NRIs should learn lessons from recession

The NRI Parents' Organisation marked the Non Resident Indian Days celebrations,which will be formally starting from January 7,by organising a talk by Girish Thakar,a financial analyst from the USA,who is also an NRI.

The NRI Parents’ Organisation (NRIPO) marked the Non Resident Indian (NRI) Days celebrations,which will be formally starting from January 7,by organising a talk by Girish Thakar,a financial analyst from the USA,who is also an NRI.

The talk was aimed at enlightening the NRI parents in the city about the current economic recession. The NRI Days celebrations,which will end on January 9,will be toned down this year because of recession. Addressing the gathering of about 300 NRI parents on Monday,Thakar said there is no reason to worry,considering that most of the Indians employed in USA and Europe are at very high positions and work harder than their American or European counterparts.

He cited that the decreasing oil prices,US government’s decision to spend on infrastructure and generate 3 million jobs and similar decisions will prove in favour of economy.

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Thakar compared the GDP of India and US and established that even if the US GDP falls to 1 per cent,it will be still higher than India GDP.

However,Thakar said that there are lessons to be learnt from the slowdown. NRIs should be cautious in spending money. While it is natural that they get awed by their US counterparts who are in for luxury,NRIs should remember that flashy lifestyle always comes with some risk, he said.

Bank of Maharashtra general manager (planning) Ajay Banerjee,who was present at the function,hoped the slowdown in India will end by June 2009. Kumar Kiwalkar,president of NRIPO and M H Paranjpe,former president,were also present.

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NRIs should learn lessons from recession

The NRI Parents' Organisation marked the Non Resident Indian Days celebrations,which will be formally starting from January 7,by organising a talk by Girish Thakar,a financial analyst from the USA,who is also an NRI.

NRIs should learn lessons from recession