Citing example of China, Finance Minister Pranab Mukherjee on Sunday said that India too needs to fully tap the investment potential of NRIs and their entrepreneurial skills and promote inclusive growth.
"We have not yet reaped the full benefits of India's great diaspora. The most obvious area remains that of investment and entrepreneurship. For instance, in China a large chunk of foreign direct investment has come from overseas Chinese," he said, while addressing the 10th Pravasi Bhartiya Divas.
Though there have been ‘large ticket investments’ by NRIs and PIOs, he said: "It is far less than the potential and perhaps too concentrated on the formal sector. Rather, we must pursue an alternative model. One that is more balanced and holistic in a socio-economic sense."
Overseas Indians, he said, should increase their contribution in social and economic areas like education, healthcare, and skill development and supplement the efforts of the government to promote inclusive growth.
Mukherjee made these remarks while addressing a gathering of about 1,900 Non-Resident Indians and Persons of Indian Origin (PIOs). The non-resident Chinese have been playing a major role in the development of China and invest substantial in the domestic economy.
Indian government, Mukherjee said: has been trying to improve the access of the poor and the vulnerable to vital public services by creating entitlements backed by limited legal guarantees which include the right to information, the right to work in rural areas and the right to education.
Efforts, he added, were made to put in place right to food law which would ensure subsidised foodgrain for the poor population.