I have a simple message for you: Now is the time to consider returning to India ? both for a better personal life and for helping build the New India. India is changing, at least one part of India that constitutes urban India. There is an optimism in the air. Opportunities abound. India is Rising. The time to think about a return to India is Now.

For many like you who left India for the prospects of better opportunities abroad, the image of India remains frozen at the time that they departed. Subsequent short, annual visits have probably only given fleeting glimpses of the changes that are taking place. So, the status quo of the image persists. Landing at one of the airports does little to erase the impression of an arrival at a third-world country. Pollution, traffic jams, poverty may be visibly all there. So what really has changed about India?

In one word: Attitude. The last few years have seen Indian self-confidence rise. It is a mix of various factors. The growth of the Indian software services industry in the face of a worldwide slowdown, the boom in business process outsourcing (rarely a day goes by without a new announcement of another global major deciding to shift some of its services to India), the rising incomes in urban India, a stable government at the centre for the past 4 years, Mr. Manmohan singh at the helm, smart performances by Indian sportsmen (and not just in cricket), the malls and multiplexes, the expressways starting to link cities, Indian companies fighting back the MNCs and the Chinese onslaught, the big forex reserves. Or maybe it is just the pessimism in the rest of the world. Whatever it is, there is a growing feeling in India that the game is ours to win ? or lose.

For the first time, I sense a feeling among Indians that tomorrow will be better than today. For a long time, there was a feeling of resigned acceptance? that what is will be. This is changing. There is a growing feeling that what we make of tomorrow is in our hands, that the opportunities are there. What tomorrow brings is more in our hands than divined by destiny. Optimism in the people is not an easy thing to inculcate ? it is something which one sees all around, and mirrors it back.

There is a long way to go. But one cannot help feeling that the Indian train is finally moving after decades of standing at the station. There is a sense of purpose and determination ? a drive to reach the destination. It is said that a journey of a thousand miles begins with a single step. India and Indians have begun that journey. Perhaps, it is time for you to begin yours.

As the New India emerges, there are plenty of opportunities ? not just in the information technology sector but also in the other areas. Opportunities are what we make of them. True, there will plenty of ups and downs, but that does not deter from the fact that there is a lot of catching up and leapfrogging that India, its consumers and enterprises have to do. I will talk about the IT space. (I am sure if you speak to people in other sectors you will get a similar sense of the opportunities that lie ahead.)

So far, India has been known for its software services ? quality programming and support for a fraction of the cost. Led by Bangalore and followed by other cities, India has carved a niche for itself in developing software for the world?s leading organisations. The Indian software companies, led by TCS, Infosys, Wipro and Satyam, have become part of many technology supply chains. Even as that continues, the new buzz is about extending the Indian advantage to everything service-oriented. Business process outsourcing (or IT-enabled services) is the new talk of the town everywhere. The legacy of English left by the British and our vast numbers are finally being put to good use!

In the telecom sector, companies like Bharti, Orange (and Hutchinson), Idea Cellular (jointly owned by Birla, Tatas and BPL) and Reliance Infocomm are finally bringing connectivity to the masses at affordable prices. The most recent offer from Reliance calls for an invtsment of just Rs 501 (about USD 11) for a cellphone. Smart businessmen are using two cellphones ? the second one is a Reliance phone so they can talk long-distance to their branch offices and associates (also on Reliance) for 40 paise (less than 1 cent) a minute. Imagine that. Just a few years, a peak hour Mumbai-Delhi call cost 100 times as much.

There are two large untapped opportunities that lie ahead in India: SMEs and the rurals markets. Both are very similar in the sense that there has been a co-ordination failure among the various solution providers, with the result that the small and medium enterprises and the people of rural India find themselves in a low-equilibrium situation. They are ?invisible markets?, underserved by the existing solution providers. New technology and a co-ordinated effort by multiple players has the potential to carve open two large markets: there are estimated to be 3 million SMEs in India, and 700 million in rural India.

What they need are innovative solutions built using the newest technologies ? the ones that you know and understand well. From eBusiness software suites to WiFi, from mobile applications to alternative sources of energy ? there is plenty of scope for ?disruptive innovations? to tap into these markets in India, and then take the solutions to the other emerging markets of the world.

Opportunities also exist in every sector ? if one is willing to think entrepreneurially. What is needed is Will and Vision to make a difference. Yes, there will be failures, but the New India is willing to take these in its stride. After all, Silicon Valley was built not just on the successes of a few, but the failures of many. It is for us ? Indians and NRIs ? to help build the New India.

