Diaspora, dedication and development (3d): Indian perspective

Matrix Diaspora can and in many cases, do play a very significant role in economic, social, cultural and political development of any country. Beyond sending remittances, they can promote trade, foreign direct investment (FDI), create businesses and spur entrepreneurship, and transfer new technology and skills. The Indian Diaspora is a generic term to describe the people who migrated from territories that are currently within the borders of the Republic of India. It also refers to their descendants. The Diaspora is currently estimated to number over twenty million, composed of ‘NRIs’ (Indian citizens not residing in India) and ‘PIOs’ (Persons of Indian Origin who have acquired the citizenship of some other country). The Diaspora covers practically every part of the world. It is regarded as an asset in case of emergency in any country. For example, in India in the age of economy slowdown, India was passing through a bad phase and its monetary condition was severely affected. Inflation rate was high and people were unable to manage their daily life. In this condition, the impressive Indian Diaspora had played an important role in promoting India’s interest in domestic and abroad and act as its unnamed ambassadors. This was more so in the fields of culture, education, economic development and health and arts. This paper discusses various aspects and fields in which Indian Diaspora could play a very decisive role in economic development of the country. The later section talks about the major implications on economic development by role playing of Indian Diaspora in 21st century. Findings and conclusion have been described in the last section of the paper.