A recent survey has revealed that a significant percentage of Non-Resident Indians (NRIs) hailing from Australia, Canada, the USA, Singapore, and the UK are seriously considering returning to India for retirement. The survey, conducted by a leading financial institution, sheds light on the evolving preferences of NRIs regarding their retirement plans.
According to the survey, a whopping 60% of NRIs from these prominent countries are contemplating settling down in India post-retirement. The study, which included responses from a diverse age group, cited several factors driving this trend.
Key findings from the survey include:
- Cost of Living: A substantial factor in the decision to return to India was the lower cost of living compared to their current countries of residence. NRIs found that their retirement savings would go further in India, making it an attractive destination for their golden years.
- Family and Cultural Ties: Many NRIs expressed a desire to reconnect with their roots and spend quality time with family members living in India. The cultural and emotional bonds with their homeland played a significant role in their retirement plans.
- Healthcare Infrastructure: India’s rapidly improving healthcare infrastructure and affordable medical services were identified as key factors. NRIs see this as an essential aspect of their retirement planning, given the increasing importance of healthcare in later life.
- Investment Opportunities: India’s growing economy and investment opportunities were also enticing for NRIs looking to secure their financial future during retirement.
- Quality of Life: Respondents noted improvements in the overall quality of life in India, including better amenities, transportation, and a thriving expatriate community in certain cities.
- Government Initiatives: The Indian government’s efforts to attract NRIs back to the country, such as the Pravasi Bharatiya Divas and various financial schemes, were appreciated by respondents.
While these findings indicate a significant shift in the mindset of NRIs when it comes to retirement planning, there are still challenges and concerns that need to be addressed. These include regulatory hurdles, property ownership, and the need for a robust support system for returning NRIs.
Experts suggest that the Indian government and financial institutions should further tailor their policies and services to accommodate the needs of NRIs planning to retire in India. Additionally, efforts to simplify processes related to property ownership and taxation will likely encourage more NRIs to make the transition.
As the trend of NRIs considering India for retirement gains momentum, it will be interesting to see how the government and private sector work together to make the country an even more attractive and accessible retirement destination.
Author: IBC Global Times
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