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60% Of NRIs Consider Returning To India After Retirement: SBNRI Survey

India’s financial stability is making NRIs want to return to the country, reveals a recent survey by SBNRI

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Outlook Money
September 4, 2023
NRIs Consider Returning To India

NRIs Consider Returning To India

At least 60 per cent of non-resident Indians (NRIs) in the US, the UK, Canada, Australia, and Singapore are considering returning to India after retirement, a recent survey by SBNRI, a FinTech platform, showed. They also believe the Indian economy is resilient post-Covid-19.

The Indian government offers various financial benefits to NRIs, like the option to convert foreign currencies into Indian rupees and save and invest in India.

Mudit Vijayvergiya of SBNRI said, “India is making a strong rebound with digitized and stable economic activities. This makes India hold a promising future for investors. The country is also making it easy for NRIs to understand complex taxation systems and certain norms that make India a high return market for NRI investors to utilize as their retirement plans.”

According to the survey, many people may not think about retirement planning in their 30s or 40s, but NRIs have their eyes set on a robust retirement plan.

Around 80 per cent of NRIs in Australia plan to return to India after retirement, the same for Singapore, followed by 75 per cent from the US and 70 per cent from the UK. NRIs from Canada who are considering returning to India comprised 63 per cent.

72% NRIs Think India Has A Stable Investment Avenue

India is emerging as an economy with opportunities for start-ups with manufacturing capabilities, financial services and technological advancement. Seventy-two per cent of NRIs believe that India can provide financial stability. The report says that they see India as “a stable investment avenue” for the residents and non-residents.

Other factors such as family and social connections, cost of living, familiarity with culture, and healthcare facilities, the report says, also influenced their decision. As per the survey, 37 per cent of Canadian NRIs, 33 per cent of Australian NRIs, and 23 per cent of NRIs in the US and the UK feel confident to return to their home country to spend their golden years.

The SBNRI survey findings show that these NRIs have already started investing in India to support them financially after retirement. Around 56 per cent of NRIs in the US and 44 per cent in Canada are confident of returning and have made investments in India. Similarly, 35 per cent of NRIs from the UK and 45 per cent from Singapore are preparing themselves financially and making investments to support their retirement settlement plan in India.

Retirement Heaven

The NRIs are bullish on India’s growth. The survey reveals the financial scenario in India with ample investment opportunities, making the country stand out as a retirement heaven for NRIs, particularly those from the US, the UK, Canada, Australia, and Singapore.

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