President asks overseas Indians to join in “growth story”

President Pratibha Patil has called upon overseas Indians to participate and benefit in India’s “unfolding growth story.”

Delivering the valedictory address at the Pravasi Bhartiya Diwas on Jan 9, the day Mahatma Gandhi returned to India in 1915 from South Africa, the President pointed out that overseas Indians, estimated at over 250 lakhs, had come to be recognised as the ‘Knowledge Diaspora.’

With India making its investment environment more conducive, it was time this Indian community with its knowledge, expertise, skills and resources became an important input in “India’s march to becoming a developed country.”

India’s investment needs were over dollars 500 billions spanning both the social and physical infrastructure sectors and the country was looking at investment increasingly in the public-private partnership model. Indian banks and financial institutions, had not only coped with one of the worst economic downturns in recent history but also catalysed a quicker recovery than many other countries.

She also acknowledged the contribution of Indian blue collar workers abroad who year after year had made huge remittances back home. India’s remittances from overseas Indians, estimated at over dollars 50 billions last year, are the highest in the world. Nearly forty percent of these remittances - about dollars 20 billion annually - comes from overseas Indian workers in the Gulf consisting of temporary contractual skilled and semi-skilled workers, she pointed out. They often faced harsh living and working conditions and were separated from their families for long periods of time. “I take this opportunity to salute Indian workers in the Gulf,” she said.

The Government was alive to their contribution and was trying to make life easier for them by setting up Indian Community Welfare Funds established in 18 countries to provide timely succour to overseas Indians in distress.

The three-day annual Pravasi Bharatiya Divas that got underway in New Delhi on Jan 7 ended with overseas Indians discussing a wide range of subjects. Nearly 1500 delegates from over 40 countries including top businessmen, economists, entrepreneurs and scientists attended the meet. Around fifteen Chief Ministers and several Union Ministers also took part in the event. The major highlight of the event was the first meeting of the Prime Minister’s Global Advisory Council, comprising 20 top global business leaders and economists of Indian origin including Nobel Laureate Amartya Sen, Steel Magnate L N Mittal and Pepsi Chief Indra Nooyi.

Overseas Indians Affairs Minister Vayalar Ravi called it a platform for "arousing the Indian-ness of every Indian abroad, creating an emotional bond". Overseas Citizenship of India Card - which acts as permanent visa, promising almost all rights of citizens, except political ones - was conceived as a step towards cementing this bond. So far, 500,000 cards had been issued, he said.

Manmohan Singh in his inaugural address on Jan 8 expressed the hope that Indians living abroad would be able to vote in the next general elections. Responding to the frequent plea for voting rights to non-resident Indians (NRIs), most recently by members of his Global Advisory Council of Overseas Indians, Dr. Singh termed the desire legitimate. “We are working on this issue and I sincerely hope that they will get a chance to vote by the time of the next regular general elections. In fact, I would go a step further and ask why more overseas Indians should not return home to join politics and public life as they are increasingly doing in business and academia,” he told the Pravasi Bharatiya Diwas.

Dr Singh said Asia's third-largest economy was expected to grow by around 7 percent in 2009/2010 fiscal year, slightly below previous forecasts by his policy makers. But Dr Singh said he was optimistic that India, which along with China is leading the drive out of a global recession, could return to annual growth of 9-10 percent in a few years time. Taking a dig at overseas Indians being not only good savers but also “somewhat conservative investors,” Dr. Singh said they should move away from parking their savings in bank deposits. “Foreign direct investment in India by overseas Indians is low and far short of potential. I would urge overseas Indians to take a careful look at long-term investment opportunities now on the horizon in our country.”

The Bharatiya Janata Party welcomed the Prime Minister’s statement that the government was considering a proposal to allow non-resident Indians to vote in the next general elections.

A plethora of issues ranging from cheating by builders to complexities involved in succession and inheritance of properties dominated the first day of the Pravasi Bhartiya Divas. Issues like red tape in approval of investment proposals and bottlenecks in acquiring land for various projects were also raised strongly by the delegates who called for simplifying procedures to facilitate their involvement in India's development.

In his address to the overseas Indians, Road Transport and Highways Minister Kamal Nath, pitched for infrastructure bonds in different currencies, specially suited to NRIs, for raising resources for building roads in India.

- Asian Tribune -