About 23% NRIs Prefer Mumbai As Top Destination To Return For Business Or Investment: Survey

A total of 23 per cent of non-residential Indians (NRIs) prefer Mumbai as the leading destination to return for business or investment, a recent survey conducted by SBNRI- India’s NRI-centric fintech platform revealed.

The SBNRI report unveiled that 18 per cent of NRIs from the United States (US), 14 per cent of NRIs from Canada and 11 per cent from both Singapore and other countries prefer Mumbai as the top choice for business or investments. 

On the other hand, only four per cent of Canada and Singapore-based returning NRIs prefer Bangalore, whereas nine per cent of returning NRIs from other countries choose Bangalore as the top choice. 

Similarly, while Delhi, the capital of the country, is preferred by only three per cent and two per cent of NRIs from Canada and Singapore respectively, it is certainly a leading choice for seven per cent returning NRIs from other nations for investments and business.

Mudit Vijayvergiya, Founder, SBNRI said, “India is poised to become the global economic powerhouse driven by the unprecedented development and growth occurring in every ascent of the industrial landscape, making it the leading hotspot for returning NRIs, who equally want to leverage the unique opportunities that the country has to offer."

He added that from growing business to investment networks, along with employment opportunities, infrastructure progress and rampant urbanisation, the country offers all to NRIs.

Notably, these opportunities aren’t merely limited to tier one cities, but with government initiatives development opportunities have also opened their doors in tier two and three cities. As per the report, 12 per cent and 16 per cent of returning NRIs from the USA and other countries want to set up either business or investment in tier two and three towns. 

Despite the progression in tier two and three, 13 per cent of Canada-based NRIs and seven per cent of Australia returning NRIs opt to set up their business or investment in tier one cities with merely five per cent from both countries respectively wanting to choose per cent cities.

The survey also explored that ten per cent of NRIs from Canada followed by four per cent from Singapore and three per cent from other countries search for robust infrastructure before setting up business or investment. 

While ten per cent and four per cent of NRIs from Canada and Singapore search for good infrastructure, the number significantly reduced with only two per cent from both countries searching for employment opportunities before making destination decisions. 

On the contrary, eight per cent and nine per cent of NRIs from other nations look for employment and government and political stability respectively before setting up a business or investment.