Particularly during the epidemic, the Indian economy has shown remarkable sectoral resilience. The nation keeps working to secure its financial future for both residents and visitors. In light of this, the majority of people who packed their bags and moved abroad to pursue their aspirations are thinking of starting a family in India once they retire.
India offers its NRIs a number of financial advantages, including the ability to earn in foreign currencies and convert those earnings into savings and investments in India. According to a recent survey by SBNRI, an NRI-focused fintech platform, at least 60% of NRIs from Singapore, Australia, Canada, the United States, and the United Kingdom are thinking about retiring to India. 100 NRIs were surveyed through the SBNRI platform.
Even while many people in their 30s and 40s don’t think about retirement planning, NRIs have established a solid financial strategy years in advance. According to the SBNRI poll, 63 percent of Canadian NRIs, 80 percent of NRIs located in Australia and Singapore, 70 percent of NRIs from the UK, and 75 percent of NRIs from the USA, consider retiring in India.
India is a new global startup hub with significant manufacturing, financial, and technological breakthroughs. It is developing an effective plan to stabilise its economy. This has led a staggering 72% of NRIs to believe that India offers a secure investment option for both citizens and non-residents. This provides NRIs with plenty of chance to diversify their investments, which eventually influences their decision to return to their home country after retirement.
According to the SBNRI poll, 37% of Canadian NRIs are certain that they would spend their golden years in their home country, followed by 33% of Australian NRIs and 23% of NRIs located in the UK and US. Cost of living, cultural familiarity, social and family links, access to healthcare, and investment opportunities all played a role in their choice, which was in line with their long-term financial objectives.
The comprehensive and long-term financial goals of NRIs depend significantly on financial assets. The results of the SBNRI study also show that a staggering 56% of US-based NRIs, followed by 44% of Canadian-based NRIs, have begun investing in India to support their choice to retire in India.
Additionally, to support this choice, 35% of NRIs from the UK and 45% from Singapore have begun making financial plans and investments.
According to the report, India’s changing financial landscape and increasingly alluring investment prospects support its status as a viable retirement paradise for its diaspora, particularly from nations like Australia, Singapore, the United States, the United Kingdom, and Canada. Many NRIs who took part in the study have begun to plan their retirement in India and are optimistic about the country’s growth story.