I meet and speak with many NRIs ? in India and during my travels abroad. One of the most common reasons given for not returning to India is ?the family? ? how will the kids adjust, schools in India are tough to get into and overload the children with so much homework, there is so much pollution, and so on. To me, this is an excuse for not upsetting the status quo, to stay in the comfort zone. Life for most of you is nicely compartmentalised into 48-50 working weeks, with 2-4 weeks of an obligatory vacation in India so ?the kids can get a sense of Indian culture.?

What we forget is that we too are products of India?s education system ? the same one we tend to criticise now. Yes, the Indian education system focuses less on the creative skills than on memorisation. Yes, Indian school kids have plenty of homework thrust upon them everyday. But that is what is making us what we are ? smart, diligent, intelligent, ready to adapt to any kind of situation. The lack of creative outlets at school have not prevented Indians from excelling in other walks of life. What matters is the academic discipline the Indian education system instills in us. We have gone through it, and there is no reason why the next generation should not go in for it.

So, the family argument is one which holds little water. It is an excuse to not make tough decisions. After all, when life is going along reasonably comfortably, why disrupt it? And so life goes on, and another year passes. The India visits serve little purpose because you come as tourists. The India you know is the India you left behind when you went abroad. And that India, unknown to you, has changed beyond recognition.

I lived abroad for many years, and for me, India is home. Whenever I travel abroad, there is always a feeling of temporariness, a lack of one?s roots. One can always look at the negatives, but there are plenty of positives now to look forward to. And those are the ones you should focus on ? after eliminating the option of returning back to where you came from.

Family ? along with personal opportunities ? is in fact one of the primary reasons for returning back to India. There is a support system in India with the extended family, which is always there ? no questions asked, no obligations expected. For the kids, there is a love from doting grandparents, and uncles and aunts, and many other siblings. In India, skin colour is not used to discriminate. We are all one ? Indians.

It is time for you to ask themselves a basic question: what do I do with my life? The answer to that can help guide the decision to return to India ? or not.

Much of the world is stuck in a no-growth or slow-growth zone. History and the excesses of the recent past have caught up with the US, Canada, Western Europe, Japan, Singapore and Hong Kong. Contrast that with the growth opportunities that are being seen for India and China. Where would you be rather be for the next decade? That is the fundamental question NRIs need to ask themselves. It is in this context that a return to India needs to viewed. Simply put, life in these developed markets is going to be more of the same for the most part of the next few years. Life in India is going to be a roller-coaster ride, but one which seeks out higher-levels with each curve. Take your pick.

There is a need to think through the alternatives that are there. The easiest decision is to not make one ? and let things go along as they are. The N+1 Syndrome ? ?just one more year? ? will ensure the decision never gets made. The tougher decision is to pack one?s bags and return back. It is a very difficult decision to make because now, India is the foreign land! When you left India, there were few cares and commitments. Now there are many. The decision is not an easy one.

Consider the alternatives carefully. You know your business and the industry you are working in. How will life be in the next 3-5 years? What are the opportunities? On the personal front, what does your family want to do? Are you willing to accept a ?disruptive innovation? in your life ? or would you prefer maintaining the status quo and hoping for the best?

If you do decide to consider a return to India, here are a few suggestions. Take time off from work for 4-6 weeks and come and visit India first. Travel around, meet people, meet prospective employers. If you are becoming an entrepreneur, then meet others in the same space. See your yourself the change that is happening around India. Think about where you want to live. Take a flight on Jet Airways and see the difference. Book a train ticket online ? yes, the largest eCommerce site in Asia is now the Indian Railways! Travel on the Mumbai-Pune expressway. Talk to others who have come back. The decision to move is a game of mental chess ? only, you are playing against yourself.

I am not trying to give a rosy picture ? just one which is realistic, or maybe more optimistic (because I am one). One can of course talk about the things that are wrong in India ? and there are plenty. Water shortages, poor infrastructure, periodic power cuts, and so on. If that is the attitude, then India is not for you. However, if you are willing to inject a ?disruptive innovation? in your own life and tear up the green card (or the equivalent permanent residency certificate of another country), then India will more when welcome you with open arms.

Purchase of Shares and Securities by Non-Residents
No person resident outside India, whether an individual or a firm/company (other than a banking company) incorporated outside India, can acquire shares of any company carrying on trading, commercial or industrial activity in India without permission of Reserve Bank. Permission of Reserve Bank is also required for transfer or issue of any security (which includes shares, debentures, bonds, etc.) to a person resident outside India. While granting permission for transfer or issue of shares to a non-resident investor, permission for purchase of shares by him is granted simultaneously and hence it is not generally necessary for non-resident investors to apply separately for permission to purchase shares in Indian companies in such cases
Issue and transfer of Indian rupee shares and securities to any person resident in Nepal requires permission of Reserve Bank.
Creation or transfer of any interest in a security in favour of a non-resident is not permitted unless allowed by the RBI. This prohibition also precludes pledging of any security to or in favour of a non-resident (e.g. as collateral or prime security for credit facilities abroad) or utilizing them for forming a trust or settlement of which a non-resident is the beneficiary.

