Vol. 5 No. 2 (2021)
Articles

A Descriptive Study on the Role of NRI in the Economic Development of India

Published 2021-09-26

Abstract

The economic development of a country depends on the percentage of productivity and various forms of investments that improve productivity. India a developing nation depends more on investments from both inside and outside the country. The present government gives more importance to funds from outside the country. A widespread COVID-19 pandemic reaching the towns and villages pushed the country's growth trajectory back by over 2 decades. For the first time, the government has decided to accept contributions from abroad to a Government led Fund, a decision that marks a shift from earlier position of not accepting foreign donations to deal with domestic crisis. NRI money not only helps in national savings and capital accumulation but also unlocks opportunities for investments in key areas by way of remittances. Every dollar that is transferred to India by way of remittances adds to our country’s foreign exchange pool. This paper reveals the remittance made by NRI’s in India and their contribution towards the Economic Development of the country.