Sunday, January 07, 2007:

Inaugurating the 5th Pravasi Bhartiya Divas on 7th January 2007, Prime Minister Manmohan Singh thanked the overseas Indian community for its significant contribution to the nation’s economy.

Remittances to the tune of $23 billion flowed in from 25 million NRIs from 130 countries the largest for any country, according to the World Bank. This had triggered a growth of 9%, and a surge in the stock markets.

The Prime Minister made a special mention of the crucial role played by Indians in the USA in canvassing support for the recent nuclear cooperation deal. During the inaugural session, Singh turned to Indians from Bihar now settled in Mauritius to help turnaround their native state, and to make a Mauritius out of Bihar.

Boundless productive prospects for cross-border flow of trade, capital and technology exist, and Singh welcomed overseas Indians to join the fast pace of the domestic economy. In 2006, foreign direct investment worth $7 billion was made in India, while $18 billion was made in overseas investments by Indians.

Announcing sops for NRIs on the inaugural day, the Government stated that Persons of Indian Origin (PIOs) would now be at par with NRIs on inter-country adoption and availing domestic airfares. The Government also has plans to allow Non-Resident Indian doctors to allow practice here.

To safeguard the interests of Indians working abroad, social security agreements with the Netherlands, Sweden, Norway and France are likely to be inked soon, along the lines of the pact with Belgium.