The question of why
study abroad might erupt in the minds of a lot people, but the importance
is realized in uncountable ways. The Laws pertaining to Income Tax Act as of
1961 entails an Indian citizen who has decided to move to a foreign country as
a non-resident Indian (NRI).
Individuals not physically present in India for more than
182 days in a financial year are referred to as non-resident Indian. There is a
growing number of Indians who have settled outside the country in respective
places while no more questioning about why
study abroad. These individuals are largely responsible for building the
foundation blocks for India’s economic growth.
A few facts about the amount of NRI send money to India in 2019 –why study abroad
· The yearly Indian
budget 2019 accounts to 400 billion US dollars. India spends a total amount
of 30 billion US dollars on defence (army, air force and navy).
NRI spends a considerable amount of money, a total amount of 80 billion US dollars, which is more than double of Indian army budget.
NRI spends a considerable amount of money, a total amount of 80 billion US dollars, which is more than double of Indian army budget.
Can NRIs transfer money to Indian residents –why study abroad?
Yes, NRIs who wish to send money to the country can do that
in order to fulfil various needs such as supporting children’s education, help
loved ones, engage in investments or even buy assets such as real estate.
How are NRIs contributing to India –why study abroad?
The NRI contribution to the economy has been significant for
the past few years. Each year thousands of Indians are seen migrating to
different countries in search of better work prospects and their family. The
money transfers are channelized vehemently towards different sectors such as
healthcare, investments, improved education, savings and much more.
Apart from their contribution in these sectors, they are at
times seen supporting charities while offering financial assistance in terms of
disasters. Improved facilities raise the living standard while positively
impacting the Indian economy.
The reality of the amount of impact that non residents cause
in the country cannot be simply overlooked. Although they form just about 1
percent of the total population of the country, however creates a significant
impact overall. The money transfers offered by NRIs, known as remittances are a
significant source of the inflow of foreign currency in India.
Why study abroad
An individual does not become an NRI overnight, but by
offering a lot of efforts. One of them involves studying abroad. It accounts to
being one of the most beneficial experiences for an individual. With this
opportunity, it takes students to a new land offering greater prospects.
Training pertaining to study
in UK offers you the chance to experience the unique style of education. By
enrolling in a program, it offers you to have an exposure that you might not
have had in your home country.
Further, students are offered the ability to adapt a new
culture by getting exposure to a variety of cultures abroad. You not only come
to terms with distinct traditions, but also customs, food options and social
atmosphere.
How to prepare for ILETS preparation in Pune?
The most important essential to study abroad is acquiring a
fair result in IELTS test. On the basis of this exam, students are selected to
study abroad. Interested visa applicants can enrol for IELTS preparation in Pune from a renowned centre and avail the best
preparation.
Conclusion
Thus, there are a lot of opportunities for individuals
leaving India as they can live outside yet contribute to India’s growth and
surrounding society in a varied number of ways. The hard truth of leaving the
country might sadden a bit, however they can still be a part of the country and
contribute their earnings in a significant manner to help their family and the
country’s economy.
Informative article.Thanks for sharing this great information.
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