Overseas Indians keen to participate in India's development

24 Sep '07

6 min read

The first Pravasi Bharatiya Divas held outside India with the theme of 'Engaging the Diaspora: The way forward' brought out enthusiastic sentiments from among the Indian diaspora for participating actively in India's growth and development.

The interactive sessions on investing in India, and on education and health were lively and full of ideas from the 400-strong audience of Indian Americans.

Addressing the session on Investing in India, Mr Kamal Nath, Minister of Commerce and Industry, said that there has been a huge difference in perception of India, and the diaspora represents the intellectual and entrepreneurial talent of India.

India is valued in the world for its arts and culture and its ethos of unity and harmony, said the Minister. The most important aspect of India's growth trajectory is its credibility of laws and institutional strengths which scores over other countries. Lauding the Indian diaspora, the Minister said that the community has made its mark across the world and is the face of India.

Answering questions, Mr Nath stated that the Indian government should not calibrate its exchange rate to favor industrial sectors.

In response to another question, he said that the Government will shortly be bringing out a new policy for upgradation of education standards and permit foreign educational institutions. Regarding civil society, he said that India has a strong NGO movement that is globally engaged and skilled.

Mr Nandan M Nilekani, Co-Chairman of Infosys Technologies Limited, emphasized the opportunities for the diaspora in the services sector.

The IT sector will double to $50-60 billion in 3-4 years, doubling employment as well. Its larger social purpose in education, urban governance, healthcare, etc will increase.

Mr Sam Kannapan, President, ABI Enterprises, Houston, Texas, spoke about the change in selling the India story to investors, but said that concerns regarding transparency and accountability remain.

Mr Parag Saxena, Founder and CEO, Vedanta Capital, talked about simplification of procedures in India and development of a deep long term bond market. Mr Anil Kumar, Co Chairman, CII Indian American Council and Director, McKinsey and Co, outlined the ways in which the Indian American Council can facilitate interest of the community in development in India. IAC is a valuable platform for contributing knowledge and time.

A special session on India@75 was held featuring Professor CK Prahalad, Paul and Ruth McCracken Distinguished University Professor, Ross School of Business, University of Michigan.

Sharing his vision for India in 2022, he stated that the country has the potential to actively shape the world order through economic strength, technological vitality and moral leadership.

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