NEW DELHI: MIC president, Datuk Seri S Samy Vellu, has proposed that India, the third fastest growing economy in Asia, create more investment opportunities for overseas Indians that will benefit both parties.
He said India, with its vast wealth, should boost venture capital funding and promote public-private ventures to entice more investments — from India to countries where Indians were residing and encourage investments from the Indian diaspora.
“By doing so, these investments could create new jobs and vendor partnerships for the diaspora.
“At the same time, returns from these investments can further assist India with any form of trade deficits that it may experience,” he said at the 8th Pravasi Bharatiya Divas convention here today.
The Indian diaspora, plus India’s citizens working abroad, contributed an estimated US$30 billion (US$1=RM3.34) in terms of remittances to the Indian economy annually and total foreign investments of over US$45 billionin recent years.
About 25 million Indians are living in over 100 countries across the globe, but still uphold strong cultural linkages with their native land.
Malaysia has the largest number of Indian population outside India.
The former works minister also urged the Indian government to include overseas Indians in its development projects, especially in the burgeoningn infrastructure sector.
“The (overseas Indians), who are well-equipped with the knowledge, skills and expertise, should be included to accelerate development programmes.
“India should allocate three to five per cent of its annual development budget for the diaspora’s participation,” he said. — Bernama