Pravasi Bhartiya Summit

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The Prime Minister, Atal Bihari Vajpyee inaugurated on January 9, the first ever 'Pravasi Bhratiya Divas' at Pragati Maidan in New Delhi. About 2000 NRIs or Persons of Indai Origin (PIOs) from 66 countries attended the meeting. The Prime Minister announced that the government had decided to permit "dual citizenchip for PIOs living in certain countries. Mr. Vajpayee also announced a "compulsaroy insurance scheme" for the Indian workers migrating to the Persain Gulf.


SAMMAN
He gave away Pravasi Bhartiya Samman awards to 10 prominent Non Resident Indians for excellence in various fields. The first recipent of the prestigious award was Sir Anerrod Junauth, Prime Minister of Mauritius. An advocate by profession was elected to the mauritian Parliament in 1963.

Former Premier of British Columbia (Canada) Ujjal Dosanjh; British Member of Parliament Lord Navnit Dholakia; Mckinsey Managing Director Rajat Gupta; well-known freedom fighter from South Africa Fatima Mir; Kanakshi Gokaldas Khemji, a businessman whose family has settled down in Oman for the last 300 years; Malaysian Works Minister S. Samy; former Commonwealth Secretary-General Sir Shridath Rampal; businessman from Kenya Manu Chandaria; and Bob Naroomal Harilele, a businessman from Hong Kong were the other awardees.


REFORMS INITIATIVES
On January 10, the Finance Minister, Jaswant Singh announced a number of reforms initiatives at the summit. The nine-point programme include allowing mutual funds, companies and individuals to invest in listed companies abroad. Mutual funds can invest up to $ 1 billion in listed comapnies abroad, besides retaining unlimited ADR and GDR proceeds for future exchange requirements.

Indian can invest abroad in companies listed on recognised overseas stock exchages. But such investments shouldn't exceed 25 % of the Indian company's net worth. Individuals can invest in companies that have at leats 10% shareholding in a company listed on a recognised stock exchange in India on January 1 of the years of investment.

During tranfer of assets in India, remittance of proceeds up to $ 1 million is being allowed. The existing limit of $20,000 for remittance under the Employees Stock Option Programme schemes has been removed.

The limits on trade-related loans and advances by Export Earners Foreign Currency account holders has been discontinued, though transactions would have to be reported to RBI. Corporates, with branches and offices abroad. will be permitted to acquire immovable property overseas for business and employees' residential purposes.


THE INDIAN DIASPORA
Indian Diaspora is 20 million-strong worldwide in 110 countries. It left Indian shores with history and is now creating history through its contributions to a large number of socities where they reside. The Government of India has recognised the importance of the Diaspora for developing international linkage, trade, cultural interaction and India's bilateral relations with those countries largely populated by them. This is what led the Prime Minister to appoint a high-level committee under Dr. L.M Singhvi to study all such aspects involving the Diaspora and to appoint the Ambassador-at-Large for NRIs and PIOs.

The Committee recommended that Pravasi Bharatiya Divas should be held on January 9 evry year in recognition and appreciation of the constructive economic, political and philanthropic role played by the Indian Diaspora. January 9 was chosen becoz it was on this day Mahatama Gandhi returned from South Africa to lead India's struggle for freedom.


OBJECTIVES OF DIVAS


The Indian Diaspora
Mauritius: Substantive Indian migration to Mauritious began after abolition of slavery. Mauritius is the only country where PIOs constitute 70% of the population and has a prime minister of Indian origin - Anerood Jagnauth.

South Africa: The Indian diaspora here around a million. The first Indians were taken by Dutch in 1653. After the abolition of slavery, the British brought indentured labourers on the plantation from Bihar, eastern UP, Tamil Nadu, Andhra and later from Gujrat.

United Kindom: Indian emigration to the UK and West Europe is largely a phenomenon of the 20 teh century. Within the UK, Indians are the single largest ethnic minority group. The Indian community has risen to become the highest earnign and best-educated group in the UK.

United States: At 1.7 million and 0.8% of the total population of 280 million, Indians are one of the highest earning, best educated and fastest growing community. They are found in sectors like medicine, engineering, law It, etc.

Canada: At 2.8 percent of a population of 30 million, Indo-Canadians have been successful in the field of medicine, academia, management and engineering.