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Underlining the contribution of non-resident Indians, Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Tuesday said <keyword id="6369957" type="General" weightage="20" keywordseo="remittances" source="Orion">remittances</keyword> sent to the country by overseas Indians were about USD 100 billion for the year 2022, an increase of 12 per cent in one year. Speaking at a session during the <keyword id="70478" type="General" weightage="20" keywordseo="Pravasi-Bharatiya-Divas" source="Orion">Pravasi Bharatiya Divas</keyword> (PBD) convention in Madhya Pradesh's Indore city, she described NRIs as the "real ambassadors of India" and appealed to them to use made in India products and services as far as possible so that the country's individual brand can be promoted across the globe. Sitharaman also said that after the "China plus one" policy, the world is now talking about the "European Union (EU) plus one" policy. The government is strongly presenting India to multinational companies as a country where they can set up their factories apart from China and the EU, she said. Sitharaman said the <keyword id="6402673" type="General" weightage="20" keywordseo="Indian-diaspora" source="Orion">Indian diaspora</keyword> should also partner with small and big businessmen of the country so that the entrepreneurial skills of NRIs can be harnessed in the next 25 years during the 'Amrit Kaal' of independence. "I recognise that remittances, which come from abroad by Indians who migrated, are about 100 billion US dollars for the year 2022. This is one of the highest remittances which is coming," the finance minister said. This has gone up by 12 per cent if compared to 2021, she said. "Within a year which was post-pandemic, people thought Indian workers will not go back abroad again, they have not only gone back but more have gone for very useful employment and the remittance numbers have gone up by 12 pc within one year," she said. Citing the dominance of Indian professionals in information technology, digital technology, automobiles, semiconductor designing, pharmaceutical manufacturing and other fields, she said the country is becoming a global hub of knowledge and progress. "In the Amrit Kaal of independence, an aspirational India will focus on four "I" which include <keyword id="17408" type="General" weightage="20" keywordseo="infrastructure" source="Orion">infrastructure</keyword>, <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>, innovation and inclusion," she said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-57-paise-to-close-at-81-78-against-us-dollar/articleshow/96884168.cms">Rupee gains 57 paise to close at 81.78 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-tata-motors-paytm-among-stocks-in-focus-on-tuesday/articleshow/96870156.cms">Sensex sheds 632 points, Nifty50 falls 187 points as PSU bank, financial services and IT stocks drag</a>

Remittances from overseas Indians increased by 12% $100 billion in 2022: Sitharaman

