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Non-residents attending the Pravasi Bharatiya Divas’ have been advised to not get ‘swayed by what they read in papers but go by what they learn on ground.’
The advice was from Naina Lal Kidwai, President of the Federation of Indian Chambers of Commerce and Industry (Ficci) and Country Head India and Director HSBC South Asia.
REMITTANCE TOPPER
Ficci is an industry partner for the 11th Pravasi Bharatiya Divas convention where Kidwai took the floor during plenary-1 on Tuesday.
Remittances made by non-residents have touched $70 billion in 2012 against little over $66 billion logged by China, Kidwai said.
This amounted to as strong an affirmation of abiding trust in the domestic economy as any, she added. Doomsayers may not be taken for their word if recent projections for India made by acclaimed voices such as Glodman Sachs and Morgan Stanley are anything to go by.
POSITIVE CHANGE
“I was struck by the Goldman report that Nifty would gain by 17 per cent to touch the 7,000 level by December,” Kidwai said.
China and Korea are expected to fare no better than 15 per cent during the comparable period. No less encouraging was Morgan Stanley which projected that Sensex would make large gains to touch 23,000 by the same timeline.
This makes for a positive change in outlook and sentiment, Kidwai said, adding that the stock markets were able to mirror them best through the boom and bust cycles.
The country is also back in the reckoning as a preferred destination for investment, manufacturing and research and development.
INCLUSIVE GROWTH
While dwelling on these aspects, Kidwai sought to invite the focus of the assembly to the challenge of inclusive growth.
She also referred to the USAID-Ficci Millennium Alliance, an inclusive platform to support innovative solutions to development challenges at the base of the pyramid.
It has received 1,500 applications including from social entrepreneurs and Kidwai suggested that members of the Diaspora could become mentors to these ideas.
“Re-skilling of India is another programme that deserves maximum attention. Mere degree/diploma is not the aim; rather, it should generate certificate of employability.”
Non-resident could also help programmes that aim to push the frontiers of knowledge, education and skills, Kidwai said. In this manner, they should look at finding more ways of engaging with their home country to the benefit of all, she added.
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