Pravasi Bharatiya Divas sessions highlight investment opportunities in India

Continuing on its objective to deepen economic engagement with the Indian diaspora, three concurrent sessions at the Pravasi Bharatiya Divas 2009 addressed opportunities presented for investment in India. The PBD convention is being held in Chennai from 7-9 January by the Ministry of Overseas Indian Affairs in partnership with the Government of Tamilnadu and the Confederation of Indian Industry. The consensus was that the Indian growth story is still intact and overseas Indians can take advantage of business opportunities across sectors such as real estate, education and healthcare.

Addressing the session 'Building Bridges: Trade and Investment', Dr Ashwani Kumar, Minister of State, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, pointed out that India is still a good growth story, as its economic fundamentals are strong. A GDP growth of 6.5% is expected, even while most countries are suffering economic downturn. He stressed that the diaspora must bring funds into India. At the same time, it should engage in skill-building activities in the country.

Mr. Gopinath Pillai, Ambassador-at-large and Chairman, Institute of Asian Studies, Singapore, said that compared to the Chinese Diaspora, Indian Diaspora has brought in less investments, but on the other hand, it has brought better skills which is also of enormous significance. He suggested that to properly utilise the skills of returning workers, they should be involved in developmental activities.

Mr. Hari Pandey, President, Wealth Management, North American Region, ICICI Bank Group, Canada, stressed that overseas Indians must show the world how to invest in India. Mr. Ravi Pillai, Managing Director, Nasser S Al–Hajri Corporation, Bahrain said that the diaspora should uncompromisingly endorse India and Indian products should be used by them to the maximum. Mr. Jayadev Galla, Managing Director, Amara Raja Batteries Ltd, Hyderabad, India, stressed the importance of returning to the roots. Chairing the session, Mr. Venu Srinivasan, Vice President, CII, opined that with a large and growing middle class with increasing purchasing power, and exports at 15% export intensity, the investment potential for India is high.

Continuing the emphasis on education and knowledge exchange at the concurrent session on Education and Diaspora Knowledge Network, Chief Guest, Smt. D Purandeswari Devi, Minister of State for Human Resource Development, urged the Indian diaspora to supplement the efforts of the Indian Government to make India a knowledge-based economy. The Minister outlined the educational initiatives of Sarva Siksha Abhiyan and Mid Day Meals Scheme, which have attracted more students to schools. However, she urged, there is a long way to go as 7 million children are still out of school and about 25 percent faculty shortfall is being experienced.

Datuk Dr. S Subramaniam, Minister of Human Resources, Malaysia, and Guest of Honour, pointed out that Diaspora Knowledge Network should not only focus on Diaspora-Home country relations but also strengthen Diaspora-Diaspora relations. In response to his call, the Minister for Overseas Indian Affairs, Shri Vayalar Ravi, who was present among the audience, readily accepted his suggestion.

Mr. S Ramadorai, Chief Executive Officer, Tata Consultancy Services, Mumbai pointed out that Internet has become an important means of global integration and Diaspora Knowledge Network has great potential. However, he urged that the portal should result in concrete collaborations and generate ideas and transform them into community actions.

Lord Diljit Singh Rana, MBE, Founder and Chairman, Andras House Ltd., UK, mentioned the successful Irish experience of knowledge network. Talking about the role of diaspora in the delivery of education, he recommended that an Advisory Panel at District level be considered in order to better coordinate with the diaspora.

Mr. Ravi Seethapathy, Chair, Canadian Advisory Council of the Sastri Indo-Canadian Institute, Canada, talked about possible operational difficulties in the Global-INK concept. He pointed out that the Government should think about the ways and means of sharing the knowledge in different layers of civil society.

Dr. Raj P Warrier, Vice Chancellor, Manipal University, Manipal, in his address outlined the plans for the PIO university and its proposed role in greater integration with the Diaspora. Mr. P Kishore, MD, Environ Systems, offered three solutions for the present education problems in India – Technology as a Solution; Technology-enabled Institutions and Enhanced Private Investments in Education. The concurrent session was chaired by Dr. Renu Khator, Chancellor, Houston University, USA.

The concurrent session 'Building Bridges: Media & Entertainment' was chaired by Mr. N Ravi, Editor of the Hindu. The Guest of Honour was Dr. P Ramasamy, Deputy Chief Minister, Penang, Malaysia. The speakers included Mr. Shan Chandrasekar, President & CEO, Asian Television Network International, Canada, Mr. Loganathan Naidoo, Executive Councillor & Deputy Mayor of eThekwini (Durban), South Africa, Mr. Venkat Raman, Correspondent, The National Business Review Editor, Indian Newslink, New Zealand, Mr. Prakash M Swamy, Indian American Journalist, USA and Mr. Ranvir Nayar, Managing Director, Media India, Paris.

The session focused on the role of media played by two spheres of Indians—the diaspora and the Indians. The image of Indians abroad has progressed over the past 150 years across the globe—from South Africa to New Zealand. There is great visibility and pride being felt in the Indian diaspora. Dr. Ramasamy raised the plight of Tamil Indians in Malaysia and the need for greater support and networking within the Indian community, both in India and abroad. The discussion stressed that the role of third-generation diaspora is significant in sustaining the growth of cultural roots irrespective of the country of immigration. Though the Indian media has grown in certain countries like Canada, there is relatively slower growth in Europe. Mr. Prakash Swamy from New York mentioned that the primary focus of Indian media has shifted to community-focused publications to enhance the participation of the Indian community in politics in the United States.

Source : Press Information Bureau

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