Economic Impact of High-Skilled Indian Exodus

In 2023, over 2.16 lakh Indians renounced their citizenship, sparking concern from Congress about the economic consequences. The exodus, primarily of high-skilled and wealthy individuals, is attributed to opaque tax policies and an atmosphere of intimidation in corporate India. This trend is expected to impact the country's tax revenue and intellectual resources.

The exodus of over 2.16 lakh Indians renouncing their citizenship in 2023 has raised alarms about its economic implications, particularly concerning the nation's tax revenue base and intellectual capital. Congress, on Saturday, termed this phenomenon an 'economic travesty' that will affect tax revenues in coming years.

According to Congress leader Jairam Ramesh, the relocation of business personalities to countries like Singapore, UAE, and the UK is increasing, a trend possibly fueled by complex tax policies and a climate of corporate intimidation.

Minister of State for External Affairs Kirti Vardhan Singh highlighted the number in response to parliamentary queries. The figures have nearly doubled compared to 2011, signaling a drain of highly skilled and wealthy individuals from India.

(With inputs from agencies.)