Indian diaspora has scaled new heights in the West. Describe its economic and political benefits for India. (150 words)
The Indian diaspora has made significant strides in the West, bringing both economic and political benefits to India.
Economic Benefits:
- Remittances: India received a record $108 billion in remittances in 2022, accounting for around 3% of its GDP.
- Investment: The diaspora invests in Indian businesses, stimulating job creation, innovation, and economic growth.
- Technology Transfer: Diaspora members facilitate the flow of commercial ideas and technologies into India, especially in fields like artificial intelligence.
Political Benefits:
- Diplomacy: The Indian diaspora has emerged as an important political constituency, influencing diplomacy and national development.
- Lobbying: Diaspora members lobby for favorable terms regarding India’s interests, such as the INDO-US Civil Nuclear Deal.
- Soft Power: The diaspora promotes Indian culture, traditions, and arts, enhancing India’s global image.
The Indian diaspora’s achievements in the West not only promote India’s image but also benefit its economy and political standing on the global stage.
