‘Remittances from overseas Indians increased by 12% to $100 bn. in 2022’
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Union Finance Minister Nirmala Sitharaman highlighted the contribution of non-resident Indians on Tuesday, stating that remittances contributed to the nation by Indians living abroad in 2022 will be nearly $100 billion, up 12% in a single year.
At a Pravasi Bharatiya Divas (PBD) session in the Madhya Pradesh city of Indore, she referred to NRIs as the “real ambassadors of India” and exhorted them to utilise made-in-India products and services as much as possible to support the country’s distinctive brand worldwide.
After the “China plus one” policy, Sitharaman continued, the “European Union (EU) plus one” policy is currently being discussed all over the world.
In contrast to China and the EU, she asserted, the government is presenting a compelling case for India as a country where multinational firms may establish their factories.
Sitharaman asserts that the Indian diaspora ought to work with regional small- and large-business owners so that NRIs’ entrepreneurial skills can be applied during the next 25 years of freedom, or “Amrit Kaal.”
“I am aware that in 2022, emigrant Indians will send home remittances totaling around $100 billion US. This will be one of the biggest remittances ever, according to the finance minister.
She claims that since 2021, this has gone up by 12%.
After the pandemic had passed, people assumed that Indian workers would never again travel abroad. She claimed that not only have they returned, but many have also left for incredibly lucrative jobs, increasing the number of remittances by 12% in just one year.
She asserted that the popularity of Indian experts in information technology, digital technology, automobiles, semiconductor designing, pharmaceutical manufacture, and other fields has led to India becoming a powerhouse of knowledge and development on a global scale.
Infrastructure, investment, innovation, and inclusion are the four “Is” that an ambitious India will concentrate on, she added.
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