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NRIs, MNCs, make $10bn from India
It’s not just FIIs who are making money out of India. What often gets overlooked is that MNCs, foreign lenders and the Indian diaspora have together earned a mindboggling $10bn from the country in ‘05. This is the highest they have earned so far out of India in a single year.
Amid spiralling growth, money flowed out as dividend on stock holdings, interest payments by India Inc and returns given by banks on foreign currency deposit.
Even after excluding $1.5bn as interest expense on the India Millennium Deposit, the return that overseas institutions and NRIs earned on their exposure to India is around $8bn — a new high.
Even in the best year, their combined earnings from India did not cross $7.3bn, according to RBI data. This is inevitable as demand for money grows, and corporates fish around for cheaper funds abroad
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