- Occasional
- More than 7500 millionaires left the country in 2022. In 2023, this figure is estimated to be 6500. In the last one-and-a-half decades, this annual average is more than five thousand
India ranks second after China in terms of the country's rich people settling Abroad. An average of tens of thousands of millionaires from China go abroad every year. The average of India is more than five thousand. In the last one and a half decade, 65 thousand Dhankubers have left the country and settled abroad. Investment and financial services firm Morgan Stanley claimed that 14,000 rich people have left India in the last two years. According to that account, the number of rich people who went and settled abroad in the last 15 years will be increased in seven-eight years only. Brain drain is a big problem in India. Based on the data of the Department of External Affairs, 1 million Indian students went abroad for study in 2021. How many of them come back is the big question. He prefers to come to India only if there is a situation where he has to come. Otherwise most settle abroad.
In 2015, an organization called New World Wealth said that 4000 millionaires have gone abroad from India. India was ranked fourth in that list. The first number was France, from where 10,000 rich people went abroad. Then it was China's turn. 9000 rich people gave priority to living abroad instead of China. Italy was ranked third in this list with 6000 rich people.
But in a single year in 2016, the number of Indians going abroad from India increased by two thousand. In 2016, 6000 rich citizens have chosen to go abroad. The most preferred countries are America, Australia and Britain. 1.25 million millionaires have come and settled in Britain in the last 15 years. In the year 2017, 7000 rich people left India and settled abroad. 5000 in 2018, 5700 in 2019, 5100 in 2020, more than 5000 in 2021, 7500 in 2022 and 6500 in 2023 have settled abroad.
There are many reasons why this condition occurs. There is an increased tendency to live in countries that are ahead in terms of infrastructure and well-being. Another reason is - the limitations that come into the business after a certain extent. The business-friendly environment in India is still making strides. It is a common belief that the traditional business system cannot grow beyond a certain limit only after new opportunities are created.
Limitation of infrastructure and basic facilities is also true. India's lucrative real estate sector has been in a slump for quite some time now. Education has the same limitations. The first thought of millionaire citizens is that the future of their children's education at home is not as bright as it is abroad. Rich people don't like to live in India because of super rich tax etc. After earning such a good amount from India, a large amount of money accumulates that these millionaires go abroad for the sake of safety.
The same is true of the funding of political parties. 100 crores in Assam, it is almost mandatory for any businessman to give election funds to big political parties. If that fund is not available, any politician in India gets power anytime and then the businessmen who do not give election funds have to become a target. To avoid this situation all parties have to fund. This situation is largely avoidable abroad.
Countries that shelter foreign rich people in their country understand that they will invest their money in the country. New business will be done and it will create new jobs. If an Assamese is worth five crores and invests even two crores abroad, an average of five jobs are created. In sum, the economy of that country gets strength.
Citizens from India migrate abroad after becoming multi-millionaires, yet there is no difference in our system. On the other hand, our system, our governments are indifferent. A citizen leaves everything and goes abroad and then stays and invites citizens of Indian origin to invest in the country.
The government had formed a committee of Central Board of Direct Taxes a few years back. This committee had to investigate the fact that if such a significant number of rich people are leaving India and going abroad every year, what will be the effect on the country's economy? However, its report has not been released yet. But these efforts are not enough. If more intensive efforts are made from now on, it is possible that the attraction of foreign countries can be reduced among the country's rich.
There is absolutely no solution to this. It is the need of countries like India to stop the rich from going abroad. If these industrialists earn money in India and then settle abroad, the long-term unemployment problem in the country may worsen. There is only one way to stop it in this situation - just as they are welcomed abroad with a red carpet, India too has to change its approach towards its rich. They have to be made to realize that being rich is not a crime in India. They have to be treated professionally. If the rich use loopholes in the law or are criminals, they should of course be treated like ordinary citizens, but when they are not involved in any such crime, it should also be seen that they have the opportunity to expand in the country. An environment has to be created in the country where the words "Sare Jahan Se Achcha Hindostan Hamara" automatically come out of the heart of the citizen whether he is rich or middle class or poor.
