[Economics] The staggering economic impact of the Indian diaspora

[GL HERO SHIMA]

As high-earning Indians settle abroad, they're infusing billions into local economies.

Shubhangi Sharma is set to host a Holi party later this month at her family home in an affluent part of Berlin. To celebrate the po[CENSORED]r Hindu festival of colours, which falls on 25 March, the 34-year-old will spend around €200 (£171; $218) to cover the costs of the Indian food and sweets she will serve friends; she'll buy the pricey Holi paint online; and wear the traditional clothes she bought as part of an earlier bulk buy during her most recent visit to her hometown, Delhi.  

Dr Sharma, a microbiologist, and her tech-worker husband, are able to spend freely on traditional festivals like Holi. Living in a double-income household with one young daughter and another child on the way, the couple buy mainly organic foods in their weekly shop, go on holidays ideally every three months and purchase expensive flights for their annual trips back to India.

"I moved my investments from India to Germany, so now all my savings are here, and I enjoy investing money in different stock profiles and different exchange-traded funds (ETFs)," says Sharma  "We are in the process of buying a house that should go through by the end of the year. It will take away a big chunk of our savings, but it's also a commitment for our future. Overall, the move to Germany has given me economic freedom and stability."

Dr Sharma is part of a wider group of Indians who have moved to Germany in recent years, a figure that's been steadily rising following more accommodating visa regulations for highly skilled workers. Many well-educated and English-speaking Indians are acquiring jobs primarily in science, technology, engineering and maths – often high-paying fields. With full-time employees earning a median monthly wage of €4,974 (£4,253; $5,416), Indians now rank as the top immigrant earners in Europe's largest economy.

https://www.bbc.com/worklife/article/20240321-global-economic-impact-indian-diaspora