Why targeting NRIs for rising property prices misses the real issues
Many Indians feel frustrated seeing homes in their hometowns bought by NRIs, believing these investments push prices beyond locals’ reach.
However, Akshat Shrivastava, Founder of Wisdom Hatch, argues that blaming NRIs is misguided. NRIs earn in strong currencies like US dollars, pounds, or euros, so when converted to rupees, their purchasing power is much higher than that of most Indians, reported indiatoday.in.
NRIs Buy Property with Strong Foreign Earnings, But India’s Low Salaries Are the True Challenge.
Shrivastava points out that the core problem is India’s stagnant salaries and lack of high-paying jobs. For instance, a senior officer earning Rs 1.5 lakh per month might save Rs 1.6 crore over 30 years—still insufficient to afford a decent villa in places like Goa. He stresses that India’s failure to attract quality businesses that generate wealth is to blame, not NRIs. “Tagging NRIs as the enemy is not the answer,” he says.
The bigger issue lies in India’s economic structure, where income disparity between locals and NRIs is vast. Instead of blaming NRIs, India must focus on job creation, wage growth, and fostering a business-friendly environment to address the housing crisis effectively.
