THE 18TH PRAVASI Bharatiya Divas (PBD) convention, to be held in Bhubaneswar from January 8-10, perhaps gives us an opportune moment to look at the Indian diaspora and evaluate its true potential in giving shape to the Prime Minister's dream of a Viksit Bharat.
Estimated to be the world's largest, the Indian diaspora with 35.42 million people residing outside India as of November 2024 includes 15.85 million NRIs and 19.57 million PIOs. It has a significant impact on India's economy, contributing around 3.5% of the country's GDP through remittances. In 2023, India retained the top spot with remittances of $120 billion, nearly two times ahead of Mexico ($66 bn) and China ($50 bn).
Remittances are critical for any country since they help cushion the adverse impact of any fall in FDI and higher trade deficit. For India too, the steady flow of remittances has been hugely beneficial and it is estimated to top $124 billion in 2024 and $129 billion in 2025.
This story is from the January 08, 2025 edition of Financial Express Pune.
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This story is from the January 08, 2025 edition of Financial Express Pune.
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