NRIs should invest more in India: Pranab

Last Updated: Sunday, January 8, 2012 - 22:12

Jaipur: Asking NRIs to invest more in India,
Finance Minister Pranab Mukherjee on Sunday said though there have
been large ticket investments by the diaspora, it was much
less than the potential.

To achieve this, an alternate model that was more
balanced and holistic needed to be pursued, he said while
addressing the Pravasi Bhartiya Divas here.

Citing example of China, he said India too needs to
fully tap the investment potential of NRIs and their
entrepreneurial skills and promote inclusive growth.

"We have not yet reaped the full benefits of India`s
great diaspora. The most obvious area remains that of
investment and entrepreneurship. For instance, in China a
large chunk of foreign direct investment has come from
overseas Chinese," he told over 1,900 delegates from 60
countries.

Though there have been "large ticket investments" by NRIs
and PIOs, he said, "it is far less than the potential and
perhaps too concentrated on the formal sector. Rather, we must
pursue an alternative model. One that is more balanced and
holistic in a socio-economic sense".

Overseas Indians, he said, should increase their
contribution in social and economic areas like education,
healthcare, and skill development and supplement the efforts
of the government to promote inclusive growth.

The non-resident Chinese have been playing a major role
in the development of China and invest substantial in the
domestic economy.

Mukherjee said India does not require just financial
contributions from its diaspora, but dedication of time, ideas
and endeavour.

On the economy, he said, "Though we have witnessed ups
and downs, this period has transformed our country and
catapulted it into the centre stage in the world...We are
widely recognised as a major driver of global growth," he
said.

PTI



First Published: Sunday, January 8, 2012 - 22:12

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