The Indian economy demonstrates great resilience across sectors, especially after the subduing of the pandemic. The country is making continued efforts to make it a financially stable nation for its citizens as well as non-residents. Against this backdrop, people who packed their bags to move abroad to accomplish their dreams, the majority of them are considering settling down in India after retirement, said a new report.
In a recent survey unveiled by SBNRI, an NRI-focused FinTech platform, at least 60% of NRIs from Australia, Canada, the USA, the UK, and Singapore are considering returning to India as part of their retirement plans.
SBNRI said that the survey was conducted on its platform and over 100 responses were taken as sample for the purpose of the analysis.
NRIs from different countries participated in the survey:
Australia: 15
Canada: 16
US: 16
UK: 17
Singapore: 11
Others: 25
Also Read: Women Save 5% More For Future Than Men, Retirement Planning Top Priority: Report
The financial benefits provided by India to its NRIs are quite significant as it gives them an opportunity to earn in foreign currencies and convert their income to invest and save in India, the report added.
Key highlights of the survey;
Retirement Planning
Though retirement planning is off the radar for many people in their 30s and 40s, NRIs have set a robust financial plan well in advance. The SBNRI survey revealed that 80% of NRIs based in Australia and Singapore each, 70% from the UK and 75% from the USA consider returning to India as part of their retirement plans, followed by 63% Canadian NRIs with similar plans.
According to the SBNRI survey, 37% of Canadian NRIs, followed by 33% of NRIs based in Australia, and 23% in the UK and the US are confident of spending their golden years in their home country. To some extent, cost of living, cultural familiarity, family and social connections, healthcare facilities and investment opportunities are attributed to their decision, aligning with their long-term financial goals.
Financial assets are substantial to the holistic and long-term financial goals of NRIs.
The SBNRI survey findings also revealed a whopping 56% of the US, followed by 44% of the Canada-based NRIs have started investing in India to support their decision to return to India post-retirement.
Additionally, 35% of NRIs from the UK and 45% from Singapore have also started making financial preparations and investments to support this decision.
Investment Avenue
The survey added that India is an emerging global hub for startups with momentous manufacturing capabilities, financial services and technology advancements. It is formulating a strong strategy to stabilise its economy. This has made a whopping 72% of NRIs believe that India has a stable investment avenue for its inhabitants as well as non-residents.
This gives an ample opportunity to NRIs to diversify their investments, ultimately affecting their decision to return to their native land post-retirement.
The survey indicated India’s evolving financial landscape and more attractive investment opportunities reinforce its position as a promising retirement haven for its diaspora, especially from countries such as Australia, Singapore, the USA, the UK, and Canada.
A large number of NRIs who participated in the survey are bullish about the India growth story and have started their retirement planning within the country.
Mudit Vijayvergiya, founder, SBNRI, said, “India is making a strong rebound with digitised and stable economic activities emerging in the market. This makes India hold a promising future for investors. The country is also making it easy for NRIs to understand complex taxation systems and certain norms that make India a high return market for NRI investors that they can utilise as their retirement plans.”
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