Journalism of Courage
This is an archive article published on January 10, 2023
Remittances from overseas Indians increased by 12% to $100 billion in 2022: Sitharaman
Speaking at the Pravasi Bharatiya Divas convention in Indore, Sitharaman described NRIs as the “real ambassadors of India” and appealed to them to use 'made in India' products and services as far as possible.
Sitharaman said the Indian diaspora should also partner with small and big businessmen of the country so that the entrepreneurial skills of NRIs can be harnessed in the next 25 years during the 'Amrit Kaal' of independence.
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Remittances from overseas Indians increased by 12% to $100 billion in 2022: Sitharaman
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Highlighting the increase in the contribution of non-resident Indians, Union Finance Minister Nirmala Sithraman Tuesday said remittances from overseas Indians increased by 12 per cent in one year, taking it to USD 100 billion for the year 2022.
“I recognise that remittances, which come from abroad by Indians who migrated, are about 100 billion US dollars for the year 2022. This is one of the highest remittances which is coming,” the finance minister said while addressing the Pravasi Bharatiya Divas (PBD) convention in Madhya Pradesh’s Indore.
This has gone up by 12 per cent if compared to 2021, she added.
“Within a year which was post-pandemic, people thought Indian workers will not go back abroad again, they have not only gone back but more have gone for very useful employment and the remittance numbers have gone up by 12 pc within one year,” Sitharaman was quoted as saying by news agency PTI.
At the event, Sitharaman described NRIs as the “real ambassadors of India” even as she appealed to them to use ‘made in India’ products and services as far as possible so that the country’s individual brand can be promoted across the globe.
She further stated that the government is strongly presenting India to multinational companies as a country where they can set up their factories apart from China and the EU.
The Union minister also asked the Indian diaspora to partner with small and big businessmen of the country so that the entrepreneurial skills of NRIs can be harnessed in the next 25 years during the ‘Amrit Kaal’ of independence.
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Citing how Indians have dominated several sectors including information technology, digital technology, automobiles, semiconductor designing and pharmaceutical manufacturing among others, Sitharaman said the country is becoming a global hub of knowledge and progress. “In the Amrit Kaal of independence, an aspirational India will focus on four “I” which include infrastructure, investment, innovation and inclusion,” she added.
Also, referring to Prime Minister Narendra Modi’s assertion that Indians living abroad are the brand ambassadors of the country, Sitharaman said the diaspora will have to explore newer channels to participate in India’s development trajectory and point out flaws in administrative policies for achieving greater standards.
– With PTI inputs
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