With a vibrant community of over 35 million NRIs,People of Indian Origin (PIOs), and Overseas Citizens of India (OCIs), the Indian diaspora stands as the largest overseas population in the world.
Every year, approximately 2.5 million Indians migrate abroad, making India the leader in global emigration numbers. These individuals not only sustain their families back home but also strengthen India’s economy through investments, deposits, and remittances.
Their contributions are unparalleled, and 2024 was a landmark year with India receiving a record-breaking $129.1 billion in remittances—the highest ever recorded for any country.
According to data from the Reserve Bank of India (RBI), outstanding NRI deposits reached $162.7 billion as of October, reflecting a 13.4% year-on-year increase—the highest annual growth rate recorded in the past nine years. Additionally, net NRI deposit inflows experienced a significant surge in FY25, underscoring the growing confidence of the diaspora in India’s financial ecosystem. Higher interest rates in India compared to global markets have driven non-resident deposits to a 10-year high in October 2024, strengthening India’s external account.
Also, their strong connection to their homeland defines their role as India’s ambassadors to the world.
As we observe Pravasi Bharatiya Divas (PBD), we celebrate these remarkable contributions and their enduring spirit.
Why do we celebrate NRI day or Pravasi Bharatiya Divas
Pravasi Bharatiya Divas, observed annually on January 9, holds historical and cultural significance. It marks the day in 1915 when Mahatma Gandhi returned to India from South Africa, laying the foundation for India’s freedom struggle. The tradition of celebrating PBD began in 2003, with the inaugural convention dedicated to acknowledging the overseas Indian community’s role in shaping India’s progress.
Since 2015, the format has been revised to hold the convention every two years, and to date, 17 PBD Conventions have been successfully organized. This year, the 18th Pravasi Bharatiya Divas Convention will take place from January 8–10, 2025, in Bhubaneswar, Odisha. The theme, “Diaspora’s Contribution to a Viksit Bharat,” underscores the pivotal role of NRIs in building a developed India.
The government has been at its top to make these people financially strong and honor their contribution.
Government Schemes and Benefits for NRIs Financial Safety
The Government of India provides NRIs with diverse investment options, including NRO, NRE, and FCNR deposit accounts, mutual funds, direct equity investments, and government bonds and securities. These schemes help NRIs achieve financial goals, plan for retirement, and support their families, while also fostering economic growth in India.
Investing in India offers higher returns, generates passive income, and ensures effective financial planning.
However, managing taxation on these investments can be challenging. To simplify this, platforms like SBNRI offer expert tax services, helping NRIs maximize returns while staying compliant with Indian tax regulations.
SBNRI: Investment and tax solutions for NRIs
In a world where connectivity and convenience matter, SBNRI has emerged as a trusted platform for NRIs, simplifying financial processes and investments in India. It has been serving NRIs and OCIs from 30+ countries since 2020.
Founded by Mudit Vijayvergiya, a Forbes 30 Under 30 honoree and an alumnus of IIT Delhi, SBNRI aims to make investing in India seamless for the global Indian community. With over 20,000 NRIs relying on the app, SBNRI offers a paperless KYC process that enables users to start investing in mutual funds and other assets effortlessly. Recently, SBNRI also became the first platform to introduce GIFT City investments for NRIs, opening new avenues for financial growth.
What sets SBNRI apart is its commitment to addressing the unique financial challenges faced by NRIs. Among these challenges, taxation remains a significant one, with complexities around residency status, double taxation, capital gains, and filing requirements. SBNRI provides end-to-end solutions, including tax services through its in-house tax experts.
Take the tax-call for free
In honor of Pravasi Bharatiya Divas, SBNRI is extending an exclusive opportunity to the global Indian community. Mudit Vijayvergiya, the visionary behind SBNRI, has announced a FREE tax call service for NRIs.
This service can be availed from January 6 to January 12, 2025. Typically priced at ₹3000, this service connects NRIs with in-house taxation experts, to provide personalized guidance on tax queries, exemptions, and compliance.
This initiative can be game-changing for the NRIs to manage their taxes seamlessly and confidently.
Simply download the SBNRI app or visit the website to avail of this exclusive offer.
