NRIs crucial for economic recovery
Monday, 21/01/2013
http://timesofindia.indiatimes.com/nri/specials/pravasi-bhartiya-divas-2013/news/NRIs-crucial-for-economic-recovery/articleshow/17948440.cms
KOCHI: The role of NRIs is very crucial for the country as the world is yet to recover from the economic downturn, opined Union minister for commerce and industry Anand Sharma.
Talking to the TOI on the sidelines of the 11th Pravasi Bharatiya Divas here on Tuesday , he said that the NRIs were capable of helping the country out of situations that have affected the world such as the Eurozone crisis.
"This is where the NRIs have a serious role to play. We want to tell them about our approach and philosophy in taking India forward, especially during crisis situations, and underline the fact that India is one of the most favourable destinations for foreign investors," he said.
The world is yet to recover from the economic catastrophe that began in 2008, and emerging economies such as India are very concerned.
"We have serious concerns about the economic downturn in countries such as the US. The global economy has not recovered from one of the worst recessions in 2008. And the recovery in some countries has been weak globally. This led to the slowing down of job creations, investment, job losses and other catastrophes. It is not just the US, the Eurozone crisis has definitely affected emerging economies such as India, China and Brazil," he said.
He said remittances from the Indian diaspora provided a solace for the country's current account deficit, and expertise of NRIs was crucial for the country.
"Last year, remittances touched the highest level at $65 million. It helped us in a large way to address the current account deficit. The NRIs are also involved in creating institutions in India. Our fast growing economy has enormous potential, and NRIs not only bring expertise but also investments," Anand Sharma said.
The NRIs are also making notable contributions in countries in which they reside.
