In a striking revelation, a substantial number of Non-Resident Indians (NRIs) from diverse corners of the world, including Australia, Canada, the USA, the UK, and Singapore, are actively pondering the prospect of returning to India after their retirement. The robust financial advantages that India offers to its NRIs, allowing them to earn in foreign currencies and subsequently convert their earnings for investment and savings within India, play a pivotal role in this decision.
A recent survey conducted by SBNRI, an NRI-focused fintech platform, has unveiled that a significant 60% of NRIs residing in the aforementioned countries are contemplating repatriation to India as a vital part of their retirement strategies. It’s noteworthy that this survey engaged 100 NRIs in its research.
While retirement planning remains a distant concern for many individuals in their 30s and 40s, NRIs have proactively devised comprehensive financial plans well in advance. According to the SBNRI survey, an impressive 80% of NRIs in Australia and Singapore, 70% in the UK, and 75% in the USA are entertaining the notion of returning to India during their retirement years. Canadian NRIs follow closely, with 63% expressing similar inclinations.
India, with its burgeoning status as a global startup hub, substantial manufacturing capabilities, financial service sector growth, and technological advancements, has been diligently shaping a resilient economic strategy. This concerted effort has led a substantial 72% of NRIs to believe that India offers a stable investment environment, not only for its citizens but also for non-residents. This, in turn, provides NRIs with an opportune avenue to diversify their investments, significantly influencing their decision to consider India as their post-retirement destination.
The SBNRI survey findings also underscore that 37% of Canadian NRIs, followed by 33% of NRIs in Australia and 23% in the UK and the USA, are resolute about spending their golden years in their home country. This decision is attributed, to some extent, to factors such as the cost of living, cultural familiarity, familial and social connections, healthcare infrastructure, and investment prospects, all aligning harmoniously with their long-term financial objectives.
Financial assets play a pivotal role in the holistic and long-term financial goals of NRIs. The SBNRI survey further discloses that a notable 56% of US-based NRIs, followed by 44% of Canadian NRIs, have already initiated investments in India to fortify their plans of returning post-retirement. Additionally, 35% of NRIs from the UK and 45% from Singapore have embarked on financial preparations and investments in pursuit of this life-changing decision.
This survey underscores India’s evolving financial landscape and increasingly alluring investment opportunities, reaffirming its stature as an enticing retirement haven for its diaspora. Particularly, NRIs from Australia, Singapore, the USA, the UK, and Canada are displaying bullish sentiments regarding India’s growth narrative and have initiated their retirement planning endeavors within the country.
