DIASPORA DEPOSITS ARE ANOTHER ENGINE OF INDIA'S ECONOMY
N. V. GALISHCHEVA Candidate of Economic Sciences MGIMO (U) of the Russian Foreign Ministry India Keywords:, Indian diaspora, foreign capital, deposits of non-residents of Indian origin Modern India never ceases to amaze the world with its successes: among them, the rapid development of the automotive industry and biotechnology, the space industry and nuclear energy, and the formation of a national innovation system. Now the country is associated not only with Bollywood movies and endless sandy beaches of Goa, but also with information technology and pharmaceutical products*. According to the latest data from the International Monetary Fund (IMF), in 2010 the country's economic growth rate was 9.9%, and it is close to China (10.4%), which has retained the honorary "title of champion"over the past decade1.In 2011, growth declined to 7.4% due to the slowdown in the global economic recovery and the persistence of crisis phenomena, primarily in the euro area, but India remains one of the fastest growing countries (in 2012 and 2013, this figure is projected at 7% and 7.3%, respectively)2. One of the "secrets" of this rapid rise can rightly be considered the assistance provided to India by representatives of its diaspora, which currently numbers more than 25 million people and ranks second in number in the world (after China)**. The number of its direct labor component, according to the World Bank (WB) at the beginning of 2011, reaches 11.4 million people (second place in the world after Mexico-11.9 million people) 3. Since 2004. India consistently holds the 1st place in the world in terms of the absolute volume of money transfers to its homeland made by representatives of the Indian diaspora.4 According to the results of 2010, the volume of money transfers to this country reached $55 billion, which was more than 12.5% of the world figure (according to the World Bank, the world volume of money transfers in 2010 amounted to more than $440 billion).5. At the same time, by re ... Read more
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Delhi, India
12.09.2023 (225 days ago)
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