The profound contribution of the Indian diaspora towards the economic prosperity of the nation has been acknowledged by the Reserve Bank of India’s Michael Patra. With a remarkable transformation from being perceived as a ‘brain drain’ to ‘brain gain,’ the diaspora’s dynamic and industrious nature has facilitated the country’s economic stability. Their unmatched prowess can be seen in their record-breaking remittance of $108 billion to their families in India, coupled with a cumulative deposit of $136 billion as of February 2023, further enhancing the nation’s foreign exchange reserves.

The Indian diaspora’s contributions to various fields in the global arena have been impressive, including information technology, entrepreneurship, international politics, medicine, arts and culture, and Nobel laureates, to name a few. The demographics of India, coupled with its longstanding history of international migration, have resulted in a vibrant expansion of Indian communities worldwide, culminating in a favorable economic, social, and political relationship with the world.

India’s economic landscape is undergoing a quiet yet fundamental transformation, including all its sectors, with the most striking transformation occurring in its exports of services. The service sector has demonstrated pandemic-proofing and is rising by more than 25% annually since 2020, providing invaluable support to the external sector’s viability. Additionally, India houses about 40% of the world’s Global Capacity Centres (GCCs), comprising an estimated 25% of overall IT services exports. The GCCs have also driven diversification, with firms from diverse sectors such as electronics, retail, automotive, banking and financial services, and hospitality setting up GCCs in India.

In conclusion, the contribution of the Indian diaspora towards the economic stability of the nation is undeniable, and their contributions will continue to shape India’s progress for years to come.

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