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NRIinternet Correspondent
New Delhi, January 10, 2004
On Sep. 09, 2003, a three-day conference is being held
in New Delhi to encourage overseas Indians to build closer links with
their homeland. The meeting is part of an effort to tap the enormous
potential of skilled Indians living abroad. India calls them the "NRI"
- about 22 million people of Indian origin scattered all over the world.
The annual income of overseas Indians is estimated at $160 billion,
about one third of India's entire gross domestic product. About 1,500
overseas Indians are attending the conference, which focuses on investment
possibilities in science, technology, healthcare and tourism
- Mabati Rolling Mills chairman Manu Chandaria, Kenya
said, " Indian government must stop wasting time in bureaucratic
hurdles to attract investment from NRIs
- Rana Talwar, chairman of the Britain-based Sabre
Capital Worldwide Inc said., " A lot of red tape still exists.
There are bureaucratic hurdles in foreign investments that need to be
removed". He added that the large fiscal deficits of central and
state governments were a matter of concern. He said, "We take two
steps forward (in the economic reforms) and one inevitable step backwards."
"There is still Licence Raj continues in some places despite the
government's best efforts. So we have to be a little realistic here,
- Lord Bagri, Chairman of Metdist Group of Companies
based in UK pointed a comparison between China and India- the Indian
economic reform process has been constrained by various limitations
including those imposed by the democratic process. However, panellists
were all praise for the progress made by India in recent times and were
optimistic about the future scenario. One is astonished at the positive
and progressive changes which have taken place both in economic as well
as other areas. There is a newfound confidence and enthusiasm. There
were visible signs of dynamism and also a determined wish to speed up
essential economic reforms, including in difficult areas like labour
laws
- The eminent economist Lord Meghnad Desai, a director
of the London Stock Exchange, warns that India will only be able to
attract investment from what he calls NRIs, or non-resident Indians,
if an attractive climate for foreign investment is created. Responding
to a question on disparities in development among Indian states, he
tersely observed, "Why should Gujarat, Maharashtra or Karnataka
make sacrifices for the laggard states? It is the problem for those
states who are lagging behind, and they should do something about it."
- Tarun Khanna, an Indian American professor at Harvard
Business School politely but firmly cautioned the Indian government
Saturday against attempting to control the funds that expatriates were
sending to their alma maters. "Don't only
look at our money, look at our ideas," urged Tarun Khanna while
speaking at the plenary session on "India and the Diaspora: Vision
2020" on the second day of the Pravasi Bharatiya Divas here. "I
don't want to give money if I don't know where it is going," Khanna
maintained.Khanna astounded the audience when he indicated just how
much alumni could pay back to their institutions. "Princeton
today has built up an endowment of $10 billion. Ninety percent of this
has come from its alumni."
One of the country's top industrialists, Chairman
and Managing Director of Reliance Industries, Mukesh Ambani said,
"India has to ensure substantive changes, especially cutting
red tape to genuinely attract NRI money". Only emotive appeals
won't do. We need to go beyond symbolism. What's required is more
substantive action to actually get NRIs to invest in India. This is
something that struck a chord with potential NRI investors. Many of
them feel that despite the feelgood factor and the government's India
shining campaign, things have not really changed on the ground. Hearts
and minds of overseas Indians cannot be won with mere symbolism. Ambani
said, "Professional bonding between academic, economic and industrial
communities" will be crucial in determining how overseas Indians
can help India become a key player in the global economy
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