NRI CONNECT – Vertical
Overseas Indians, officially known as Non- Resident Indians (NRI’s) or persons of Indian Origin (PIO’s) are people of Indian birth or ancestry who live outside the Republic of India. According to a Ministry of External Affairs report, there are 32 million NRI’s and PIO’s residing outside India and overseas Indians comprise world’s largest overseas Diaspora. Every year 2.5 million (25 lakhs) Indians migrate overseas, which is the highest annual number of migrants in the world NRI’s Non-Resident Indians contribute to the Indian economy significantly by strengthening National savings, Capital accumulation, Investment, and so on. They enjoy respect in the countries of their domicile on account of their hard work, talent , managerial skills and business acumen.
The huge Indian Diaspora is responsible for a significant amount of money inflows to the country, which is one of the major source of inflow of foreign currency. These also form a significant contributors to the foreign exchange reserve and makeup nearly 25 percent of total foreign exchange reserves in the country. Remittance plays an important part in developing countries in terms of their economic systems, individual households, and businesses. As per the World Bank, remittance inflows are a measure of the creditworthiness of a nation which implies it can borrow more money. Since 1991, India has been steadily experiencing great remittance growth and continues to be on that track. There has been a significant surge of remittances from 2016 ($62.75 billion) to 2017 ($68.97). In 2018, the World Bank estimated remittance of India to be the highest in the world with $79 billion, followed by China and Mexico at $67 billion and $36 billion respectively. These remittances constituted 2.9 % of India’s GDP and remittances formed the country’s foreign exchange money of roughly around 22% to 23%. NRI involvement can be in many business in India. Some sectors they can invest even with small budgets are retail, food and beverage, tourism, e-commerce, technology, mobile applications, gems and jewellery and garments.
BRICS CCI established this vertical with an aim to help members/ non members within the NRI community to participate, evaluate and take part in various business opportunities especially in the field of Healthcare, Education, Environment & IT in India. This vertical would serve as a connect between Indian business houses, Government initiatives and the NRI community.
• Indian Diaspora can also market Indian culture, food, arts in a much effective manner than the person who are of foreign origin.
• Indian Diaspora due to their emotional bonds with their country of origin would be more than happy to see INDIA getting stronger economically.
• Indian Diaspora can more easily interact with the entrepreneurs of India who plan to expend their business abroad specially the ones in the field of teaching , YOGA, MEDITATION, NATUROPATHY, AYURVEDA etc. which could have a good Cultural, Economic and Political impact on other Nations, as well:
BRICS CCI will also plan in the near future to start an NRI FACILITATION CENTRE in Delhi, with the cooperation of the Indian Government, and managed by BRICS CCI. This centre could play an important role of connecting the NRI investors (companies and individuals) to suitable partners in India to establish joint ventures and other forms of cooperation in various fields, particularly Health, Education, Environment and IT.
Mr. Rajesh Mehta, Vertical Head