Invest in long-term future of India

							Invest in long-term future of India:                 First Mini PBD Kicks Off in New York

New York, 23 September 2007

The Indian diaspora was asked to invest in the long-term future of India, not just with money,
but also with knowledge, skills, and ideas, at the Mini Pravasi Bharatiya Divas held in New York
on 23rd September. Jointly organized by the Ministry of Overseas Indian Affairs (MOIA) and the
Confederation of Indian Industry (CII) as part of the India@60 event in New York, the Mini PBD
is the first to be held outside India. It was attended by over 400 delegates belonging to the
Indian American community and others.

Addressing the inaugural session of the day-long conference, Mr Vayalar Ravi, Minister for
Overseas Indian Affairs, said that the story of the Indian diaspora is one of ordinary people
displaying extraordinary courage and enterprise amid great struggle. Indians in America have
high median income and have captured popular imagination. With the high growth of the Indian
economy and its global integration, there is new potential for the diaspora to strengthen its
economic engagement with the country, the Minister pointed out. He added that remittances
from overseas Indians were about $23 billion last year, but Foreign Direct Investment by them
is less than 5% of cumulative FDI.

Mr Ravi said that overseas Indians are a reservoir of knowledge and skills, and can contribute to
India through ideas and community action, becoming partners in India's progress. He announced
that the Ministry of Overseas Indian Affairs and the Confederation of Indian Industry have
jointly set up the Overseas Indian Facilitation Center to help facilitate the partnership, and this
will help Indian diaspora to invest in, and benefit from, India.

Mr Ronen Sen, Ambassador of India to the USA, in his address expressed his appreciation to
MOIA for organizing the first PBD outside India in New York with the collaboration of CII. He
said that India has proved the resilience of democratic institutions in the face of challenges
and is now the fastest-growing democracy. This is reflected in the United Nations observing
Gandhi Jayanti on October 2 from this year on as Non-Violence Day. India-US relations have
never been so good, he added, saying that the rapid transformation in many fields has
strengthened bilateral partnership.

Ambassador Sen reiterated that the Indian American community has helped shape perceptions
about India in USA and its voice is heard with respect. The community is recognized for its
commitment to values, work ethics, innovation and entrepreneurship. Its education and income
levels are the highest of any community in the US, they are the 'brainbank' of the country, and
dominate sectors such as healthcare and hospitality, he elaborated. The new relations between
India and US would help the community to collaborate with India in areas such as agricultural
research, human resources, entrepreneurship and innovation. "We hope to benefit from the
experience of this community," said Ambassador Sen.

Mr Nirmal Singh, Secretary, MOIA, said that it was appropriate for the PBD to be held in New
York as the Indian community in North America and the Caribbean is the largest in any region.
The Ministry has addressed many concerns of overseas Indians, including the institution of the
Overseas Citizen of India. He said that of 163,000 OCI cards, about 91,000 have been given out
in America and Canada. An officer will be appointed in the Embassy of India in Washington DC
to interact with Indian associations. He also announced that the OIFC is a one-stop shop set up
with the CII so that people of Indian origin can play an important role in India's economy.



Ms Neelam Deo, Consul-General of India in New York, in her welcome remarks stated that the
PBD has been organized in response to the wishes of the Indians living in USA. The Indian
American community can utilize what they have learned in their country of adoption for the
benefit of India.

Earlier, while opening the session, Mr Sunil Bharti Mittal, President, CII and Chairman and
Group CEO of Bharti Enterprises, remarked that the PBD would revive the initiatives and
promises of the successful PBD 2007 held in New Delhi in January. Concluding the session, he
said that education is the most important challenge facing India, and that Indian corporates are
waiting to participate actively in primary and higher education and skill development. "India
beckons you, it is a great destination for investment," added Mr Mittal.

The Indian American community participated enthusiastically in the interactive session and
welcomed the initiatives of MOIA and CII in holding of PBD in New York.