We prefer to live and work in a place that has a suitable environment. Natural, political, and cultural factors influence our decision to live in a place. Recently, many Indians have risen to the cadre of millionaires. This shows that they are doing well at their place of work. There is a movement that is catching people’s attention.
Recent news on Indian millionaire migration paints a complex picture. Many millionaires are leaving the country every year even though the outflow is expected to be less than last year. What impact will this movement have on the Indian economy? is it something we need to be worried about and is this trend prevalent only in India? Here are some considerations.
Is the Movement Right?
The search for a better lifestyle, access to an advanced healthcare system, high-quality education, and a cleaner environment pushes many Indians to move overseas. Moving to a new country due to a lack of such facilities in the home country is quite understandable. However, there are challenges for moving to a new country. Leaving your home country means moving away from your relatives, friends, and cultural roots. Integrating in a different country calls for a lot of adjustments. Ultimately, the decision to immigrate is highly personal and depends on an individual’s circumstances and priorities.
How the Millionaires Movement Will Impact the Indian Economy
One of the biggest factors that pushed millionaires to move overseas is the high tax rate in the home country. This results in a loss of revenue for the home country, which will ultimately impact funding of the social programmes and infrastructure development.
The movement of millionaires also results in a brain drain for the country. It is understandable to say that this group of people possess valuable skills and experience to establish and run businesses. Their immigration will result in depriving India of the expertise to contribute towards the economic growth of the country.
The Positive Side of the Millionaires Movement
The majority of the businesspersons maintain their Indian operations even when they relocate overseas. Such movement helps in stronger ties between the two countries involved. The Indian diaspora living overseas are nothing short of ambassadors strengthening the bilateral ties.
Increased inflow of foreign remittances is another positive aspect. A total of USD 108 billion was made in remittances to India from other countries. This shows the amount of contribution the Indian diaspora is making. Even though they may not be paying taxes, they are still providing their bit for the growth of the country.
A Message for Aspiring Immigrants
Just like every decision in life has its positive and negative, the same is the case with the decision to move overseas. Almost all the countries have rolled out different immigration programmes to bring in wealthy individuals. However, before immigrating you should carefully consider the options available, including factors other than just the financial gain, such as language barriers, cultural compatibility, and integration prospects. Contact the best PR immigration consultants in Chandigarh and take the decision after proper understanding.
Looking Ahead
Millionaires in India are proud not only of India but also of the country where they immigrate to and settle down. Moving to a new country has its challenges even for those who are financially strong, before making the decision weigh all the pros and cons. Nevertheless, whether you become a millionaire before going abroad or achieve it there, the ultimate goal for most of us is to settle abroad.
