The government is not reaching out to nonresident Indians (NRIs) because “we need your money,” Ahluwalia said while answering a query from the audience at the end of an interaction with chief ministers on “Inclusive Growth” on the concluding day of the Pravasi Bharatiya Divas function here.
He said around 95 percent of investments in the country were from domestic sources.
Ahluwalia said that as an economist he would suggest that overseas Indians not invest in the country if they feel their money can be better invested elsewhere.
“But take interest in India. Exciting things are happening here,” Ahluwalia said.
Rather than investing in India, he said that NRIs should give a holiday package to their children.
“Let them discover what is going on in the country of their origin,” he urged.
He suggested that even if a visit to India is for pilgrimage, it should be accompanied by a “pure holiday.”
“That is the most useful thing to do,” he added.
Ahluwalia also noted that money laundering was not a problem specific to India. He was responding to a query about the quest for NRI investment when there were reports of illegal wealth from India having been stashed away in foreign tax havens.
He said that the government would be happy to receive any specific information about cases of money laundering.
“If there is specific information, the finance minister will be happy to hear it,” he said to applause from the gathering.
Minister for Overseas Indian Affairs Vayalar Ravi said that the government was not asking overseas Indians to come to the country to attract investment. “It is a get together,” he said.
He said that NRI’s share in the total foreign direct investment in India was about 1.3 percent.
Earlier, in his opening remarks, Ahluwalia said that many states in the Indo-Gangetic belt had picked up in growth parameters and “change taking place in India was being dramatically enacted in individual states.”
He said some states, which were doing well in the past, had realized they have to do a lot better to stay at the top.
He said the Planning Commission was working on an approach paper to the 12th Plan and had provided a window on its website for people to give suggestions.
“Anyone from anywhere abroad can suggest what to take into account to chart the 12th Plan,” he said.