The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) on Wednesday announced a series of measures to boost foreign exchange inflows. The central bank said that it has taken the steps in order to further diversify and expand the sources of <keyword id="6358355" type="General" weightage="20" keywordseo="forex" source="Orion">forex</keyword> funding so as to mitigate volatility and dampen global spillovers. India's foreign exchange reserves stood at $593.3 billion as on June 24, 2022, supplemented by a substantial stock of net forward assets, it said. The RBI has exempted incremental Foreign Currency Non-Resident Bank (FCNR-B) and Non-Resident (External) Rupee (NRE) deposit <keyword id="127684" type="General" weightage="20" keywordseo="Liabilities" source="Orion">liabilities</keyword> for computation of Net Demand and Time Liabilities (NDTL) for maintenance of cash reserve ratio (<keyword id="35038" type="General" weightage="20" keywordseo="crr" source="Orion">CRR</keyword>) and statutory liquidity ratio (<keyword id="46197" type="General" weightage="20" keywordseo="SLR" source="Orion">SLR</keyword>) by the banks. This will be effective from the reporting fortnight beginning July 30, 2022 with reference base date of July 1. "This relaxation will be available for deposits mobilised up to November 4, 2022. Transfers from Non-Resident (Ordinary) (NRO) accounts to NRE accounts shall not qualify for the relaxation," the RBI said. It also decided to temporarily permit banks to raise fresh FCNR(B) and NRE deposits without reference to the extant regulations on interest rates, with effect from July 7, 2022. This relaxation will be available for the period up to October 31, 2022. The RBI also relaxed rules relating to foreign portfolio investment in debt by allowing all new issuances of government securities (G-Secs) of 7-year and 14-year tenors, including the current issuances of 7.10 per cent GS 2029 and 7.54 per cent GS 2036, under the Fully Accessible Route (FAR). It also decided that <keyword id="6362476" type="General" weightage="20" keywordseo="investments" source="Orion">investments</keyword> by FPIs in government securities and corporate debt made till October 31, 2022 will be exempted from the macroprudential short term limit - not more than 30 per cent of investments each in government securities and corporate bonds can have a residual maturity of less than one year. These investments will not be reckoned for the short term limit till maturity or sale of such investments. As part of the macroprudential framework under the medium term framework (MTF), foreign portfolio investors (FPI) can invest only in corporate debt instruments with a residual maturity of at least one year. The central bank has decided that FPIs will be provided with a limited window till October 31, 2022 during which they can invest in corporate money market instruments viz., commercial paper and non-convertible debentures with an original maturity of up to one year. The FPIs can continue to stay invested in these instruments till their maturity/sale. These investments will not be included for reckoning the short term limit for investments in corporate securities. According to the RBI, Authorised Dealer Category-1 (AD Cat-I) banks can utilise overseas foreign currency borrowings (OFCB) for lending in foreign currency to entities for a wider set of end-use purposes, subject to the negative list set out for external commercial borrowings (ECBs). The measure is expected to facilitate foreign currency borrowing by a larger set of borrowers who may find it difficult to directly access overseas markets. This dispensation for raising such borrowings is available till October 31, 2022. As regards the external commercial borrowings (ECB) the RBI has temporarily increased the limit under the automatic route from $750 million or its equivalent per financial year to $1.5 billion. The all-in cost ceiling under the ECB framework is also being raised by 100 basis points, subject to the borrower being of investment grade rating. The above dispensations are available up to December 31, 2022. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/monsoon-rain-wreaks-havoc-in-himachal-and-karnataka-orange-alert-in-gujarat/articleshow/92704563.cms">Monsoon rain wreaks havoc in Himachal and Karnataka, orange alert in Gujarat</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/macbook-air-with-m2-chip-will-go-on-sale-from-july-15/articleshow/92704253.cms">Apple’s MacBook Air with M2 chip will go on sale from July 15, pre-orders starting July 8</a>

RBI tries to boost forex reserves by easing NRI deposit norms

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the <keyword id="144110" type="General" weightage="80" keywordseo="department-of-economic-affairs" source="Orion">Department of Economic Affairs</keyword>, under the Union Finance Ministry, said. In a recent report, the Department of Economic Affairs said the country's external debt continues to be sustainable and prudently managed. "As at end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago. External debt as a ratio to GDP (gross domestic product) was 19.9 per cent, while reserves to external debt ratio was 97.8 per cent," the report said. The sovereign debt at $130.7 billion rose higher by 17.1 per cent over its level a year ago, mainly because of additional allocation of special drawing rights (SDR) by the IMF during 2021-22. The non-sovereign debt, on the other hand, grew 6.1 per cent to $490 billion over the level as at end-March 2021. Experts had said that the external debt of $620.7 billion need not be a concern as $490 billion is non-government and the share of government is only $130.8 billion. Of the non-government debt, the share of non-financial corporations was about $250.2 billion. Further, the total debt of $620.7 billion as a percentage of gross domestic product (GDP) was 19.9 per cent and the debt service ratio was 5.2 per cent. Experts also said India cannot be compared with Sri Lanka that is in a severe economic crisis. The share of the central government in short term debt - maturing in a year's time- is only $7.7 billion out of the total $267 billion, experts had said. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword> deposits, and short-term trade credit are the three biggest constituents of the non-sovereign debt, accounting for as much as 95.2 per cent. While NRI deposits declined by two per cent to $139 billion, commercial borrowings at $209.71 billion and short-term trade credit at $117.4 billion rose by 5.7 per cent and 20.5 per cent, respectively. According to the report, the debt vulnerability indicators continued to be benign. The debt service ratio fell significantly to 5.2 per cent during 2021-22 from 8.2 per cent during the previous year, reflecting buoyant current receipts and moderating external debt service payments. The debt service payment obligations arising out of the stock of external debt as at end of March 2022 are projected to trend downwards over the coming years. From a cross-country perspective, India's external debt is modest. In terms of various debt vulnerability indicators, India's sustainability was better than the Low-and Middle-Income Countries (LMICs) as a group and vis-a-vis many of them individually. According to the report, the US dollar continues to be the leading currency of denomination accounting for 53.2 per cent of the total as at end March 2022. Deposits in Non Resident (External) <keyword id="8182719" type="General" weightage="80" keywordseo="rupee-accounts" source="Orion">Rupee Accounts</keyword> (NR(E)RA), NRO accounts and <keyword id="725142" type="General" weightage="80" keywordseo="fpi" source="Orion">FPI</keyword> investments in Gsec and corporate bonds are among the components of India's external debt, denominated in Indian rupees. Indian rupee is the second leading currency of denomination with a lower share of 31.2 per cent of the total as at end-March 2022 than 33.3 per cent a year ago, reflecting erosion of outstanding FPI investments in G-Sec and corporate bonds ($50.1 billion from $51.4 billion as at end-March 2021) and balances under NRE accounts ($100.8 billion from $ 102.6 billion). Following the US dollar and the Indian rupee are the SDRs (6.6 per cent), the Japanese <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> (5.4 per cent) and Euro (2.9 per cent). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-liquor-shops-open-at-metro-station-premises/articleshow/93994229.cms">Delhi: Liquor shops open at Metro station premises</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mistrys-body-to-undergo-autopsy-in-mumbai-pundoles-critical-but-stable/articleshow/93994156.cms">Mistry's body to undergo autopsy in Mumbai, Pundoles critical but stable</a>

