ABSTRACT
Foreign investments figure prominently in most countries’ development narratives. They are reported as signs of international approval and trust in the national economy. While the actual impact of such investments on economic development – let alone human development defined more broadly – is uncertain, together with aggregate figures, such as the growth rate of the total Gross Domestic Product, governments communicate about foreign direct investment (FDI) inflows to signal progress, good governance, and modernity. Investments by Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) are among the most visible aspects of diaspora engagement by the Indian government. 2 Specific government institutions and regulatory frameworks were created to facilitate and induce NRI investments. Figuring prominently in India’s official diaspora engagement discourse, investment narratives served as arguments to transform the official stance from considering emigrants as traitors to applauding them as proud contributors to India’s growth story (Naujoks, 2010). 3
