Budget For NRIs Too
It is pertinent to recall the contribution that non-resident Indians (NRIs) make to the Indian growth story. Over the last decade, NRI deposits have more than doubled from US$ 25.2 billion in 2001-02 to US$ 58.6 billion in 2011-12. Remittances from Indians living and working overseas, under the head of 'private transfers', surged to US$ 66.3 billion in 2011-12, from US$ 15.8 billion just ten years ago. To further mobilise resources from NRIs into the country a special dollar-denominated investment option could be contemplated. Besides, there is need to encourage greater participation of NRIs in long term government and corporate bonds.