India's external debt of $620bn is sustainable: Finance Ministry report

Non-resident Indians, who were <a href="http://www.businessinsider.in/NRI-Investments-In-Indias-Real-Estate-Market-To-Surge-By-35/articleshow/42378724.cms">once major property buyers</a> in India, are now keeping away from investing here, and the Indian state of Kerala seems to be the <a href="http://www.businessinsider.in/Want-to-invest-in-real-estate-Think-Kochi/articleshow/48996677.cms">worst affected</a>. 
 
Off lately, Kerala has seen more than 50% drop in sales to the NRI buyers, as per the global real estate consultant Coldwell Banker. Among other places affected by this NRI disinterest in Indian property market are Ahmedabad, Surat, Vadodara, Bengaluru, Mumbai, <a href="http://www.businessinsider.in/Pune-Hyderabad-Navi-Mumbai-and-Ahmedabad-among-10-affordable-property-markets-in-India/articleshow/50548470.cms">Pune, Hyderabad</a>, Gurugram and Noida, which have seen around 20% drop in the annual demand over past two years. 
 
Also read: <a href="http://www.businessinsider.in/Know-why-NRI-home-buyers-are-back-on-propertydevelopers-radar/articleshow/48096968.cms">Know why NRI home buyers are back on property developers’ radar</a> 
 
The slowdown in the Gulf region, which has significantly reduced NRIs' disposable income, can be cited as the reason behind this change in trend, while one can’t ignore the role played by a week rupee, which even though improves the buying capacity, makes the actual ROI lower for NRIs. 
 
Kerala's property market has seen major investments from Gulf countries, which have now slowed down due to job rationalisations and slower economic conditions in Western Asian countries. 
 
This has forced the Kerala-based Builders to make homes for the middle income group so that at least local buyers can be attracted. Earlier, they focused on making houses costing Rs 1 crore and more, to invest NRIs. 
 
Some experts believe that it’s also the poor quality of <a href="http://www.businessinsider.in/Here-are-dos-and-donts-for-NRIs-who-apply-for-home-loans/articleshow/50296601.cms">client servicing</a> and construction that has led to a lowered NRI interest in buying properties in the state. 
 
