Exodus of high net worth Indians economic travesty: Congress on citizenship renunciation data
citizenship in 2023, the Congress on Saturday said the exodus of high-skilled and high net worth Indians is an "economic travesty" that will shrink the country's tax revenue base over the next few years. Congress leader Jairam Ramesh said business personalities are increasingly relocating to places such as Singapore, UAE, the UK and other places renouncing their Indian citizenship.
In a written response to queries on Indian citizens who have renounced their citizenship, Minister of State for External Affairs Kirti Vardhan Singh recently told the Rajya Sabha that more than 2.16 lakh Indians renounced their citizenship in 2023.
Ramesh, the Congress general secretary in-charge communications, said the number was almost double than what it was in 2011, at 123,000.
Many of these Indians who renounced their citizenship are highly skilled and educated, and their leaving the country at a time of a domestic skilled labour supply shortage will «extract a serious toll on our economy,» he said.
«Many are also financially well-off — earlier this year, a leading global investment migration advisory firm had revealed that over 17,000 millionaires (individuals with total assets greater than $1 million) had left India in the last three years,» Ramesh said.
This exodus of high-skilled and high net worth Indians could very well have been the result of opaque tax policies and an arbitrary tax administration, quite apart from the overall climate of fear and intimidation surrounding corporate India in the past decade, the Congress
