ZAWYA: India seeks deeper UAE diaspora investment as FCNR deposits hit $33.7bln

ZAWYA: India seeks deeper UAE diaspora investment as FCNR deposits hit $33.7bln

Dubai, United Arab Emirates: India is looking to attract greater participation from overseas Indians in its growth story as Non-Resident Indian (NRI) deposits reach approximately $166 billion, including $33.7 billion in Foreign Currency Non-Resident (FCNR) deposits, industry leaders revealed during The India Wealth Window 2026 held at Taj Dubai, Business Bay.

Organised by the Indian Business & Professional Council (IBPC Dubai), the high-level financial conclave brought together policymakers, bankers, investors and business leaders to discuss opportunities emerging from India's economic expansion, including a newly highlighted FCNR-linked wealth creation structure, startup investments and broader capital market participation.

A highlight of the evening was the launch of A True Story, the memoir of veteran UAE diplomat and statesman HE Mirza Hussain Al Sayegh. Offering a rare first-hand account of the early years of UAE-India relations, the book draws on HE Al Sayegh's experiences as part of the UAE's diplomatic corps and his posting to India shortly after diplomatic ties were established.

Mr. Suresh Kumar, Chairman Emeritus of IBPC Dubai, was on hand to introduce the author and guest of honour.

Speaking at the launch, Al Sayegh reflected on his time in New Delhi in the 1970s, recalling the trust, warmth and strategic cooperation that defined the relationship from its inception. He highlighted the agreements and economic partnerships forged during that period, many of which helped shape today's robust trade and investment corridor. He also traced his family's long-standing commercial ties to Mumbai, underscoring the deep people-to-people connections that continue to strengthen the partnership.

“The duty of our generation is to strengthen the relationship between the two countries,” he said.

Following the book launch, Sunny Narang, Convenor, IBPC Dubai FSCM focus group, introduced the evening's speakers and set the stage for the subsequent discussion.

Addressing attendees, Dr. Nilay Ranjan Singh, CEO of State Bank of India (DIFC), said India continues to require substantial overseas capital inflows despite maintaining foreign exchange reserves exceeding $680 billion.

"India needs you and you need India," he told an audience comprising investors, entrepreneurs and members of the Indian diaspora.

Dr. Singh highlighted India's ambition to become a developed economy under the Viksit Bharat vision and emphasized the important role played by overseas Indians, particularly those based in the Gulf. The UAE remains one of the largest sources of remittances into India, reinforcing the strategic importance of the India-UAE economic corridor.

One of the key discussion points was SBI's FCNR-based wealth creation structure, which offers investors a combination of foreign currency deposits and leverage facilities. The opportunity is expected to remain available until September 2026, creating what Dr Singh described as a limited investment window for eligible investors.

Piyush Jhunjhunwala, Founder of Stockify Fintech, presented a bullish outlook on India's future, describing the country as one of the world's most attractive long-term investment destinations.

He noted that India has already emerged as a $4.5 trillion economy growing at approximately 7 percent annually, with projections suggesting it could become a $10 trillion economy by 2030 and potentially reach $40 trillion by 2045.

"The whole world is investing in India because India is still in its growth stage," he said.

He also highlighted India's demographic advantage, noting that the country's average age of approximately 28 years provides a powerful foundation for sustained economic expansion and consumer growth.

During the panel discussion, moderated by co-convenor of the IBPC Dubai FSCM focus group Mahesh Ramakrishnan, Mr Jhunjhunwala encouraged investors to adopt a long-term perspective, stating that "the biggest risk can sometimes be not taking part in growth opportunities."

In his opening remarks, Dr. Sahitya Chaturvedi, Secretary General of IBPC Dubai, pointed to the vast untapped investment opportunities available across India's corporate ecosystem. India currently has more than 2.11 million active companies, while only about 7,500 companies are publicly listed, underscoring the scale of opportunities available in private markets, startups and emerging enterprises.

He described the event as taking place at a defining moment in India-UAE relations, as bilateral economic cooperation continues to deepen across trade, investment, technology and financial services.

The event concluded with a strong consensus among speakers that the India-UAE partnership is entering a new phase defined by investment, innovation and strategic cooperation.

With growing capital flows, expanding trade relations, increasing startup collaboration and sustained political engagement at the highest levels, participants described the India-UAE corridor as one of the world's most dynamic economic partnerships.

The launch of A True Story served as a reminder that behind today's record investment figures and economic milestones lies a relationship built over decades of trust, shared prosperity and enduring human connections.

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