Important Web Link: Ministry of External Affairs — Overseas Indian Affairs
ICSI's NRI Network represents a cross section of NRI professionals, experts, entrepreneurs, visionaries, businessmen, scholars, educationists, writers, authors, besides trade commercial, educational and cultural organisations in countries where they are settled and the domestic corporate to serve as conduit between them for promoting the Service Industry and the overall cross cultural relations. In its NRI Network, ICSI has undertaken initiatives to bring the Indian Diaspora to contribute to the Indian economy by way of greater involvement in strengthening its financial muscle by bringing to fore their readiness to contribute to their soil.
Mission & Objective(s)
- Serving as Asia's first Centre for Research and Consultancy for Service Industry Promotion.
- To work for establishing a Deemed University of Service Industry.
- To work as NRI Club for bringing NRIs, Domestic Corporate and others on a common platform for sharing their views, expertise and resources.
- To act as Facilitation Centre for NRIs.
- To link Non-Resident Indians, particularly of Punjabi origin with their motherland culturally and emotionally.
- To harness the rich financial, scientific, technical and entrepreneurial resources of the NRIs for developing Service Industry related projects and infrastructure in Northern India for employment generation, having a multiplier effect on the economy.
- To help Indian Corporate set up Service Industry related projects overseas.
- To assist/encourage joint research in Service Industry segments by scholars, academicians, HR practitioners and others in India and overseas.
- To provide consultancy and also prepare Project/Feasibility Reports for setting up Service Industry related ventures in Northern India.
- To organize annual Conventions/Conferences/Conclaves of NRIs and Domestic Corporate for promoting mutual business & social interests.
- To promote NRI visits to Northern India and help offer customized packages especially for religious and pilgrimage sites.
NRI Network & its Contribution
In total, there are 29.22 million Indians staying outside India which is more than the total population of many countries around the world. The US accounted for the largest proportion of NRI millionaires with a total of 133,564 or 56.5% share, followed by the UK with a 0.7% share. Other countries with a significant number of NRI millionaires include the UAE, Canada, Hong Kong, Singapore, Indonesia and Japan.
The total wealth of NRI millionaires was estimated at some $915 billion in 2015 and is expected to reach $1.4 trillion by 2019. Remittances from NRIs are often used for investments in stocks, term deposits, land and property.
The NRIs often return with lots of knowledge, potential and passion to drive change, which they often exhibit through entrepreneurial and charitable activities.
The NRIs around the world, thus, have made contributions not only to the development of their country of residence, but also to the development of India.
An analysis of these facts and figures shows that this is not ‘brain drain’ – rather it’s a significant ‘brain gain’. NRIs also take their Indian roots along with them, wherever they go, thereby, contributing to the dispersal and popularization of Indian cultures and traditions all around the world. Most importantly, they often earn recognition and respect for India and its citizens at the global scene.
The FDI inflow during the financial year 2014-15 was spread across the sectors evidencing the fact of positive eco-system of investment opportunities which India is now providing. NRI’s have invested US$ 4,684.25 million by way of foreign direct investment (FDI) inflows in India during the period April 2000 to June 2015, according to data released by Department of Industrial Policy and Promotion (DIPP).
The stock of NRI deposits in India has risen substantially recently, it has increased from US$ 47.9 billion in March 2010 to US$ 103.8 billion in March 2014, according to Ministry of Finance, Government of India.
NRI remittances are an integral part of Indian economy. It is received principally from those who are short-term residents abroad and need to sustain families back home, constitute an important element in our balance of payments. They also help propel in varying degrees economic activity in their home states. The more affluent segments of the NRI groups are increasingly a source of investments in diverse fields including information technology, healthcare, energy, mineral resources, retail, hospitality, gems & jewellery etc. The continuing liberalisation of the Indian economy, and the most recent policy initiatives taken or proposed by the Government, are expected to galvanise the involvement of the Overseas Indians in the many fields of economic activity.
ICSI has chalked out an ambitious agenda, including setting up its chapters in Singapore and Thailand. It plans to organize bankers and insurers forums for financing infrastructure projects in North India. Also, it would strengthen the role of ICT in Service Industry, especially in the domains of Media & Entertainment, Cinematic Tourism, Urban development, Housing & Real Estate. The objective of these forums would be to bring NRI resources, expertise, entrepreneurial acumen, FDI, FII, and venture capital to India. This would bring development and prosperity to the country and strengthen the cultural and emotional bond of the NRIs with the land of their forefathers.