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Indian Diaspora Crucial in Achieving $5 Trillion Economy

Says the honourable Indian Minister of State for External Affairs, Shri V. Muraleedharan on the 17th Pravasi Bharatiya Diwas held in Indore on January 7, 2023.
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Indian Diaspora Crucial in Achieving $5 Trillion Economy
Indore, Madhya Pradesh, India: In a significant testament to India's robust economic ambitions, key leaders convened at the PIOCCI convention, underscoring the invaluable contribution of the Indian diaspora. The event became a vibrant marketplace of ideas and strategies, with esteemed figures, including Hon'ble MoS for External Affairs, Shri V. Muraleedharan, and other luminaries, lauding the efforts of PIOCCI and diaspora.

As India strives towards its ambitious goal of a $5 trillion economy, the Hon'ble Minister of State for External Affairs, Shri V. Muraleedharan, has emphasised the instrumental role of the Indian diaspora in this endeavour. The remarks came during his address at the biennial convention of the People of Indian Origin Chamber of Commerce & Industry (PIOCCI) on the 17th Pravasi Bharatiya Diwas.

In association with the Sanchi University of Buddhist Indic Studies, the Ministry of External Affairs, the Ministry of Commerce & Industry, and Invest India, the convention focused on strengthening diaspora engagement for bolstering India's economic trajectory.

The minister emphasised the integral role that organisations like the People of Indian Origin Chamber of Commerce and Industry (PIOCCI) play in engaging the Indian diaspora for business growth. "Organisations like PIOCCI are integral in engaging the Indian diaspora for business growth," said Shri Muraleedharan, emphasising the indispensable link between India and its globally dispersed citizens. He hailed the diaspora's influence in diverse sectors such as economies, science, technology, politics, and multinational corporations.

In an optimistic prediction for the future, Murlidharan expressed that India will dominate the growth in the working-age population in the coming decade. He anticipated significantly adding 1 billion people to the labour force in the next two decades and stressed the importance of a trained, skilled workforce to leverage this demographic advantage. Given the proper focus and investment in skill development, he expressed confidence in India's potential to become the world's skill capital.

The day began with an inaugural Nav Bharat Ka Namo-Nirman session focused on deepening and expanding emotional and economic engagement with the diaspora. Participants celebrated the Azadi Ka Amrit Mahotsav (India@75), which marked the 75th anniversary of India's independence and highlighted the country's resilient economy, reformed policies, and remarkable prospects for growth.

During the session, several distinguished guests delivered speeches, including one from Honourable Suresh Prabhu ji, Member of Parliament, which accentuated the pivotal role of the Indian diaspora in the nation's economic development.

In his insightful address, MP Suresh Prabhu ji applauded the diaspora's remarkable financial contributions, signalling the astounding $100 billion in remittances received by India in 2022. He emphasised that the economy of India is interwoven with the significant contributions of those residing outside the country.

"PIOCCI plays a vital role in fostering these economic connections," he asserted, establishing the significance of PIOCCI in India's economic vision. Stressing the value of their input, he commented that it's virtually impossible to envision India's economy without factoring in the influence and impact of the diaspora. Prabhu's remarks celebrated the Indian diaspora's immense contribution and underscored their crucial role in shaping India's economy.

Echoing Suresh Prabhu ji's sentiments, Honourable Shri Om Prakash Sakhlecha, the Indian Minister for the Micro, Small and Medium Enterprises (MSME) Sector and Science and Technology, emphasised the impossibility of contemplating the Indian economy without acknowledging the significant role played by those Indians residing overseas.

Shri Om Prakash Sakhlecha, the Indian Minister for the MSME Sector and Science and Technology, lauded PIOCCI's role in providing support and platforms for diaspora entrepreneurs, thereby boosting India's global stature.

Furthermore, he lauded the competitive spirit of the Indian diaspora. He highlighted their ability to thrive globally, representing India with their talent and tenacity and earning recognition in various fields worldwide. Minister Sakhlecha expressed his admiration for the Indian diaspora's worldwide successes and underlined their crucial role in boosting India's economy and global stature.

Further adding to the discourse, Sushri Usha Thakur ji, Hon'ble Minister of Culture, Tourism and Adhyatma for Madhya Pradesh State, and MP Satyapal Singh ji acknowledged the diaspora's cultural contributions, positioning them as ambassadors of Indian traditions and heritage globally. They underscored the role of organisations like PIOCCI in promoting and preserving Indian culture, practices, and heritage across the globe.

Adding a business dimension to the discussion, Sushri Priya Rawat, Chief Operating Officer of Invest India, pointed out the fundamental role of infrastructure, ease of business, and startups in driving India's growth.

Rawat highlighted the ease of doing business and spoke about the government's initiatives to enhance logistic competitiveness. By simplifying procedures, removing bottlenecks, and improving infrastructure, she said that India has significantly improved its position in the global Ease of Doing Business rankings, directly influencing the inflow of foreign investments into the country.

She credited PIOCCI with fostering business partnerships and supporting startups, pivotal in India's economic ascent, positioning India prominently on the global economic map.

The PIOCCI biennial convention successfully brought together a diverse range of stakeholders, including government officials, industry leaders, and diaspora members, to explore the potential of diaspora engagement in achieving India's $5 trillion economy goal. With an emphasis on cultural heritage, knowledge economy, and addressing diaspora challenges, the convention strengthened the emotional and economic bonds between India and its global diaspora.

PIOCCI is a global business platform that fosters investment and international trade. It explicitly supports People of Indian Origin (PIOs), Non-Resident Indians (NRIs), and their diverse business endeavours to cultivate economic partnerships worldwide and within India. PIOCCI offers investment and financial services, international trade, human resource development, technology innovation, and information services.

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