Future of economy primary concern for Gulf NRIs

Even as the biggest ever elections in India got underway, the state of the economy remains a primary concern for Indians living and working across Gulf countries.
They may differ over who is likely to form the next government but they are unanimous over the urgent need to address market concerns.
"Regardless of who assumes power in New Delhi, the country is faced with the huge challenge of getting the economy back on track. Despite strong macro fundamentals, India has been plagued with numerous issues which have been a hindrance to sustainable growth and investment," said Manash Bhuyan, Senior Director, FTI Consulting.

According to Bhuyan, the new government will have to "make India attractive again" as the country seeks long-term foreign investment to power its growth story, and ultimately create jobs and opportunities for millions of Indians.
"The incoming leadership must recognise that it is important to have a positive global reputation if India wants to position itself as a favoured investment destination," he said.
For some the churning has already begun.

"The fear of the forthcoming national elections will haunt the markets for the next few months and it can swing in either direction based on the elections results," said Pradeep Unni, Head of Strategy, Research and Trading, Richcomm Global Services at the Dubai Multi Commodities Centre (DMCC).

"Despite India's economic prospects being far from rosy in the last few years, foreign institutional investors (FIIs) have been continuously net investors in the market," he said.
"Overseas investors have pumped in a net USD 900.58 million into India so far in 2014. This hints that foreign finds are extremely bullish on India's economic prospects," he said.