Transfer of Shares/Securities from Non-residents to Non-residents
No such confirmation of Reserve Bank is required to be obtained for transfer of shares (as also bonds or debentures) between two non-residents. The non-resident transferee, however, requires permission for purchase of the shares or the Indian company for registering the transfer in favour of another non-resident. Such transfers will, therefore, not be registered by the Indian company unless the non-resident purchaser has obtained the necessary permission.

Transfer of Shares/Bonds/Debentures from Non-residents to Residents
No transfer of shares/bonds/debentures of a company registered in India made by a person resident outside India to another person resident in India will be valid unless the transfer is confirmed by Reserve Bank on an application made to it by the transferor or the transferee. Reserve Bank has, however, exempted transfer of shares, bonds or debentures of Indian companies held by persons of Indian nationality/origin (NRIs) on both repatriation and non-repatriation basis to residents as also transfer of shares, bonds or debentures by way of gift through issue of Notifications, subject to fulfillment of certain conditions.

Responsibility of Companies Registering Transfer of Shares/Securities in favour of Non-residents
No person can enter transfer of securities in any register or book in which securities are registered or inscribed, if he has any ground to suspect that the transfer involves a contravention of the foreign exchange laws. The registration of the foreign address of the holder of a security cannot be done except by way of substitution for any such address in the same country or for which permission has been granted by Reserve Bank. Before registering any transfer of shares/securities in the names of non-residents, companies concerned must obtain permission of Reserve Bank except where such permission has already been obtained by transferor/transferee.
Authorized dealers and financial institutions extending custodial services may hold in their safe custody, shares and securities issued / transferred to non-residents and also release the shares/securities from non-resident safe custody account for purposes like recording change of name, sale, etc., provided the relative purchase/sale/transfer is covered by the general or special permission of Reserve Bank.

General rule for Remittance of Dividend/Interest/Sale proceeds of Securities
As a general rule, the dividend, interest and other income on shares/securities and sale proceeds of shares and securities originally purchased out of funds held in the investor's Ordinary Non-resident Rupee (NRO) accounts as also those acquired subject to the condition that they will not carry the right of repatriation are required to be credited to the investor's NRO account. In other cases, authorized dealers may remit the net amount of dividend, interest, sale proceeds etc. after deducting Indian taxes at applicable rates or credit them to the investor's NRE/FCNR accounts to the extent permitted by Reserve Bank
Export of any security (which includes shares, bonds, debentures, etc.) to any place outside India requires permission of Reserve Bank. Unit Trust of India has been granted general permission by Reserve Bank to export certificates covering units purchased by non-resident investors from out of foreign exchange remittances to India or from their non-resident accounts in India. At the time of granting permission for purchase/issue of shares/bonds/debentures by/to non-residents, permission for export of the share/bond/debenture certificates is generally granted by Reserve Bank. Permission for export of shares/securities will, therefore, be required to be obtained only in cases where such permission has not been given.

Reporting of investment inflows
Reserve Bank has granted general permission to Indian companies for issue and exports of shares/securities to non-resident investors, and to non-resident investor to acquire shares/securities of Indian companies under various non-resident direct investment schemes. In terms of Reserve Bank Notification Nos.FERA 188 and 189/RB-98 dated 11th November 1998, it is obligatory on the part of Indian companies seeking non-resident investment to file a report containing the following particulars with the Regional Office of Reserve Bank not later than 30 days from the date of receipt of remittance in Form ISD :-
(a) Name of the foreign investor:
(b) Country of residents or incorporation of the foreign investor
(c) Date of receipt of remittance and its rupee equivalent
(d) Name and address of the authorized dealer in India through whom the remittance is received;
(e) Number and date of SIA/FIPB approval in respect of which remittance is received. This requirement is in addition to the submission of the prescribed declaration in form FC(RBI)/ISD(R)/ISD, as the case may be, alongwith the documents, within 30 days form the date of issue of shares.

