Why expats think India is better than China and US: 5 takeaways from HSBC survey
More than one in ten expats in India moved there to set up a business; the country also draws more expat entrepreneurs than countries in the Middle East
India is indeed shining, when it comes to expat life.
A survey conducted by HSBC has found that India is better placed for expats than China and even the US with respondents praising its economy, political stability and even entrepreneurial environment.
As per the survey held among nearly 27,000 expats from 190 countries and territories, India's overall rank stands at 26, higher than the US's 30 and China's 34.
The survey has thrown up some interesting points that paint a rosy picture of India.
The ranks were decided taking into account mainly three parameters -- economics, experience and family. All the three are captured in league tables and ranked separately as per other sub-parameters.
While in the overall ranking Singapore has emerged the topper for the second year in a row, Switzerland leads the economics league table, New Zealand the experience league table and Sweden the families league table.
However, it is interesting to note that India is considered better than the US and China on many of these parameters.
Here are a few takeaways from the recently released survey:
1) Indian economy better than China, US: In the economics league table, India is ranked 23, while the US is at 20 and China 21. In the sub-parameters, India is at 26 in personal finances as against China's 10 and the US's 20. Interestingly, local economy looks better in India (rank 10) than China (20) and the US (16). When it comes to working life, India is ranked 24 between China's 26 and the US's 19. Not surprisingly, the survey found that expats have high levels of confidence in the country’s political and economic stability. "Nearly two thirds (64 percent) of expats are confident in the Indian economy, above the expat average of 52 percent across Asia-Pacific. More than half (53 percent) of expats in India also have confidence in the political stability of the country, above the average of 48 percent across Asia-Pacific," the survey said.
2) Family relationships better in India: This should come as a big boost for the desi brigade: when it comes to family India is ranked much higher (at 24) than the US (37) and China (38). In relationships, India's score is a higher 15, while the US is at 28 and China 33. Surprisingly, it is so even in education and child care, where India is ranked 16 with the US at 34 and China 30. Raising children is also better in India (28) than the US (34) and China (a lowly 41).
3) India good for career progression: The survey found that expats are all praise for India as a good destination to progress a career. "Three in five (60 percent) expats believe their experience in India will improve their future job prospects, compared with 43 percent of expats across the (Asia-Pacific) region," the survey said. Also as many as 51 percent of expats in India believe the country is a good place for them to progress their career (42 percent across Asia-Pacific_ and 57 percent feel they have a better chance to acquire new skills here than they did in their home country (44% across Asia-Pacific).
4) India good for entrepreneurship: The country is a popular destination for expat entrepreneurs. "More than one in ten (11 percent) expats in the country moved there to set up a business, more than twice the average of 5 percent across Asia-Pacific," says the survey. India also draws more expat entrepreneurs than countries in the Middle East, such as Bahrain (7 percent) and the UAE (5 percent). "Almost half (46 percent) of expats report that India is a good place to start a business, more than in both China (39 percent) and Oman (32 percent), and above the Asia-Pacific average of 39 percent," the survey said.
5) India helps achieve long-term financial goals: Nearly two in five (38 percent) expats in India say their time abroad has accelerated their progress towards saving for their children’s education, above the average of 29 percent in Asia-Pacific. Expats in India are also able to save more, with 44 percent saying that living there has accelerated their progress towards making long-term savings and investments, compared with 39 percent across the (Asia-Pacific) region.
Not only will the tax benefits boost savings and spending, it will also help deepen the mutual fund industry and capital markets
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