Diaspora's contribution to India below its potential: Ravi

WASHINGTON: Inviting investments from the overseas Indians, Union Minister Valayar Ravi has said the 30 million strong diaspora's contribution to the nation's economy remained below-par, with nearly 40 per cent of the total remittances coming from just 5 million Indians in the Gulf.

In his inaugural address to the convention of the National Federation of Indian Associations in Seattle, Ravi, the Minister for Overseas Indian Affairs highlighted the unrealised potential of the Indian diaspora in contributing to India's economic growth.

"India is already the highest recipient of remittances from overseas Indians of over $27 billion last year. What is less known though is the fact that nearly 40 per cent of these remittances come from just 5 million overseas Indians in the Gulf. Clearly, this is a potential area for all of you to consider," Ravi said.

Arguing it is essential to forge "strong relationships" with the diaspora in an increasingly globalised world, Ravi said their contribution is "much less than what they are capable of".

"Overseas Indians worldwide who are our brand ambassadors produce an economic output of about $400 billion. The Indian diaspora of 30 million is estimated to generate an annual income equal to about 30 per cent of India's GDP.

Yet, India's growth story so far has been driven primarily by the energy and enterprise of domestic companies. The role of the Indian diaspora in India's economic growth has been much less than what it is capable of," Ravi pointed out.
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