“Padharo Mhare Des” (welcome to my land) is the tagline of a film made by the Rajasthan Government to welcome the 1500 NRI delegates and other dignitaries who are converging in Rajasthan to participate in the three day mega event — the 10th Pravasi Bharatiya Divas- 2012 in Jaipur.
It is good that the Pink City of Rajasthan is extending a Red Carpet welcome to the NRI’s who are the Brand Ambassadors of India and whose contributions in strengthening India’s foreign exchange balances is invaluable.
The astounding impact which the NRI’s have made indirectly to the economy of a state can be gauged by the fact that one village in India has become the wealthiest in the whole of Southern Asia—thanks to the NRI remittances from countries like USA, UK, Africa, and the Gulf. This village is Madhapar which is located some three kms from the main town of Bhuj in Kutch region of Gujarat. It is regarded one of the most affluent villages with an average GDP of $12,000 per person.
This village has a population of hardly 20,000 but the interesting fact is that practically every family of this village has an NRI who has been remitting their money to their family which are mainly deposited in nationalized banks and post offices.
It is not just this village which has benefitted from the NRI’s remittance but the whole country. In fact India is estimated to have got $58 billion in remittances – the highest for any country – from its diaspora in 2011, followed closely by China at $57 billion, according to World Bank data.
India is estimated to have got $58 billion in remittances – the highest for any country – from its diaspora in 2011, followed closely by China at $57 billion
A study done by Overseas Indian Facilitation Centre (OIFC) in 2009 gives interesting highlights of about the NRIs contributions to India. The document titled ” Remittances from Indian Diaspora: A report” says Non Resident Indians ( NRIs) and People of Indian Origin (PIO) have emerged as the largest pool of knowledge, skills, resources and enterprise , acting as India’s brand ambassador globally. One of the most important and noteworthy contribution has been made in the form of transfer or remittances in India, offsetting the trade deficits and building up India’s foreign exchange reserves. The report quoting an IMF study says that most of the remittances are used to improve the standard of living of the families and very rarely it is used to establish new business and industries. The report says ” with rising share of India’s remittances in India’s GDP and with India emerging as preferred destinations for FDI, it is now time for the Global Indians to engage with the Emerging Global power beyond repatriating their wealth for personal consumption and invest their effort, expertise , knowledge, time and wealth in the larger interest of India”.
The government should take measures not only to attract NRI investments in India but also create the overall industrial climate so conducive that it induces them to return to India and use their skills and talents for the betterment and growth of India.
Last year on December 2, the Prime Minister of India Dr Manmohan Singh while delivering a speech at the Hiren Mukherjee Memorial Lecture in the Parliament House said India has overcome the problem of brain drain and is drawing on the global brain bank of People of Indian Origin. “Today, we in India are experiencing the benefits of the reverse flow of income, investment and expertise from the global Indian diaspora,” the Prime Minister said.
Now a recent survey conducted by a US headquartered firm Kelly Services India which provides workforce management solutions, staffing services and employment opportunities globally has come out with an interesting survey that an estimated three lakhs Indian professionals working overseas are expected to return between 2011-2015.
But is India geared up to welcome them with open arms? This is a question which only time will answer. Lets hope the PBD-2012 which is going to be held in Jaipur gives a snapshot of Governments vision to attract the NRIs and make them partners in India’s growth.
