NRIs From US, UK, Canada Favour Mumbai As Top Business, Investment Destination

A survey has unveiled the top Indian cities favoured by returning NRIs for business or investments. The report delves into the factors influencing NRIs’ decisions when selecting these destinations, providing insight into the mindset of returning NRIs.


What happened?

The report highlights that India’s remarkable economic progress has positioned the country as the primary destination for NRIs, attracting a significant influx of NRI-led investments or business setups. With a plethora of investment options ranging from mutual funds and bonds to real estate, the country offers diverse opportunities that appeal to every returning NRI’s financial preferences.

According to the report, based on a survey of approximately 500 NRIs, Mumbai is the top preference for 23% of returning NRIs overall, with 18% from the US, 14% from Canada, and 11% from both Singapore and other countries considering it their top choice for business or investments.

In contrast, Bengaluru is the top choice for only 4% of returning NRIs from Canada and Singapore, while 9% of NRIs from other countries select Bengaluru.

Similarly, Delhi, the country’s capital, is preferred by only 3% and 2% of NRIs from Canada and Singapore, respectively, but is a leading choice for 7% of returning NRIs from other nations.

Where and when?

The survey had been conducted recently by SBNRI, an NRI-centric fintech platform.

Why are they investing in India?

Exploring the factors that make India an appealing destination for NRIs to establish businesses or investments, the report indicates that 12% of Canadian NRIs and 9% of NRIs from the UK and other nations are attracted by the higher return on investment in India.

In contrast, India’s growth opportunities draw 14% of NRIs from other countries, while 9% from Canada and 7% from the UK share the same sentiment.

Additionally, 8%, 6%, and 3% of NRIs from other countries, Canada, and the UK, respectively, are attracted by the ease of setting up a business in India.

The SBNRI survey report also reveals that 16%, 14%, and 12% of NRIs from other nations, Canada, and Singapore, respectively, are considering investing or setting up businesses in the healthcare sector.

While IT services remain a prospective option for 8% and 6% of NRIs from other countries and Canada, respectively, only 4% of Singapore-based NRIs express interest in the same sector.

At the bottom of the list lies the tourism and transportation sector, with only 3% of NRIs planning to invest or set up a business in that particular segment.


How are they choosing?

The survey also reveals that 10% of NRIs from Canada, followed by 4% from Singapore and 3% from other countries, prioritize robust infrastructure before deciding on business or investment locations. While 10% and 4% of NRIs from Canada and Singapore, respectively, seek good infrastructure, the numbers decrease significantly, with only 2% from both countries searching for employment opportunities before making destination decisions.      

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