Remittances give countries the ability to fund development in their own way. India retained its position as the world’s top recipient of remittances with its diaspora sending a whopping US$80 billion back home in the last year.
An estimated 31 million Indians were living abroad now, they provide a variety of economic benefits to the home and host countries. Indian talent has been much acclaimed all over the world and able to send talented work pool to meet the need of global knowledge skills. Secured Governance strategy says that every year India can encourage and set out 3 million overseas population outside the country and get more than US$10 billion additional remittances.
The Indian diaspora is around 31 million. While it is only 2.25% of India’s population, their total wealth is estimated at US$1 trillion which is nearly over half of India’s GDP. Of the US$1 trillion, one-half is estimated to be financial assets. The income of the Indian diaspora is estimated at US$ 400 billion a year.
Indian overseas people can set up financial services. The financial institution can support fund transaction services for an affordable percentage of remittance for Indian diaspora and other countries. Moreover, these institutions can offer easy credit access to boost the economic growth of host countries.
.Configure Indian law enforcement services in emphasis with approval of the host country and ensure that the force activity could help them to maintain law and order in case of any Indian person commit crimes in their territories. If a person from India committed an offense in other countries, he will be penalized as per the host country’s law and punishment will be held in the home country. There is no way to escape from punishment.
The overseas population needs to be encouraged in “Technology transfer cum Investment” with the latent potential of India.
The Overseas Indians still maintain strong cultural and social linkages with India, through food habits, social mores, marriages, Bollywood, etc.
India continued to be the world’s top recipient of remittance from its diaspora, by the end of December 2018, Indians are expected to send a whopping US$80 billion back home, making India the highest recipient of remittances in the world. Significantly, the total remittances are estimated to be equivalent to 2.8% of India’s GDP and 12% of total remittances world over. Global remittances touched US$689 billion-mark. Global remittances are expected to grow by 3.7% to US$715 billion in 2019.
The population of Overseas Indians was 30.99 million (13.11 million NRIs & 17.88 million PIOs) in 2018. Skills and knowledge are the driving forces of economic growth and social development for any country. India is blessed with 65% of its youth in the working-age group. In next 20 years, the labor force in the industrialized world is expected to decline by 4%, while in India it will increase by 32% which creates a need and opportunity to provide its workforce with required skill sets and knowledge to enable them to contribute substantially to the economic growth of India