President of India urged NRIs to invest in India

Published Date:   Wednesday, Jan 09, 2013


In the concluding day of three day 11th Pravasi Bharatiya Divas organized by Ministry of Overseas Indian Affairs at Kochi, Kerala, the President of India Shri Pranab Mukherjee highlighted the economic potentials of India and urged NRIs to invest. He said that India is the third largest economy in the world on the basis of Purchasing Power Parity basis. It too is the second fastest growing economy after China. He highlighted the contribution of Indian diaspora in economic and social development.

Shri. Mukherjee mentioned about India’s response towards diaspora. India has set up a friendly regime to enable Indians abroad to remit money to the country. NRIs can deposit money in the country under the Non Resident External Rupee account scheme, Non Resident Ordinary Rupee account scheme and Foreign Currency Non Resident account Banks scheme. He said that these schemes have been positively responded by the Diaspora resulting in sending remittance of about US$ 67 billion at the end of October 2012. He said that these figures bear testimony to the fact that Indians abroad find it both emotionally and financially fulfilling to invest in India especially in view of the sound economic fundamentals of the country.

Talking about Kerala diaspora, he said that Non Resident Keralites have been important agents in the State’s promotion of sustainable development and socio-economic transformation. Quoting a study by the Centre for Development Studies, Thiruvunanthapuram, in 2011, he said approximately Rs. 49, 695 crore was remitted by emigrants from Kerala.

Pravasi Bharatiya Samman Awards to thirteen eminent overseas Indians from different walks of life and two overseas Indian Societies were given by the President.

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