NRIs and overseas Indians have the most varied occupations from doctors to hotel owners, from professionals to store owners, from NASA scientists to cab drivers, from public service to entrepreneurs with exceptional skill set. Since India is an emerging nation, the Make in India initiative is the need of the hour, the stair of expansion and growth in India. One of the most significant roles can be played by the NRIs in making Make in India a success.
‘Make in India’ is an initiative by the Indian Government to encourage companies to manufacture in India and to propel heavy investments into manufacturing. The objective is to generate a productive environment for investments, development of modern and systematic foundation and open up a new sector for foreign capitals. 25 economic sectors are targeted for job creation and skill enhancement and focused to modify India into a global approach and manufacturing.
NRIs – A Key to Success of ‘Make in India’
Indians are widely spread throughout the world whether it is the USA or UK or South Africa or Brazil or Canada and there are more than 200 countries where NRIs live, maintaining their culture and social connection with India through eating habits, marriages, Bollywood etc. They are successful and financially strong.
According to the ministry of external affairs, India’s NRI and POI (Persons of Indian Origin) population reached more than 30,995,729 which make up 6.4% of the world’s total ex-pat population. From one of the data, i.e, the World Bank estimated India’s remittances to be the highest in the world, standing at USD 79 billion shows the significant contribution of NRIs to the Indian economy.
Four ways by which NRIs can lead ‘Make in India’ to success
The globalisation of manufacturing has played a very important role in creating jobs and improving the living standards of the middle class in the growing national economies. There are many ways by which this Make in India initiative can be taken further towards success.
Knowledge Circle and Planning
at Bhubaneshwar, Odisha
NRIs have variable knowledge circles and experience that they have gained in foreign countries in every aspect. They can use this knowledge in mentoring and training teams of skilled youth in a planned way. The knowledge exchange will add values to the Overseas Indians. Their understanding circles contemplate occasions where a sector-specific knowledge acquired by an individual or Indian – origin organisation abroad can be used in India in manufacturing sectors enhancing Make in India progress. This knowledge exchange will also benefit NRIs further from Indian market exposure which in turn would result in joint development of IPR from India and R&D facility in India for Indian and global market.
There are countries such as Indonesia, Brazil, Thailand, Peru, Japan and many others that are too dependant on China’s export. The NRIs residing there have a great understanding of the market and demand. They can utilise this knowledge in India in the manufacturing field to cater for the markets abroad. At present India is basically into import but with such knowledge and abundant resources available here, we can be in too much export with the help of Make in India mission.
New Products Sourcing
Product sourcing is a platform where talent and skill interconnect for an online retail business with proper training and instruction. Various new products and innovative services are being manufactured in India for domestic and global utilisation. This creates huge opportunities for the NRIs to source products and services from India to their respective countries. Make in India mission can make this product outsourcing a success where the exchange will provide instant mutual benefit for India and overseas Indians.
Various manufacturing sectors like White goods, automobiles, IT, textiles and handicrafts, food and beverages, chemical, healthcare and engineering can produce cost-effective, quality and durable products that can be repaired and rebuild for long term use. NRIs could outsource these products globally thus increasing export from India and expansion of Indian participation in the Global market-making the Make in India mission successful.
Latest Technology Incorporation
According to the Ministry of External Affairs report, there are 36 million NRIs and PIOs are residing abroad. NRIs in Japan, The USA, South Korea, Germany and many other technologically advanced countries have a great sense of innovative modern technology and known to be the best in the world.
They can be the game-changer in the Make in India mission by incorporating their extreme understanding and innovative technological sense in the manufacturing sector to enhance productivity. Technology transfer does not need any financial investment in economic growth and overseas Indians can play a crucial role in technology transfer from abroad.
Financial Investments
India has a vast scope for investments in MNCs which in turn resulted in healthy economical growth. But the biggest opportunity for investments by NRIs is in the MSME sector. Make In India strategy facilitate investment, adopt innovation, intensify skill development for the MSME sector. NRI entrepreneurs in the MSME sector can be the building blocks of the Indian economy targeting to unlock the Indian market.
The NRIs can be the key player in harvesting the new government’s initiative ‘Make in India’ to promote the country’s resources, establish it as a manufacturing hub and expand and flourish it in the global market. The government should support them with targeted schemes such as ‘Invest India’ and ‘Skill India’ and provide them with a Plug-n-Play business environment.
