Either be lucky and win a lottery or work a little hard and get a job in a foriegn country whose currency is disproportionately stronger than the mighty Rupee.
The people who end up doing the latter, save money by living a austere life in that foriegn country. Once they have saved enough (usually indicated by retirement age in that country), they get hieghtened notions of love for motherland and jump on the next flight to India with a dream to live the next years of life in luxury in their country with the disproptionate wealth gained by converting currencies.
What does this activity mean for India?
Once these NRI's come back to India with their disproportionate wealth, their consumption of natural resources also increase, inflating real estate prices the most. Remember that these people have not paid taxes in their working years but now consume the resources that are available because of the taxpayer money.
So, the people who stay back in India either because of their incapacity to go abroad or because of their stubberness to do something good in the country itself are paying the cost of this disproportionate wealth earned by the NRI's.
That doesnt mean to say that NRI's do not contribute anything. NRI investment in India's Industry means a lot. But it just ends up making making the rich richer and the poor poorer.
What is the solution for this?
My thoughts are that the government of India should have a 'disproportionateness quotient' for each currency and tax that amount when people convert the currency. This money should then be used in invest in Industry.
3 comments:
There is no gain without pain. NRIs sacrifice family to go the rotten countries for meeting some objectives. I have met people feeding three families from Dubai. Some get taxed in respective countries also. And you expect them to share their hard earned retired money to uplift non deserving people.
Niranjan,
Remember that some people in India are also working equally hard with equal passion. The problem is that disproportionate wealth dis-incentivices them to do it.
About a person feeding 3 families, that is where a tax slab is going to help. So, a person converting to 10000 Rupees in a month wont be taxed much compared to a person converting more than a lakh per month.
Vishal, I believe that NRI`s have a duty in repaying their motherland. Let them enjoy the fruits of hardwork but let the community also improve ... why the I me & myself attitude?The Govt must certainly have a system for bridging the gap between haves & have nots.
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