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Pages 8 (2008 words)
Non resident Indians are a flourishing part of financial scenes of many advanced countries. They work, do well and millions of them send money to India to their relatives which contributes to the financial stability of India in a marginal way.
In 2000, India's share of such remittance was 15% of the total remittance covering 73% of regions1 and this share is steadily increasing every year due to present globalisation, migration and mobility.
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"Hostile attitudes towards expatriates held by many Gulf hosts are not conducive to successful interaction between the two groups. Many natives are alarmed by the erosive effect these expatriates may have on their local culture and identity" Atiyyah (1996).
Some of the Non-resident Indians have gone into private banking and wealth management2. In UK South Asians are only 2% of the working age population; but their achievement is significant. Socio-cultural factors of long hours of work and socio-economic factors like higher education have contributed to their success. With delegation of responsibilities, and converting it into a family business with family members and friends help, trying to get cheaper labour from the community, these small entrepreneurs had been successful in creating capital and a comfortable life.
"An important aspect not considered by ethnic resources and opportunities theory is the role of socio-economic resources such as the level of education and the class background of migrants, emphasised by Light (1984), in stimulating entrepreneurial entry and expansion" Basu and Goswamy (1999).
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