Recession makes NRIs want to move back to India

Jaipur: With recession affecting the world economy, people of Indian origin settled abroad are now evincing interest in returning to India where they feel the growth story lies.

"I come from Canada where the recession has really affected the economy. A few of my friends are planning to make investment in the country," Kamal Singh, a real estate specialist in Canada attending the annual diaspora meet Pravasi Bharatiya Divas which started here Saturday, told.

"India we feel is on a growth path," he added.

He said the recession, as world over, has hit the property market in Canada and the prices should have come down by almost 15 per cent on an average.

"We want to come but the government does not support us much. I wanted to provide help to the government on road safety, came out with a project which was completely free, but no one helped me," said Singh, who is in Canada for the last 30 years.

"All they did was to ask me why do I want to do it free. It is just pathetic," he added.

Professor Banwari Lal Meel from South Africa said people really want to come back as economy the world over is in crisis and Indians living abroad are looking towards India.

"I feel India is an exciting market and time is right for entrepreneurs to come back to India to start something on their own here," Meel said.

"I always feel that India has the potential to grow more than 7-8 percent that we are clocking as of now because people here are hardworking," he added.

Meel is a professor in a medical college in South Africa and settled there for over 25 years.

Echoing similar views, Rajeev Jain, a jeweller from the US, said he would prefer coming back to India.

"We were doing well till the last couple of years but now things have changed. Recession has started to affect our business. We heard from our Indian jewellery exporters that they also now want to open shops in India. So, we are also thinking on the same lines," Jain added.

"Recently there was a big jewellery fair here and my friends told me that at least 20 jewellers from Hong Kong wanted to participate in it as they thought India is the place where jewellery can be sold in this phase," he said.

"It certainly gives you an idea of what people overseas also think of the country," he added.

Munish Gupta of Global Organisation for People of Indian Origin, who has business in the US, Britain and Africa, said there is great potential now in the country and they would be looking for business opportunities here.

"Investment is a one-way process whereas business opportunities comprise of partnerships, join ventures and involving local industries and I feel such ventures will be more viable in the present economic scenario in India," he added.