India Seeks Greater Engagement from Overseas Indians Amid Growing NRI Deposits
India is eager to welcome more involvement from overseas Indians as Non-Resident Indian (NRI) deposits have surged to around $166 billion, which includes $33.7 billion in Foreign Currency Non-Resident (FCNR) deposits. This was highlighted during The India Wealth Window 2026 event held at the Taj Dubai in Business Bay.
The Indian Business & Professional Council (IBPC) in Dubai organized this influential gathering, bringing together policymakers, bankers, investors, and business leaders to discuss the opportunities arising from India’s expanding economy. Key topics included a new FCNR-linked wealth creation strategy, startup investments, and enhanced capital market participation.
A significant moment of the evening was the launch of the memoir “A True Story” by Mirza Hussain Al Sayegh, a respected UAE diplomat. His book offers an insightful perspective on the early years of UAE-India relations, drawing from his experiences during his diplomatic tenure in India shortly after the two nations established ties.
Suresh Kumar, Chairman Emeritus of IBPC Dubai, introduced the author and distinguished guests. Reflecting on his time in New Delhi during the 1970s, Al Sayegh spoke about the trust and collaboration that laid the foundation for the strong relationship between the UAE and India, emphasizing the agreements from that era that continue to foster trade and investment today. “Our generation must further strengthen the relationship between our countries,” he stated.
Following the book launch, Sunny Narang from the IBPC Dubai FSCM focus group introduced the evening’s speakers. Dr. Nilay Ranjan Singh, CEO of State Bank of India (DIFC), addressed attendees, stressing the ongoing need for foreign capital inflows, despite India’s foreign exchange reserves being over $680 billion. “India needs you, and you need India,” he commented, underscoring the crucial role of overseas Indians, especially those in the Gulf.
The UAE remains a significant source of remittances to India, highlighting the importance of the India-UAE economic corridor. A key discussion point was SBI’s innovative FCNR-based wealth creation plan, which combines foreign currency deposits with investment options, available until September 2026, described as a unique opportunity for eligible investors.
Piyush Jhunjhunwala, Founder of Stockify Fintech, shared an optimistic view of India, stating it’s one of the most attractive long-term investment destinations globally. He noted that India has become a $4.5 trillion economy, growing at around 7% annually, and projected that it could reach a $10 trillion economy by 2030 and $40 trillion by 2045. “The world is investing in India because it’s still growing,” he said, highlighting the young average age of 28 years in India as a key factor for future economic growth.
During a panel discussion moderated by Mahesh Ramakrishnan, Jhunjhunwala encouraged investors to think long-term and warned that “not participating in growth opportunities can be the biggest risk.”
Dr. Sahitya Chaturvedi, Secretary General of IBPC Dubai, pointed out the vast potential in India’s corporate sector, noting that out of over 2.11 million active companies, only about 7,500 are publicly listed. This gap illustrates the wealth of opportunities in private markets, startups, and emerging enterprises.
The event concluded with a shared belief among speakers that the India-UAE partnership is entering a dynamic new phase marked by innovation and collaborative investment efforts.
