NRI Helping India in More Ways than Imaginable
The question of why study abroad might erupt in the minds of a lot people, but the importance is realized in uncountable ways. The Laws pertaining to Income Tax Act as of 1961 entails an Indian citizen who has decided to move to a foreign country as a non-resident Indian (NRI).
Individuals not physically present in India for more than 182 days in a financial year are referred to as non-resident Indian. There is a growing number of Indians who have settled outside the country in respective places while no more questioning about why study abroad. These individuals are largely responsible for building the foundation blocks for India’s economic growth.
A few facts about the amount of NRI send money to India in 2019 –why study abroad
- The yearly Indian budget 2019 accounts to 400 billion US dollars. India spends a total amount of 30 billion US dollars on defence (army, air force and navy).
- NRI spends a considerable amount of money, a total amount of 80 billion US dollars, which is more than double of Indian army budget.
Can NRIs transfer money to Indian residents –why study abroad?
Yes, NRIs who wish to send money to the country can do that in order to fulfil various needs such as supporting children’s education, help loved ones, engage in investments or even buy assets such as real estate.
How are NRIs contributing to India –why study abroad?
The NRI contribution to the economy has been significant for the past few years. Each year thousands of Indians are seen migrating to different countries in search of better work prospects and their family. The money transfers are channelized vehemently towards different sectors such as healthcare, investments, improved education, savings and much more.
Apart from their contribution in these sectors, they are at times seen supporting charities while offering financial assistance in terms of disasters. Improved facilities raise the living standard while positively impacting the Indian economy.
The reality of the amount of impact that non residents cause in the country cannot be simply overlooked. Although they form just about 1 percent of the total population of the country, however creates a significant impact overall. The money transfers offered by NRIs, known as remittances are a significant source of the inflow of foreign currency in India.
Why Study Abroad
An individual does not become an NRI overnight, but by offering a lot of efforts. One of them involves studying abroad. It accounts to being one of the most beneficial experiences for an individual. With this opportunity, it takes students to a new land offering greater prospects.
Training pertaining to study in UK offers you the chance to experience the unique style of education. By enrolling in a program, it offers you to have an exposure that you might not have had in your home country.
Further, students are offered the ability to adapt a new culture by getting exposure to a variety of cultures abroad. You not only come to terms with distinct traditions, but also customs, food options and social atmosphere.
How to prepare for ILETS preparation in Pune?
The most important essential to study abroad is acquiring a fair result in IELTS test. On the basis of this exam, students are selected to study abroad. Interested visa applicants can enrol for IELTS preparation in Pune from a renowned centre and avail the best preparation.
Thus, there are a lot of opportunities for individuals leaving India as they can live outside yet contribute to India’s growth and surrounding society in a varied number of ways. The hard truth of leaving the country might sadden a bit, however they can still be a part of the country and contribute their earnings in a significant manner to help their family and the country’s economy.