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1.Recession makes NRIs want to move back to India
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With recession affecting the world economy, people of Indian origin settled abroad are now evincing interest in returning to India where they feel the growth story lies.
‘I come from Canada where the recession has really affected the economy. A few of my friends are planning to make investment in the country,’ Kamal Singh, a real estate specialist in Canada attending the annual diaspora meet At At the Pravasi Bharatiya Divas which started n Jaipur here Saturday, tolday,an NRI remsrked that ‘India we feel is on a growth path. He said the recession, as world over, has hit the property market in Canada and the prices should have come down by almost 15 percent on an average.
‘We want to come but the government does not support us much. I wanted to provide help to the government on road safety, came out with a project which was completely free, but no one helped me,’ said Singh, who is in Canada for the last 30 years.
Professor Banwari Lal Meel from South Africa said people really want to come back as economy the world over is in crisis and Indians living abroad are looking towards India.
‘I feel India is an exciting market and time is right for entrepreneurs to come back to India to start something on their own here,’ Meel said.
‘I always feel that India has the potential to grow more than 7-8 percent that we are clocking as of now because people here are hardworking,’ he added.
Meel is a professor in a medical college in South Africa and settled there for over 25 years.
Echoing similar views, Rajeev Jain, a jeweller from the US, said he would prefer coming back to India.
The omen is good. This will not only attract talent and boost employment but it also has the potential to increase FDI and FII- with the RBI recently relaxing the rules for foreign nationals to trade in Indian stock markets-especialy in the wake of the Indian rupee nose diving thus saving it from a mayday situation.
To a larger extent this benefits our country. In fact reverse ‘brain drain’ is absolutely welcome. However we cannot overlook the fact that NRIs are opportunists. The fall of the rupee has presented them with an opportunity to invest. Whether for a long or short term remains to be seen.
With recession affecting the world economy, people of Indian origin settled abroad are now evincing interest in returning to India where they feel the growth story lies.
‘I come from Canada where the recession has really affected the economy. A few of my friends are planning to make investment in the country,’ Kamal Singh, a real estate specialist in Canada attending the annual diaspora meet At At the Pravasi Bharatiya Divas which started n Jaipur here Saturday, tolday,an NRI remsrked that ‘India we feel is on a growth path. He said the recession, as world over, has hit the property market in Canada and the prices should have come down by almost 15 percent on an average.
‘We want to come but the government does not support us much. I wanted to provide help to the government on road safety, came out with a project which was completely free, but no one helped me,’ said Singh, who is in Canada for the last 30 years.
Professor Banwari Lal Meel from South Africa said people really want to come back as economy the world over is in crisis and Indians living abroad are looking towards India.
‘I feel India is an exciting market and time is right for entrepreneurs to come back to India to start something on their own here,’ Meel said.
‘I always feel that India has the potential to grow more than 7-8 percent that we are clocking as of now because people here are hardworking,’ he added.
Meel is a professor in a medical college in South Africa and settled there for over 25 years.
Echoing similar views, Rajeev Jain, a jeweller from the US, said he would prefer coming back to India.
The omen is good. This will not only attract talent and boost employment but it also has the potential to increase FDI and FII- with the RBI recently relaxing the rules for foreign nationals to trade in Indian stock markets-especialy in the wake of the Indian rupee nose diving thus saving it from a mayday situation.
To a larger extent this benefits our country. In fact reverse ‘brain drain’ is absolutely welcome. However we cannot overlook the fact that NRIs are opportunists. The fall of the rupee has presented them with an opportunity to invest. Whether for a long or short term remains to be seen.