Indian diaspora comprised approximately 31 million people, of which PIOs were 17 million and NRIs were 13 million, spread across 146 countries in the world. Playing a Decisive Role:
Economic Implications:
USA:
● The Indus Entrepreneur and Silicon Valley Bank had brought two delegations of Venture capital companies to explore potential investment opportunities.
● Some Venture capitalists of Indian origin in the US have funded Indian R&D companies who are likely to produce Intellectual Property and innovative products in the areas of wireless technology, semiconductor design technology. West Bridge Capital, Kleiner Perkins Caulfied & Byers and Norwest Venture Group are the best examples in this regard.
Europe:
● Nand Kumar Kurup, an IIT-Delhi alumnus, runs a fashion company Ince Global in Milan which he set up in 2007.
● Ranjit Singh, who went to Italy from Punjab in 1993, now runs an auto parts factory in the north Italian city of Cremona and employs 30 workers –– all of whom are from India.
Strategic Asset: The expertise of Indian academic intellectuals in various US and European Union universities could be an asset for revamping our falling standards of higher education.
Institutionalising Soft Power:
● Dr. Anupama Kizhakkeveettil, from the Southern California University of Health Sciences, who enabled the Ayurveda Day celebrations for India Foundation’s Centre for Soft Power for the first time in the University.
● Vairamuthu Vaithilingam, who traces his roots to South Tamil Nadu, organises one of Paris’ largest Ganesh Chaturthi Festival.
● Shoban Saxena enables Sao Paulo’s famous street carnival, Bloco Bollywood.
Influencing Foreign Policy Decision: Indo-US Civil Nuclear Deal is a case in point, as ethnic Indians in the United States successfully lobbied for clenching of the Nuclear-deal.
Diaspora Networks: Another key component of the Diaspora impact on development are ‘Diaspora networks’ seen in literature as a bridge connecting developing economy insiders, with their risk-mitigating knowledge and connections, to outsiders in command of technical know-how and investment capital.
Today, the Indian diaspora is more prosperous than before and its involvement in India’s development is increasing. In this context, India should craft fully conduct diaspora diplomacy so as to turn diaspora potential into diaspora dividend.