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Raminder Singh Wadhwa (S 41)
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COMPOSITION OF DIASPORA
Migrants make up 3% of the worlds population
Top 3 countries with large migrant populations are in Asia:
China, India and the Philippines
Bangladesh: Between 7 & 8 Million China: 144 Million
India: 20 Million +
Indonesia: 3 Million +
Pakistan: 3.9 Million Philippines: 8.2 Million
Vietnam: 3.2 Million
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Transfer Payments - Remittances from overseas Indians
Lets see where we stood a year ago
23 Billion USD a year in remittances from 30 million Non Resident Indians
disbursed in 130+ countries.
The Overseas Indians worldwide produce an economic output of
about $400 billion approx. 30% of Indias GDP
Indians make up roughly 20 percent of the "International Medical Graduates" -
or foreign-trained doctors - operating in the U.S.
26 percent of all immigrant-founded companies in the past 10 years werefounded by Indian immigrants.
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REMITTANCES
World Bank Estimates in 2005
US$232 Billion with 72% going back to developing
countries
Unrecorded remittance flows add about 50% more
Remittances are twice the size of ODA
Highest receiving countries
India ($21.7 B)
China ($21.2B) Mexico ($18.9B)
Philippines ($13B)
Top three remittance sources: US, Saudi Arabia and
Switzerland
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Is/Was this phenomenon contributing to
Indias Current Economic Growth of 9%?
YES!
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DIASPORA PHILANTHROPY:
MECHANISMS
Families / personal ties
Religious institutions
Intermediaries Give2Asia, United Way
Diaspora Foundations American India
Foundation, Alumni Associations (IIT Heritage Fund)
Hometown Associations
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AMERICAN INDIA FOUNDATION:
DIGITAL EQUALIZER PROJECT
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India faces meltdown woes The GRIM Picture
*Suicides soar in a country in which bankruptcymeans more than just loss of face* - Times on aLos Angeles resident and product of the IIT, ruined
financially, shot dead his wife, three children and
mother-in-law before taking his own life.
The Financial Times - Ban Ki-moon, the UnitedNations secretary-general, stated - he fears that
people in emerging markets like India would be hurtmost by the devastating financial turbulence
unleashed in the US and Europe.
"The least developed countries, the poorest of the' - -
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India faces meltdown woes The GRIM Picture
Last month, Wipro Technologies, has askedhundreds of its US employees to go on no-pay leave
after it lost two of the biggest customers, Lehman
Brothers and Merrill Lynch.
Chinese exports to the US which were 22.5 percent
of the countrys total basket have been hard hit,
affecting dependent economies such as Indias, which
supplies cotton bales to Chinese manufacturing units.This has only worsened the despair of the Indian cash
crop farmers and aggravating the possibility of
already-rising farmer suicides. It is believed that as
many as 1,000 farmers commit suicide every month.
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At the end of this section we see
1. Indian economy growing at a rate of 8.5% is today one of
the most attractive destinations for investment, business.
2. Vast opportunities exist for business, investment in various
sectors especially in the development of infrastructure sector.
3. India is being used as manufacturing, R & D hub by many
leading companies of the world by making use of vast skilled
labour, low cost advantages.
4. Regulations in India generally do provide incentive to do
business, investment in India.
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RECOMMENDATIONS
Creation of an enabling environment
Revise existing regulations and laws
Strengthen diaspora networks overseas and encourage
investment in local development
Create partnerships between diaspora communities and
communities of origin