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Why do we think NRIs, PIOs better than us?.
I recently received an email whose operating part was: I would like to sum up our performance in the 20th century in one sentence.
But those that stay in India are pulled down by an outrageous system that fails to reward merit or talent, fails to allow people and businesses to grow, and keeps real power with netas, politicians, and assorted manipulators.
The relative success of Indians in the US has more to do with the quality of the American system, which affords the opportunities to all to pursue their dreams and professional quests.
George Soros is Hungarian.
Even Pakistan has a couple of Nobels.
This success of some Indians in foreign countries has given rise to a certain NRI mentality which makes them believe they have answers to all our myriad problems with their complexities just because they have done well overseas.
Our political and bureaucratic leaders too seem to have been considerably impressed by these achievements and the annual fests hosted by the Government of India to laud our NRIs are typical of this mentality.
Most of the non-corporate FDI in India is by resident Indians who round trip their illegally ferreted out wealth from overseas havens.
The problem is that such funds now constitute a huge Damocles sword that by being able to take flight fast is a constant threat to our house of cards Aadhaar, PAN, debit and PIO included.
Typical is a friend who holds a modest job in the US and who visits me every now and then..
But when he comes here he is full of suggestions, most of them ranging from stupid to asinine, on how to make this country great like America.
) This logic makes me retch.
An Indian today has become the chairman and major owner of the worlds second biggest mobile telephony company here in India.
And they can do this far more frugally than anyone else.
We can and should be doing much better.
Its GDP in PPP terms is the third-largest in the world now and many Western financial institutions like Citibank and Standard Chartered Bank forecast it will become the worlds largest by 2050.
Tom Mullen, the janitor of the building where I lived when at Harvard, came to work driving a car and had passion for expensive racing bicycles.
Tom still probably makes more money than me.
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Anyone has any good experience with the Citibank or icici or sbi nri banking. Any pro tips for me ?
Seems to be regulated at 4% return across all banks right now...so looking for best service/least hassle bank for a PIO NRI.
Massiji says Citibank is the best, but Icici seems to have really good reviews online. HSBC has branches all over the world. I shared a cabin with the VP of Punjab National Bank on the Golden Temple Express once too. Thoughts on the best bank to go with?