<a href="http://realestatetalk.com.au.s3.amazonaws.com/wp-content/uploads/2015/07/houses_prices_down_28_05.jpg">Image source</a>

Kerala’s property market crunch has nothing to do with India’s economic situation, but a worrying trend anyway

This year <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> players in India will have a reason to smile. Studies indicate that NRI property buyers’ investment is expected to surge by 35% against 18% in the last fiscal year. 
	 “NRIs feel confident about the new government of India and waiting for an investment-friendly market in various fields” said D S Rawat, secretary general of <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword> in a report. According to a survey conducted by the industry body, where 850 real estate developers were questioned, there has been a substantial increase in number of enquiries from NRIs. The survey was carried out in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun and Chennai among others. 
	 Rawat attributed this rise to the revival of global economies. “People are more optimistic and looking for property to invest in. Both small and big developers are foc<keyword id="6354458" type="COUNTRY" weightage="20" keywordseo="US">us</keyword>ing the NRI base in the US, <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> and Asia Pacific Region this year. ” 
	 According to the findings of the survey, NRI property buyers have shown inclination towards high-end residential and commercial properties in the country. A large number of enquiries are coming from Indians residing primarily in the Middle East, the US, <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword>, Australia, UK, Canada and South Africa. 
	 
	In terms of the most preferred city, Bangalore has topped the charts followed by Ahmedabad, Pune, Goa and Chennai. Surprisingly, Delhi is among the least preferred real estate markets. 
	 
	“Bangalore tops in terms of investment from Non Resident Indians (NRIs) who are considering settling down in India in coming years. The major factors that drive NRIs to invest in Bangalore’s property market is the booming IT sector. On the other hand, Ahmedabad has continued to be the most stable market in terms of demand and absorption of both residential and commercial spaces. NRI’s consider Ahemdabad as a safe place to invest in, with lenient government regulations regarding property investments by NRIs. While Pune takes the 3rd place with 30.5%, Chennai at 28% per cent assumes 4th position and Goa is at 5th position with 23%. While in Delhi, only 21% NRIs are interested in property purchase,” the study disclosed. 
	 
	In order to woo the cash-rich NRI clientele, real estate players have not only organised property shows and exhibitions, but have also expanded their existing distribution chains and entering into strategic partnerships to encourage investments in the Indian property market. 
	 
	 NRI Investments In India’s Real Estate Market To Surge By 35%NRI property buyers’ investment is expected to surge by 35% against 18% in the last fiscal year.“NRIs feel confident about the new government of India and waiting for an investment-friendly market in various fields” said D S Rawat, secretary general of ASSOCHAM in a report. 
	 
	According to a survey conducted by the industry body, where 850 real estate developers were questioned, there has been a substantial increase in number of enquiries from NRIs. The survey was carried out in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun and Chennai among others.Rawat attributed this rise to the revival of global economies. “People are more optimistic and looking for property to invest in. Both small and big developers are focusing the NRI base in the US, UK and Asia Pacific Region this year. ” 
	 
	NRI property buyers have shown inclination towards high-end residential and commercial properties in the country. A large number of enquiries are coming from Indians residing primarily in the Middle East, the US, Singapore, Australia, UK, Canada and South Africa.Ahmedabad, Pune, Goa and Chennai. Surprisingly, Delhi is among the least preferred real estate markets.NRIs) who are considering settling down in India in coming years. The major factors that drive NRIs to invest in Bangalore’s property market is the booming IT sector. 
	 
	On the other hand, Ahmedabad has continued to be the most stable market in terms of demand and absorption of both residential and commercial spaces. NRI’s consider Ahemdabad as a safe place to invest in, with lenient government regulations regarding property investments by NRIs. While Pune takes the 3rd

NRI Investments In India’s Real Estate Market To Surge By 35%

<a href="http://www.businessinsider.in/searchresult.cms?query=Prime+Minsiter+Narendra+Modi&amp;sortorder=effectivedate">Prime Minsiter Narendra Modi</a> has always addressed Indian <keyword id="57609" type="ORGANIZATION" weightage="20" keywordseo="Diaspora">Diaspora</keyword> during his foreign tours, appealing and encouraging them to invest in their homeland. Behind the powerful speeches, actions and plans is <keyword id="667859" type="PERSON" weightage="100" keywordseo="Vijay-Chauthaiwale">Vijay Chauthaiwale</keyword>, who plans how <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword>’s foreign policy should be. 
 
Chauthaiwale, 53, was chosen by <a href="http://www.businessinsider.in/searchresult.cms?query=BJP&amp;sortorder=effectivedate">BJP</a> President <a href="http://www.businessinsider.in/searchresult.cms?query=Amit+Shah+&amp;sortorder=effectivedate">Amit Shah </a>and since then, he has driven Modi’s efforts to reach roughly 28 million expatriates and people of Indian origin around the world, helping plan glamorous events at venues such as <a href="http://www.businessinsider.in/searchresult.cms?query=Wembley+Stadium&amp;sortorder=effectivedate">Wembley Stadium</a>. 
 
