The country’s growing prominence as a global entrepreneurial hub and the flourishing startup ecosystem contribute to the attraction for NRIs looking to participate in India’s booming economy, according to a report by SBNRI
India has emerged as the preferred destination for Non-Resident Indians (NRIs) seeking business and investment opportunities, driven by a diverse array of options catering to their financial interests. The country’s growing prominence as a global entrepreneurial hub and the flourishing startup ecosystem contribute to the attraction for NRIs looking to participate in India’s booming economy, according to a report by SBNRI, an NRI-centric fintech platform.
The survey, conducted on approximately 500 NRIs, sheds light on the cities that top their preferences for business and investments. Mumbai takes the lead, with 23% of returning NRIs expressing a preference for this financial powerhouse. Breaking it down, 18% of NRIs from the United States, 14% from Canada, and 11% from both Singapore and other countries consider Mumbai as their top choice. In contrast, Bangalore garners preference from only 4% of returning NRIs from Canada and Singapore, while 9% from other nations opt for this city.
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Infrastructure emerges as a crucial consideration for NRIs, with 10% from Canada, 4% from Singapore, and 3% from other countries prioritizing robust infrastructure when making business or investment decisions
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Meanwhile, 10% and 4% of NRIs from Canada and Singapore, respectively, look for good infrastructure, with only 2% from both countries emphasizing employment opportunities when deciding on a destination. In contrast, 8% and 9% of NRIs from other nations prioritize employment and government and political stability, respectively, before committing to business or investment ventures
Delhi, another prominent business hub, is favored by 3% of NRIs from Canada and 2% from Singapore. However, it ranks higher among NRIs from other nations, with 7% choosing it for investments and business.
Mudit Vijayvergiya, the founder of SBNRI, attributes the increasing influx of NRIs returning to India for business or investment to the country’s remarkable development across various industrial sectors. He notes that India offers a spectrum of opportunities, including business growth, investment networks, employment prospects, infrastructure development, and widespread urbanization.
The report also highlights the expanding opportunities beyond Tier 1 cities, thanks to government initiatives. Tier 2 and 3 cities are gaining traction, with 12% and 16% of returning NRIs from the USA and other countries expressing interest in setting up businesses or investments in these locations. Despite this trend, 13% of Canada-based NRIs and 7% of returning NRIs from Australia still prefer Tier 1 cities for their business ventures, with only 5% from both countries considering Tier 2 and 3 cities.
Infrastructure emerges as a crucial consideration for NRIs, with 10% from Canada, 4% from Singapore, and 3% from other countries prioritizing robust infrastructure when making business or investment decisions. Meanwhile, 10% and 4% of NRIs from Canada and Singapore, respectively, look for good infrastructure, with only 2% from both countries emphasizing employment opportunities when deciding on a destination. In contrast, 8% and 9% of NRIs from other nations prioritize employment and government and political stability, respectively, before committing to business or investment ventures.
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