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Approximately 60 percent or more of NRIs in countries like the United States, the United Kingdom, Canada, Australia, and Singapore are contemplating the prospect of retiring in India
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They are drawn to India’s resilient post-Covid-19 economy
A significant portion of non-resident Indians (NRIs) residing in countries such as the United States, the United Kingdom, Canada, Australia, and Singapore are increasingly considering returning to India for their retirement, as revealed by a recent survey conducted by SBNRI, a FinTech platform. Approximately 60 percent or more of NRIs in these nations are contemplating the prospect of retiring in India. They are drawn to India’s resilient post-Covid-19 economy, according to reports from retirement.outlookindia.com.
One compelling factor for NRIs is the array of financial benefits that the Indian government offers, including the ability to convert foreign currencies into Indian rupees and opportunities for savings and investment within India’s borders.
Mudit Vijayvergiya of SBNRI emphasized India’s resurgence in digitized and stable economic activities, presenting an optimistic outlook for investors. NRIs are increasingly viewing India as a promising market for their retirement plans due to simplified tax systems and regulatory norms, making it conducive for high-return investments.
Contrary to the trend of delaying retirement planning until later years, NRIs are taking a proactive approach, especially those in their 30s and 40s, to secure robust retirement plans.
The survey’s data indicate a strong desire among NRIs to return to India after retirement, with the highest percentages coming from Australia and Singapore, where approximately 80 percent intend to return, followed by 75 percent from the US and 70 percent from the UK. Canadian NRIs, at 63 percent, also show considerable interest in returning to India post-retirement.
India is emerging as an attractive destination for startups, boasting manufacturing capabilities, financial services, and technological advancements. A notable 72 percent of NRIs believe that India can provide the financial stability they seek. These NRIs view India as a stable investment avenue for both residents and non-residents.
Additionally, the decision to return is influenced by factors such as family and social connections, cost of living, familiarity with Indian culture, and the availability of healthcare facilities. The survey reports that 37 percent of Canadian NRIs, 33 percent of Australian NRIs, and 23 percent of NRIs in the US and the UK express confidence in returning to India for their retirement years.
The findings from the SBNRI survey demonstrate that NRIs have already started investing in India to support their financial needs during retirement. Approximately 56 percent of NRIs in the US and 44 percent in Canada have confidence in their return plans and have made investments in India. Similarly, 35 percent of NRIs from the UK and 45 percent from Singapore are actively preparing themselves financially and investing to support their retirement settlement plans in India.
Overall, NRIs are optimistic about India’s economic growth prospects. The survey underscores the ample investment opportunities in India, positioning the country as an attractive retirement destination for NRIs, particularly those hailing from the US, the UK, Canada, Australia, and Singapore.
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