To lure foreign investments, Modi has been bettering relations with the NRIs. It also allows Modi to increase the profile of Indians in the U.S, United Arab Emirates and elsewhere, turning these large communities into politically potent constituencies that can push local politicians and businesses to seek closer economic ties with India. 
 
"This government sees diaspora as a part of the development story and we want them to be informal ambassadors for India in their own country, engaging themselves with local politicians and actors," Chauthaiwale told <a href="https://www.bloomberg.com/news/articles/2016-12-20/meet-the-man-leading-modi-s-outreach-to-india-s-huge-diaspora">Bloomberg </a>in an interview. 
 However, everyone isn’t convinced. Experts say Modi's compelling picth is yet to see results. “PM Modi’s reform efforts have yet to compel a significant number of non-resident Indians to invest or return,” <keyword id="1020377" type="UNKNOWN" weightage="20" keywordseo="Sreeram-Chaulia">Sreeram Chaulia</keyword>, dean of the Jindal School of International Affairs and author of a book on Modi's foreign policy, told Bloomberg. 
 
“Part of the challenge is that India's economy remains as unpredictable as ever: On Nov. 8, Modi plunged the country into social and economic uncertainty by suddenly invalidating 86 percent of currency in circulation, leading analysts to downgrade growth forecasts. NRIs still look at India with some skepticism, because ease of doing business in India has not improved that much," said Chaulia. 
 The Indian diaspora is a crucial part of India's economy. In 2015, the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> said the diaspora sent back $72.2 billion in remittances, more than India's bilateral trade with the U.S. and almost as much as the $74.9 billion trade relationship with China. 
 
The diaspora, including groups like the Overseas Friends of BJP, can also help Modi's attempt to change the Indian economy's reputation for corruption and red tape, Chauthaiwale said. 
 "Rebranding was necessary, because when Prime Minister Modi took charge, practically everyone had written off India because of the corruption scandals, nepotism and indecision. People are rediscovering the potential of India, especially the <keyword id="6357804" type="ORGANIZATION" weightage="20" keywordseo="NRI">NRI</keyword> community,” said Chauthaiwale, 
 In an era characterized by a backlash against immigration -- with the election of President-Elect <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword>, the Brexit vote and Modi's clash with British Prime Minister <keyword id="368666" type="PERSON" weightage="20" keywordseo="Theresa-May">Theresa May</keyword> over student visas -- India's global workforce is under threat. 
 
Modi is pushing for looser migration rules for India's mobile professionals and Chauthaiwale said the government has made it easier for non-resident Indians to return to India, invest and do philanthropy in their home villages. 
 
Outreach to diaspora groups is a key plank of Modi's foreign policy that "helps India get accepted as a rising power," said Chaulia. 
 
These wealthy communities are also a large source of political donations for the BJP, he added. 
 
"It's a big fundraising mechanism," Chaulia said. "They don't mention it. But it's there." 
 
As the BJP prepares for crucial state elections next year, the party won't end its global outreach, Chauthaiwale said, and will help to coordinate foreign visits for cabinet ministers with newly engaged diaspora groups. 
 
"They have a new sense of identity, and they are now also seeing themselves as a force to be reckoned with," he said.

Meet Vijay Chauthaiwale - the man leading PM Modi's campaign to woo Indians abroad

A slump in the consumer demand in the realty market has definitely hit the developers hard. But they can heave a sigh of relief. It seems our <keyword id="58225" type="ORGANIZATION" weightage="20" keywordseo="NRIs">NRIs</keyword> community has revived its interest in the property market back home for investment purposes. 
	 “For a protracted period, investments in India did not offer good returns, causing NRIs to choose to invest in the countries they migrated to - or anywhere else where the markets were attractive. However, with the resurgence of the Indian economy after the arrival of a stable government intent on boosting business in the country, things are changing. Today, the Indian realty market is once again a prime focus area for NRI investors,” said Ashwinder Raj Singh, CEO, Residential Services at <keyword id="484198" type="COMPANY" weightage="20" keywordseo="JLL-India">JLL India</keyword>. 
	 
