The Non-Resident Indians have had an important role to play in the economic development. Every year thousands of Indians migrate to other countries in search of better earning so that they can provide better facilities to their loved ones back home. The money sent by them helped their family for better education, better health care, investments, savings, etc. This circle impacts positively the economy of India due to inflow of money and increased purchasing power. NRIs the global citizens of this modern world, contributes in creating a healthy and a proficient image of their Motherland in the countries that they reside. The NRI’s contributeto our economy in various ways. They generate earnings estimated at about $250 Billion. It is not only the quantum of money but the currency they brought in India. The remittance is in the form of dollars which reduces any currency risks. Remittances sent by the NRI’s are a main source of foreign currency inflow in the country. As per the World Bank, remittance inflows are a measure of valuable credit for the country which allows high remittance receiving to borrow more money. For instance foreign remittances contributed 2.8% to India’s GDP. NRI’s earning is estimated to be around 250 Million which is one third of India’s GDP. This ratio shows the impact NRI’s can have on the Indian economy . Government is also taking initiatives to attract more investment form NRI’s. India is reaching out more NRIs for their support so that they can help in the India’s developmental activities. The Reserve Bank of India has directed numerous short and long term investment plan option for NRI’s so that the Indian banks can attract NRI deposits. Besides this NRIs are encouraged to establish educational institution and business in India. NRI’s contribution is not even visible but they are helping their home country through varied activities. Many reports reveal that NRI’s are major source of Direct Foreign Investment, market development, Tourism, Charity, technology transfer, political contributions and more important flows of knowledge, in India. It has been observed that large number of NRIs are taking part in several welfare programs in India. This has given many ways to opening of new business in India which is also giving new job opportunities for the youth. They have registered many NGOs to encourage education, health care and developmental activities such as rural development, water management and self-help programs etc.Other than investment and new business scheme there are many Indians who are returning to their home country India and most of them are experienced and highly qualified. The contributions made by NRI’s can never be forgotten.
Monnishaa Mahajan, Principal Attorney at Legal Help NRI. Monnishaa has an experience of more than 15 years in assisting and advising NRI's in resolving their disputes in India.