Jalandhar:  The global economic meltdown which posed a string of problems for several nations has come as a silver lining for the industries of Punjab. Non-Resident Indians (NRI) of Punjab based in western countries in wake of the global recession are finding it more wise to invest in their native state. As a result, the investments by NRIs have not only boosted the Punjab’s economy but also provided shot in the arm to the state industries. 

In Jalandhar alone, NRIs have deposited Rs 6,100 crore in various banks and the trend is witnessing a 10 to 15 percent rise in the process. Five years back, the deposit was only Rs 2,000 crore.

The rising trend of NRIs deposit is proving healthy for the industry in the state as banks are capable of providing huge loans in this respect. Real estate and retail sectors are among the sectors which have gained maximum benefit from the process.

Encouraged by the positive trend, economic affairs specialists say that the deposits by NRI Punjabis are of long term, hence it is benefitting the local industrialists. DGM, Punjab National Bank, Jalandhar, PK Sharma said, “Banks have to provide less interest rate on the NRIs deposits.”

(JPN/Bureau)