Narendra Modi's third term will witness the historical event of India becoming the third-largest economy in 2027, as predicted.
Behind this historical event are the efforts to introduce policies, especially India's foreign policy, that have enhanced opportunities for NRIs to engage on the global platform. These policies have given NRIs different ways to participate, collaborate, and contribute to the nation’s development.
Let's find out how Narendra Modi's third-term initiatives, such as the Viksit Bharat and Foreign Trade Agreement, can bring more opportunities and benefits to NRIs.
Opportunities with Sustainable Development
Keeping an aim on Viksit Bharat, a vision of inclusive and sustainable development to uplift every segment of Indian society, India is all set to make new changes in the education system, specifically focusing on the youth generation, which can bring new opportunities for NRI students in India.
FTA and Commitment to New Opportunities
It is also evident that Modi 3.0 will emphasise Free Trade Agreements with many countries and stick to its commitment to integrate India into the global economy. This commitment also presents new opportunities for NRIs, especially in enhancing trade and investment opportunities in India and beyond the borders.
India and the US Ties
If you look at the past pieces of evidence, throughout his two terms in office, PM Narendra Modi has played an essential role in boosting India's relations with other countries and, specifically, with the United States, which is also one of the home of the Indian diaspora.
Narendra Modi's visit in June 2023 is a significant milestone in India and US relations that birthed a charter on the “Initiative on Critical and Emerging Technology.”
This charter not only strengthened the bilateral relationship between these two countries but also opened the way to improve cooperation in different areas like artificial intelligence and cyber security.
This charter enhanced more opportunities for NRIs residing in the US, who can now invest in critical and emerging technology.
G7 - A New Opportunity
Recently, Prime Minister Narendra Modi accepted the invitation from Italian Prime Minister Giorgia Meloni to participate in the G7 summit on 13th June 2024. The G7 comprises countries like Italy, Canada, France, Germany, Japan, the UK, the US, and the European Union, where most of the Indian diaspora resides.
India is now an economic engine driving global growth through consumption, investment, and trade, and NRIs are now a part of this transformation. Moreover, if G7 expands to G8 by including India, it will create unparalleled opportunities for these NRIs beyond investment.
ASEAN and BIMSTEC
India is emphasising more on Indo-Pacific Cooperation and promising benefits for Non-Resident Indians (NRIs) residing in countries across the region. This includes organisations like ASEAN and BIMSTEC and countries like Japan, Korea, and Australia, where more than 15,00,000 NRIs reside.
This increasing connectivity and cooperation with India and its maritime neighbour will create more opportunities for NRIs in trade, investment, and employment in sectors like technology, finance, and manufacturing.
UAE and India’s Cultural Exchange
India's engagement with the Middle East is a crucial part of its foreign policy. It not only boosts the economy but also helps recognise the cultural identity of NRIs. During Narendra Modi's visit to the UAE, he emphasised the importance of NRIs' well-being and rights.
Also, the inauguration of Abu Dhabi's first Hindu temple signals that the UAE is inclusive of Indian culture.
India's strong position in the region ensures that NRIs can confidently explore opportunities for trade investment and cultural exchange in the Middle East. Bilateral FTAs, such as India's UAE CEPA and initiatives like I2U2, can create more opportunities for NRIs.
Conclusion
Narendra Modi’s third term has opened the gates for new opportunities for NRIs globally.
Thanks to India’s foreign policy, which is supported by India’s national culture and interests. With this, countries worldwide are interested in enforcing various agreements like the FTA with India that will bring vast opportunities for NRIs. India’s diplomacy can definitely bring more benefits for NRIs.
Rupali enjoys writing about everything related to money (in India and around the world). A MICA graduate in Communications, she has over seven years of experience in content creation and communication strategy for various user touchpoints, from CRM to UX for apps and websites, especially in fintech and healthcare. Outside of work, you'll find her binging on true crime documentaries or cooking up a storm.
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