A recent survey conducted by SBNRI, the NRI-centric fintech platform, revealed the top Indian cities preferred by returning NRIs for either business or investments. The report delved into the factors shaping NRIs’ decisions when selecting these destinations, delivering a concrete picture of returning NRIs’ mindset.
Also Read: India Gains Popularity As Retirement Haven For NRIs From Australia, Canada, USA: Report
The report said witnessing India’s tremendous economic progress, the country has become the leading destination for NRIs attracting a significant influx of NRI-led investments or business setups. Given the abundance of investment alternatives from mutual funds, and bonds to real estate, the country has myriad options that are bound to tantalise every NRI’s financial palette.
Key findings of the report;
The SBNRI report, which surveyed around 500 NRIs, revealed that 23% of overall returning NRIs prefer Mumbai, with 18% NRIs from the US followed by 14% NRIs from Canada along with 11% from both Singapore and other countries as the top choice for business or investments.
On the other hand, only 4% of Canada and Singapore-based returning NRIs prefer Bengaluru, whereas 9% of returning NRIs from other countries choose Bengaluru as the top choice. Similarly, while Delhi, the capital of the country, is preferred by only 3% and 2% of NRIs from Canada and Singapore respectively, it is certainly a leading choice for 7% returning NRIs from other nations for investments and business.
Mudit Vijayvergiya, founder, SBNRI said, “India is poised to become the global economic powerhouse driven by the unprecedented development and growth occurring in every ascent of the industrial landscape, making it the leading hotspot for returning NRIs, who equally want to leverage the unique opportunities that the country has to offer. From growing business to investment networks, along with employment opportunities, infrastructure progress and rampant urbanisation, the country offers all to NRIs.”
The report added that these opportunities aren’t merely limited to Tier 1 cities, but with government initiatives development opportunities have also opened their doors in Tier 2 and 3 cities and as per SBNRI’s report 12% and 16% of returning NRIs from the USA and other countries want to set up either business or investment in Tier 2 and 3 towns.
Despite the progression in Tier 2 and 3, 13% of Canada-based NRIs and 7% of Australia returning NRIs opt to set up their business or investment in Tier 1 cities with merely 5% from both countries respectively wanting to choose Tier 2 and 3 cities.
The survey also explored that 10% of NRIs from Canada followed by 4% from Singapore and 3% from other countries search for robust infrastructure before setting up business or investment. While 10% and 4% of NRIs from Canada and Singapore search for good infrastructure, the number significantly reduced with only 2% from both countries searching for employment opportunities before making destination decisions.
On the contrary, 8% and 9% of NRIs from other nations look for employment and government and political stability respectively before setting up a business or investment.
Why Do NRIs Invest In India?
Delving into the lucrative offerings that attract NRIs for setting up business or investment in India, the report revealed – 12% of Canadian NRIs and 9% of NRIs from the UK and other nations are attracted by the higher return on investment in India. On the other hand, 14% of NRIs from other countries are attracted by India’s growth opportunities, whereas, 9% from Canada and 7% from the UK are attracted by the same.
Furthermore, 8%, 6% and 3% NRIs from other countries, Canada and the UK respectively are attracted by the ease of setting up business in India.
The SBNRI survey report also disclosed that 16%, 14% and 12% NRIs from other nations, Canada and Singapore respectively are looking forward to investing or setting up business in the healthcare sector.
While IT services remain a prospective option for 8% and 6% of NRIs from other countries and Canada respectively, only 4% Singapore-based NRIs want to pursue in the same sector. At the bottom of the chart lies the tourism and transportation sector, with only 3% NRIs planning to invest or set up a business in the particular segment.
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