The fastest growing major economy in the world, India, has also become a popular destination in the Asia-Pacific region for expat entrepreneurs to set up a business, according to a survey. “India is a popular destination for expat entrepreneurs. More than one in 10 (11 per cent) expats in the country moved here to set up a business, more than twice the average of 5 per cent across Asia-Pacific,” according to HSBC’s ‘Expat Explorer Survey’.
The survey also revealed that India draws more expat entrepreneurs than countries in the Middle East, such as Bahrain (7 per cent) and the UAE (5 per cent). The 2016 Expat Explorer survey was conducted among 26,871 expats in over 100 countries through an online questionnaire in March, April and May 2016.
In comparison to other countries in the region, India also has the highest proportion of expats on an international secondment or assignment, it said. A third (33 per cent) of expats in India have been relocated to the country by their employer, more than in regional financial hubs such as Hong Kong (26 per cent) and Singapore (22 per cent), and above the Asia-Pacific average of 17 per cent, it added.
Nearly two-thirds (64 per cent) of expats are confident of the Indian economy, above the expat average of 52 per cent across Asia-Pacific, it said. More than half (53 per cent) of expats in India also have confidence in the political stability of the country, above the regional average of 48 per cent.
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Expats in India are able to save more, with 44 per cent saying that living here have accelerated their progress towards making long-term savings and investments, compared with 39 per cent across the region.
The average annual expat income in India is USD 145,057 as compared to the global average of USD 97,419, it said. “The survey shows that many Asian expats work abroad primarily to improve earnings, career prospects and quality of life. Some move overseas to study and take up a new challenge,” HSBC’s Head – Retail Banking and Wealth Management, India, S Ramakrishnan said.