In search of alternatives for ‘these’ reasons
On one hand India has emerged as the fastest growing economy in the world. Also, the country has been better than other countries in terms of recovery from the corona virus. This news comes as a bit of a shock in such an environment that thousands of rich people of the country are preparing to settle in other countries of the world. Pursuing various avenues of income, business expansion and a better quality of life, the wealthy are considering alternative residences, reports Business Today.
Many examples in the country
Meanwhile, the report also cites several examples of industrialists leaving India and settling abroad. This was said about Neeraj Kanwar, vice-president and MD of Apollo Tires who went to London in 2013. Kanwar, 51, said, “If I had stayed in India, I would have had only one Indian company, which only looked at the Indian market.” Today, while India is facing challenges in the form of inflation and oil prices, Europe is also facing challenges, but big profits for the company are seen there.
Similarly, Eicher Motors MD and CEO Siddharth Lal moved to London in 2015. Similarly, Hero Cycles Chairman and MD Pankaj Munjal also spends nine months of the year in London to focus on the European e-bike market. Adar Poonawala, CEO of Serum Institute of India, commutes between London and Pune. The list also features Indian businessman and Mahindra Group chairman Anand Mahindra, who is known to spend much of his time abroad. Questions put to him by Business Today about his preference for living abroad remained unanswered.
8 thousand rich Indians will leave the country
Recently, a survey report by Henley Global Citizen claimed that young tech entrepreneurs are attracted to global business and looking for better investment opportunities. It has been reported that 8,000 ultra-rich Indians may migrate from India by the end of this year. According to the survey, in 2022, the ultra-rich, who are considered rich in India, may do so due to stricter tax and passport regulations in the country. This number is the third highest globally after Russia and China.
Which countries do Indians prefer?
According to the report, most of the world’s rich prefer to live in the United Arab Emirates, Australia and Singapore. If we look at the statistics reported by Business Today, from 2015 to 2021, more than 9 lakh people out of India’s total population of 1.3 billion have surrendered their passports. Although this percentage is low, what is worrying is that this number is increasing year by year. Singapore and the UAE are currently the best options among wealthy entrepreneurs, according to a ranking by Henley & Partners. According to Indian government data, the US, Australia and Canada are the top destinations for Indians seeking foreign citizenship.