THE COVID-19 PANDEMIC has forced a reshuffling of the wealthy Indian diaspora, with traditional Indian family-run businesses making way for the new gilded age of start-up entrepreneurs and technology-driven business models. The pandemic nudged many Indian families to rejig their personal investments and portfolios to tap into newer investment avenues offshore. This has led to a noteworthy rise in India Inc.'s aspirations to move beyond Indian shores, and create a global footprint. As a result, migrating to an offshore jurisdiction or having a foreign passport has become a trend across the spectrum. Many Indians have also sought to move a portion of their wealth overseas, or deploy such funds via their family offices (FOS).
In India, the rise of the FO phenomenon continues unabated, which is creating a rival pool of capital in the ecosystem compared to the more traditional private equity and venture capital funds.
The Indian government does not allow an Indian citizen to acquire dual citizenship, which impedes the desire of wealthy Indian residents, businesspersons and new-age entrepreneurs to have a global footprint and easy access to foreign shores. This desire was sharpened during the pandemic for a number of reasons, such as access to better healthcare overseas, lifestyle upgrades, diversification of assets globally, and so on.
Unsurprisingly, many Indian business families and entrepreneurs have chosen to become "global Indians" by surrendering their Indian passports to obtain citizenship in offshore jurisdictions. According to a recent survey, as many as 8,000 high-net-worth individuals (HNIS) are expected to leave India by the end of 2022. A staggering 390,000 Indians have renounced their citizenship in the past three years. This exodus amongst the ultra-wealthy has caught the eye of the government as well.
この記事は Business Today India の September 18, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Today India の September 18, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Haute Couture in the Kitchen
FASHION BRANDS ARE ENTERING THE RESTAURANT SPACE, AS FOOD SEEMS TO HAVE BECOME THE ULTIMATE FASHION STATEMENT
It's Personal
Mixing work and personal tasks on work machines may be a done thing for many, but it makes sense to have a dedicated device for your personal needs. Here are two such devices
INTO THE BLUE
For WTiCabs Founder and CEO Ashok Vashist, scuba diving is not just an adventure sport. It is a pathway to connect with the ocean
"Challenges are opportunities"
AMIT JAIN CO-FOUNDER & CEO CARDEKHO GROUP CarDekho Group is a digital automotive solutions provider
THE WAIT FOR HIGHER PENSION
ALMOST 18 MONTHS AFTER THE SUPREME COURT RULING, SUBSCRIBERS WHO OPTED FOR A HIGHER PENSION UNDER THE EMPLOYEES' PENSION SCHEME CONTINUE TO WAIT AS THE EPFO, FACING A STAFF CRUNCH, TRIES TO FIGURE OUT THE MATH
"It's possible to have a 25% growth out of India from now on"
Rail Europe Executive Chairman & CEO Björn Bender talks about the India market, the shift to digital, and the way ahead
Evolving Strategies
Companies need to adapt to changing times for a strong workforce
PERKS PRESSURE
IT'S NOT JUST ABOUT THE MONEY ANYMORE FOR EMPLOYEES. FROM FOUR-DAY WORK WEEKS, TO SKILLING ON THE JOB AND MENTAL WELL-BEING EXERCISES, COMPANIES ARE OFFERING A HOST OF BENEFITS TO RETAIN TOP TALENT. IS THIS ENOUGH?
FOSTERING PLURALISM
Axis Bank, with its initiatives and policies, is striving to make a holistic difference to people's careers and hone their skills too
In Keeping With The Times
With a slew of initiatives for its employees, Abbott India is working hard to build a diverse and inclusive workforce
