Punjab villagers lament U.S slowdown influencing NRIs investmentDecember 27th, 2008 - 8:56 pm ICT by ANI
By Karan Kapoor
Ludhiana, Dec.27 (ANI): Living thousands of miles away from their homeland, a large number of non-resident Indians (NRIs) have never lost their fondness for India. They have always wanted to invest in India.
According to a World Bank report, nearly six million Indians working abroad sent home 30 billion dollars during 2008 making India, the top receiver of migrant remittances.
For instance, almost each family in the Giljian Village near Jalandhar today boasts of having at least one member living in abroad. The village has 300 houses.
But the impact of the slump in the U.S. economy has started to show in this village with almost zero NRI visits and a sharp fall in the remittances, especially in Punjab.
Punna Singh, the Head of Giljian Village, said: Nearly 80 per cent of village people are living in foreign countries. Earlier, at this time, around 50 per cent of the NRIs used to visit the village. But this year nobody has come, especially from the U.S. Only one or two families have come here to attend marriages. The economic slowdown has a major role to play. There is big crisis in foreign countries. The incomes have reduced a lot. Devendra Kumar, member of the Jalandhar Money Exchange Association, said: At present, the business, which was 80 per cent earlier, has gone down to 20 per cent. People from foreign countries used to send money to their homes through Western Union. But these days nobody is sending money because of the global meltdown. A sharp decline in NRI remittances spells trouble for Punjabs economy. The affect of the U.S. recession was evident at the annual NRI convention, organized by the NRI Sabha. Despite having 12,000 non-resident Indians as members, the presence of the NRIs remained less than a thousand this year in the meeting, which is held to boost NRI investments in the state. Many people, however, say that the Punjabis love for their homeland is a fact that cannot be discounted. VIC Dhillon, an NRI and Member of Parliament, Bramptin, West, said: From an individual point, they can invest in small houses, a piece of land. I know there are joint ventures who are ready and prepared to plan and build big industries as well. India is such a big country and there is a demand for so many things that I believe NRIs can come and fulfill.
Virendra Sharma, Parliament Private Secretary, U.K, said: As far as the NRIs are concerned, they can give the financial investment. They can give some kind of a technical know-how; they can provide other resources, which are needed to set up any project, which is finance, human, and the technical know-how, the three areas NRIs fully qualify to give to the state. Despite uncertainty in the market, the spirits are high among the expatriate Punjabis. They are waiting for good old days to return so that they can wholeheartedly contribute to the economic upliftment of Punjab. (ANI)
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Tags: billion dollars, economic slowdown, fondness, foreign countries, global meltdown, incomes, indians, karan kapoor, lament, migrant remittances, money exchange, nri investments, nri sabha, recession, sending money, slump, two families, village people, western union, world bank report