Purchase of Shares and Securities by Non-Residents
No person resident outside India, whether an individual or a firm/company (other than a banking company) incorporated outside India, can acquire shares of any company carrying on trading, commercial or industrial activity in India without permission of Reserve Bank. Permission of Reserve Bank is also required for transfer or issue of any security (which includes shares, debentures, bonds, etc.) to a person resident outside India. While granting permission for transfer or issue of shares to a non-resident investor, permission for purchase of shares by him is granted simultaneously and hence it is not generally necessary for non-resident investors to apply separately for permission to purchase shares in Indian companies in such cases
Issue and transfer of Indian rupee shares and securities to any person resident in Nepal requires permission of Reserve Bank.
Creation or transfer of any interest in a security in favour of a non-resident is not permitted unless allowed by the RBI. This prohibition also precludes pledging of any security to or in favour of a non-resident (e.g. as collateral or prime security for credit facilities abroad) or utilizing them for forming a trust or settlement of which a non-resident is the beneficiary.

Transfer of Shares/Securities from Non-residents to Non-residents
No such confirmation of Reserve Bank is required to be obtained for transfer of shares (as also bonds or debentures) between two non-residents. The non-resident transferee, however, requires permission for purchase of the shares or the Indian company for registering the transfer in favour of another non-resident. Such transfers will, therefore, not be registered by the Indian company unless the non-resident purchaser has obtained the necessary permission.

Transfer of Shares/Bonds/Debentures from Non-residents to Residents
No transfer of shares/bonds/debentures of a company registered in India made by a person resident outside India to another person resident in India will be valid unless the transfer is confirmed by Reserve Bank on an application made to it by the transferor or the transferee. Reserve Bank has, however, exempted transfer of shares, bonds or debentures of Indian companies held by persons of Indian nationality/origin (NRIs) on both repatriation and non-repatriation basis to residents as also transfer of shares, bonds or debentures by way of gift through issue of Notifications, subject to fulfillment of certain conditions.

Responsibility of Companies Registering Transfer of Shares/Securities in favour of Non-residents
No person can enter transfer of securities in any register or book in which securities are registered or inscribed, if he has any ground to suspect that the transfer involves a contravention of the foreign exchange laws. The registration of the foreign address of the holder of a security cannot be done except by way of substitution for any such address in the same country or for which permission has been granted by Reserve Bank. Before registering any transfer of shares/securities in the names of non-residents, companies concerned must obtain permission of Reserve Bank except where such permission has already been obtained by transferor/transferee.
Authorized dealers and financial institutions extending custodial services may hold in their safe custody, shares and securities issued / transferred to non-residents and also release the shares/securities from non-resident safe custody account for purposes like recording change of name, sale, etc., provided the relative purchase/sale/transfer is covered by the general or special permission of Reserve Bank.

General rule for Remittance of Dividend/Interest/Sale proceeds of Securities
As a general rule, the dividend, interest and other income on shares/securities and sale proceeds of shares and securities originally purchased out of funds held in the investor's Ordinary Non-resident Rupee (NRO) accounts as also those acquired subject to the condition that they will not carry the right of repatriation are required to be credited to the investor's NRO account. In other cases, authorized dealers may remit the net amount of dividend, interest, sale proceeds etc. after deducting Indian taxes at applicable rates or credit them to the investor's NRE/FCNR accounts to the extent permitted by Reserve Bank
Export of any security (which includes shares, bonds, debentures, etc.) to any place outside India requires permission of Reserve Bank. Unit Trust of India has been granted general permission by Reserve Bank to export certificates covering units purchased by non-resident investors from out of foreign exchange remittances to India or from their non-resident accounts in India. At the time of granting permission for purchase/issue of shares/bonds/debentures by/to non-residents, permission for export of the share/bond/debenture certificates is generally granted by Reserve Bank. Permission for export of shares/securities will, therefore, be required to be obtained only in cases where such permission has not been given.

Reporting of investment inflows
Reserve Bank has granted general permission to Indian companies for issue and exports of shares/securities to non-resident investors, and to non-resident investor to acquire shares/securities of Indian companies under various non-resident direct investment schemes. In terms of Reserve Bank Notification Nos.FERA 188 and 189/RB-98 dated 11th November 1998, it is obligatory on the part of Indian companies seeking non-resident investment to file a report containing the following particulars with the Regional Office of Reserve Bank not later than 30 days from the date of receipt of remittance in Form ISD :-
(a) Name of the foreign investor:
(b) Country of residents or incorporation of the foreign investor
(c) Date of receipt of remittance and its rupee equivalent
(d) Name and address of the authorized dealer in India through whom the remittance is received;
(e) Number and date of SIA/FIPB approval in respect of which remittance is received. This requirement is in addition to the submission of the prescribed declaration in form FC(RBI)/ISD(R)/ISD, as the case may be, alongwith the documents, within 30 days form the date of issue of shares.