	He added that while NRI property buyers have their preferences amongst Indian cities, a larger chunk of investment in the residential property is done in these two cities—Delhi and Mumbai. 
	 
	“Generally, the NRI community prefers to invest in their states of origin – primarily Kerala, Karnataka, Tamil Nadu, Maharashtra and Delhi NCR. However, since residential inventory has piled up in the two major cities of Delhi and Mumbai, investors are currently very well placed to find good bargains in these markets, as most developers there are offering discounts and attractive financial schemes,” Singh noted. 
	 According to industry experts, NRIs who are soon to retire should look at investing in India as the basic social <keyword id="17408" type="PERSON" weightage="20" keywordseo="infrastructure">infrastructure</keyword> in most of the larger Indian cities has been upgraded. 
	 
	However, the industry also suggested that NRIs must consult professionals with extensive research-driven background to ensure that they will get the best returns for their investment. “As a rule, NRI investors should be wary of projects by unknown developers who have no existing track record. Innumerable numbers of buyers are currently falling in trouble because they have plugged their funds in projects which do not have all the mandatory clearances and fall short of even the minimum standards of quality construction. Unless a NRI plans to visit India and personally evaluate projects, he or she should opt only for reputed developers,” he stated. 
	 
	Additionally, he said that NRIs should take care of other factors such as the credibility and brand visibility of a developer in the market, the location of the project in terms of social and civic infrastructure, the amenities and the timelines for possession in the case of under-construction projects. 
	 
	“NRI investors focused on benefiting from discounts can consider booking in projects which are in the pre-launch stage, as prices tend to be competitive. Again - while due diligence is important for end-users, it is even more important for investors who are considering projects in upcoming or peripheral locations of the primary cities. Professional real estate advisors should be consulted to establish for the legitimacy of such projects,” said Singh. 
	 
	It should be noted that in the last few years, Indian developers had miscalculated the demand in the market and how much buyers - including NRIs - are willing to spend on their first or second homes. This resulted in increased levels of supply overhang of larger-configuration apartments. However, selective correction in many such property markets is taking place and the prices of real estate projects is expected to come down substantially.

Know why NRI home buyers are back on property
developers’ radar

That UAE has a lot of super rich and super successful Indians is not a hidden fact, and in a bid to do something for their country while benefiting from the huge scopes of returns on investment, five such leading Indian-owned businesses in the UAE will be investing over $3.68 billion in infrastructure and industrial development initiatives in the state of Uttar Pradesh (UP). For this, an MoU has been signed during an investment forum held in Dubai. 
 <keyword id="6355031" type="PERSON" weightage="100" keywordseo="Akhilesh-Yadav">Akhilesh Yadav</keyword>, the Chief Minister of UP, had earlier launched what he called an ambitious programme to boost the all-round development of the state, which was to be done by attracting NRI investments from across the globe, with a special focus on the Middle East. 
 
The companies have pledged to invest in the upcoming manufacturing, utilities and healthcare initiatives in the state, and their names will be made public in the coming weeks. 
 
It was a few months back that the Abu Dhabi-based Lulu Group had announced its decision to invest Rs 1000 crore to set up a shopping mall, convention centre and five-star hotel in the state, which would also create more than 3,000 jobs once it is completed. 
 
<a href="http://d1pcxoetpnw26i.cloudfront.net/thequint/2015-12/3fe4934c-baab-4fc9-9cde-376bfc18290d/Akhilesh%20Yadav.jpg">Image source</a>

You Searched For "nri investment" and got 8 results

Remittances from overseas Indians increased by 12% $100 billion in 2022: Sitharaman

PTI

RBI tries to boost forex reserves by easing NRI deposit norms

IANS

India's external debt of $620bn is sustainable: Finance Ministry report

IANS

Kerala’s property market crunch has nothing to do with India’s economic situation, but a worrying trend anyway

BI India Bureau

NRI Investments In India’s Real Estate Market To Surge By 35%

Purba Das

Meet Vijay Chauthaiwale - the man leading PM Modi's campaign to woo Indians abroad

BI India Bureau

Know why NRI home buyers are back on property developers’ radar

Purba Das

Five Indian-owned firms from UAE are going to revamp UP’s infrastructure

BI India Bureau

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