The Indian diaspora around the world is showing great confidence in the Indian economy as banks receive record numbers of deposits from abroad.
According to the Reserve Bank of India, NRI deposits have doubled this year, reaching $7.8 billion between April and August, compared to $3.7 billion last year. The bulk of this money is going into two main deposit types.
About $3.5 billion went into dollar-based accounts, while $2.5 billion was deposited in rupee-based ones. This is a huge surge in the rupee deposits which shows that NRIs are banking on the Indian currency to get stronger.
It seems a possibility as the Indian diaspora is banking on India’s economy to get more stable in the future. This means those who deposit in Indian rupees will get better returns when it is converted back to dollars.
While most of the big economies are on the verge of a financial crisis in a volatile environment, India has maintained its steady approach. This is why it became one of the fastest-growing economies in the April-June quarter.
All of this has resulted in the Indian diaspora betting on a bright future for their homeland. They are hopeful that it will pay off in the long run as the returns are very appealing.
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