Recently, the World Bank has released a report stating that Indians living abroad are likely to remit an amount of US $ 10,000 crore to India in the year 2022, which is compared to US $ 8,940 crore done in the previous year 2021. 12 per cent higher than remittances. India continues to rank first in the list of remittances being received by various countries across the world. This huge amount also includes remittances made by Indians living in America, England and Singapore. The contribution of these three countries has increased from 26 percent to 36 percent between 2016 and 2021. While the contribution of Gulf Cooperation Council (GCC) countries has come down from 54 per cent to 28 per cent during this period. The main reason behind this is that now citizens of Indian origin are working in highly educated and highly skilled positions like doctors, engineers and scientists in many other developed countries including America, England and Singapore, where today Indians get maximum salary. Happening. While in the past, most of the Indians have been doing blue collar jobs in Gulf Cooperation Council countries, where comparatively very low wages have been received. Due to this reason, now most of the Indians are getting more attracted towards developed countries than Gulf countries. Earlier, where maximum remittances were received in India from United Arab Emirates, now maximum remittances are being received from America. Today, in the list of non-resident Indians, the number of Indians working in the technical field like information technology is increasing rapidly in the countries of America and Europe, this class receives comparatively higher amount of salary, due to which this class of Indians He also makes remittances of a higher amount.

Depreciation of the Indian rupee against the US dollar is one of the factors for the significant increase in remittances to India. Because it allows Indian citizens to remit more amount in Rupees than in Dollars. Suppose the market price of one US dollar is Rs 75 and if it increases to Rs 82 per US dollar and in such a situation if an Indian living in America remits an amount of US $ 1000 to his family, then his Indian family will get Rs.82000 instead of Rs.75000. In this way, in case of devaluation of rupee, the Indian family gets more amount.

If more amount is being sent to India through remittance by the Indians living abroad, then it is strengthening the economic condition of India because of this, the reserves of foreign exchange in India are continuously increasing, which makes the Indian rupee more valuable in the international market. It is proving helpful in providing stability and is proving helpful in providing speed and strength to the economy in India. Along with this, new investment is increasing in India and due to which new employment opportunities are being created here. In this way, the citizens of Indian origin living outside India are also making their incomparable contribution in the economic development of India.

Due to the continuous rapid economic development in India, Indians are trending towards other countries, especially developed countries, to expand their business abroad, to get higher education, especially in information technology sector, employment in high positions. With the aim of getting and traveling abroad with family, it is increasing continuously. In this context, the figures released recently by the Central Government are really shocking.

Today, lakhs of Indians are turning towards developed countries for the purpose of getting higher education and employment in high-skilled areas abroad and starting their business because these Indians are getting comparatively much higher salary in these countries. 25,25,328 Indians in the year 2019, 7,15,733 Indians in the year 2020; 8,33,880 Indians in the year 2021; In the year 2022 (till 31 October) 21,43,873 Indians have gone out of India ie abroad for the purpose of getting employment. Also, 14,67,537 Indians in the year 2019; 2,65,433 Indians in the year 2020; In the year 2021, 1,26,611 Indians and in the year 2022 (by 31 October) 4,64,275 Indians have gone to developed countries for the purpose of starting their business or expanding their existing business.

Where in the last few years, most of the Indians used to go to UAE for the purpose of getting blue collar jobs, now most of the Indians go to America and other developed countries for the purpose of getting jobs in high skill areas like information technology, healthcare and science. going to the countries. In the year 2020, the OECD (Organization for Economic Cooperation and Development) released a report stating that the number of highly skilled Indians in the member countries of the OECD group is the highest in these countries and today there are more than 3 million Indians of Indian origin in these countries. Citizens of are working. The OECD group today includes 38 developed countries including the US, England, Australia, Canada, France, Germany, the Netherlands.

Every year lakhs of Indian students are also going to developed countries for the purpose of pursuing higher education. 5,86,329 Indian students in the year 2019; 2,59,644 Indian students in the year 2020; 4,44,574 Indian students in the year 2021 and 6,48,678 Indian students in the year 2022 (up to 31 October) have gone to specially developed countries for the purpose of pursuing higher education.

Due to the continuous rapid economic development in the country, the economic condition of many Indians has improved so much that they have started traveling with their families to many developed countries for tourism purposes. In the year 2019, 252,71,965 Indians have traveled to other countries, due to the Corona epidemic, this number was reduced to 66,25,080 in the year 2020 and 77,24,864 in the year 2021, but again in the year 2022 (by 31 October) Has increased rapidly to 183,12,602. During their visit to developed countries, these Indians are highly influenced by the standard of living and very easy lifestyle of the citizens living there and get attracted towards these countries. After coming to India, these families constantly start trying to see how their children get employment in these developed countries and as soon as they get the opportunity, that is, many Indians go to settle in these developed countries as soon as they get employment. .

In fact, in this era of globalization, the whole world is developing as a village. All the countries are connected with each other in a way. Native citizens living in these developed countries are also increasing their faith in Indian origin citizens, because even after seeing the behavior of Indian origin citizens, who seem to be following the great Sanatan culture of India, they The native citizens of the countries are getting greatly influenced by the citizens of Indian origin and are easily making the citizens of Indian origin occupy high positions in these countries. Firstly, having higher education, secondly having high skills and thirdly following Indian Sanatan culture, with these three characteristics, citizens of Indian origin are continuously succeeding in making their special place especially in developed countries.

– Prahlad Sabnani

Retired Deputy General Manager,

State Bank of India