social projects.
It has been observed that large number of NRIs is actively taking part in several welfare programs in India. They have registered many NGOs to encourage education, health care and developmental activities such as water management, rural development and self-help programs etc.
Indo-Caribbeans, Indo-Fijians and other communities have contributed a lot in social service in India. Many of them have come forward to support their schools and colleges where they studied in India. Some have also launched schools and colleges in their ancestral villages and towns. They are also assisting in social and environmental problems in India.
Good news is there are many NRI’s who are returning to India and most of them are highly qualified and experienced persons. If their professional knowledge and monetary resources are joined together, it will be beneficial for the country’s development. Professor Amartya Sen, Noble prize winner in economic is one such NRI, who is contributing his knowledge for the development of India. NRIs can play significant role in shaping India’s monetary, social and economic conditions. Indian government should encourage them for making investments and involve them in other developmental activities in India. NRIs contributions in the development of India cannot be ignored.