New Delhi: A delegation from Uttar Pradesh, which recently traveled to Europe to attract investments, was pleasantly surprised – almost every industrial group there showed keen interest in India. It is obvious that the attitude of the western countries is changing.
Against this background, I recall an evening in 1991 when I had the opportunity to listen to a member of such a delegation. We were in Bonn with the then Prime Minister Narasimha Rao. During that visit a meeting was organized with top German businessmen. Disturbing questions were raised there. According to German business leaders, the main obstacles were infrastructure, workplace culture and the attitude of bureaucrats. This did not discourage Rao at all. He knew that the doors of the Indian economy, which he had opened with the help of Manmohan Singh, would attract a large number of investors – if not sooner, then sooner.
Business organizations outside India are aware that our economy and politics have come a long way from Rao to Narendra Modi.
I discussed this with an economics pundit at the last New Year’s party. While it is true that we have made significant progress in the last 30 years, he said, we should not get too excited about it. Today, a large number of Indians are relocating abroad. Over 1.6 million people, including a few millionaires, have done so during the past 11 years.
As of October 2022, more than 183,000 Indians had renounced Indian citizenship. For most of them, the US, Australia, Canada and the UK were the top choices. India has the second highest rate of millionaire migration, right behind countries like Russia and China. Over 33,000 millionaires from these three countries left their homes last year. This year this number may increase significantly. It is important to note that people around the world, including the US and the UK, are obtaining citizenship in other countries for a variety of reasons.
Is this pattern worrying?
According to a research by Henley & Partners, India will not have a problem with this as more Indians will eventually join the millionaire club than those who give up citizenship. By the end of this decade, their number may increase up to 80%. GDP figures also confirm this.
There is another question: do people who settle abroad contribute something to our economy? Should this only be considered an example of brain drain?
According to statistics, expatriates send money to their family members and organizations that help in arts, education, religion and other social causes. Globally, there are 30 countries where remittances account for more than 10% of GDP. Migrants account for 29% of Tajikistan’s economy and 33% of Kyrgyzstan’s total GDP. Migrants contribute 10% to the GDP of the Philippines. When it comes to India, the remittances to our country’s coffers crossed $100 billion till last December. We are really on top in this field.
Furthermore, when migrants return, they do so with new skills and knowledge that help their country of origin. There are many such excellent people and there is a long queue.
Could we have imagined freedom and the abolition of sati without Mohandas Karamchand Gandhi and Raja Ram Mohan Roy?
It is also important to remember that the Indian diaspora contributes significantly to our economy. Vedanta Group recently laid the foundation stone of semiconductor chip-manufacturing business in Gujarat. The construction of this unit is planned to start by the end of next year. This will reduce the dependence of our industries on China and result in direct or indirect employment to about 100,000 people. Vedanta has also said that another chip facility will be built soon. The company’s chairman, Anil Agarwal, used to do business in Patna and is now one of the three richest men in Britain. There are innumerable such names.
One more thing: Those who settle abroad and lose touch with India after a generation or two also serve the interests of India. Rishi Sunak, Kamala Harris, Alok Sharma, Priti Patel, Sundar Pichai, Satya Nadella, Parag Agarwal, Shantanu Narayan, Leena Nair, Amartya Sen, Abhijit Banerjee, the late Pandit Ravi Shankar, and hundreds of others have all contributed significantly to the reform. World’s perception towards India. With his brilliant deeds, he dispels the myth that India is a country of snake charmers. Let us resolve to pursue this commendable goal in the new year.
Shashi Shekhar is the editor-in-chief, India. views are personal,
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