The opportunity thats India: Industry tells NRIs not to miss it

Published: Wednesday, January 9, 2008, 17:38 [IST]

New Delhi, Jan 8 (UNI) Experts and industry leaders today called upon the government to establish special financial instruments to facilitate overseas Indian investments and soaring remittances.

They also outlined for the NRI investor community the areas where they can deploy their funds profitably, including agro-processing industries and the knowledge economy.

They said India, which is blessed with the largest youth population, needs skill development institutes and training centres, where overseas Indians can participate in a big way.

They gave a clarion call that for their future manpower requirements, the NRIs need to connect with India as its work force was known for competence, brilliance, hard work and a sense of duty and commitment.

The experts were participating in a session at the Pravasi Bhartiya Divas conclave here.

They included Commerce and Industry Minister Kamal Nath, Candian Minister for Small Business and Entrepreneurship Harinder Takhar, CII President Sunil Bharti Mittal, Managing Director Western Union Services Anil Kapur and Co-Chair Indo-British Partnership and Chairman Cobra Beer Limited, Lord Karan Billimoria.

Principal Secretary to the Prime Minister T K A Nair chaired the session.

The speakers said business is the glue that binds countries together in this era of globalisation. India's corporates are no slouches when it comes to global competition and have been able to set world-class benchmarks of productivity and quality, attracting foreign funds in billions.

But, they said, there was a whole new opportunity at the Tier 11 business levels among Small and Medium Enterprises as well, incubators of entrepreneurship and generators of production and employment.

Unfortunately, however, remittances--where India leads the global community--were not being directed into business opportunities. The ordinary migrant continues to use informal channels while the need is to direct them through formal channels, primarily the banking system.

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