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Investment banker says inequality and overseas jobs are driving Indians to give up citizenship
An investment banker says rising inequality, overseas jobs, education and quality-of-life factors are driving a sharp rise in Indians giving up citizenship.
An investment banker has outlined why a rising number of Indians are renouncing Indian citizenship, pointing to economic inequality, career prospects abroad and quality-of-life concerns as key drivers.
Taking to LinkedIn, Sarthak Ahuja, an investment banker and financial advisor, stated that while around 2 million people have given up Indian citizenship over the past 15 years, nearly half of that number has done so in just the last 5 years. He noted that between 2011 and 2019, an average of 1.3 lakh Indians renounced citizenship annually, a figure that has now climbed to about 2.2 lakh per year.
Why are Indians renouncing citizenship?
Explaining the reasons, Ahuja argued that although India is among the world’s fastest-growing economies, the benefits of growth are unevenly distributed. According to him, if the top 5% of income earners are excluded, India’s average per capita income drops to nearly half, leading many to believe they have a better chance at equitable growth overseas.
“Which is why people leave for education, then take up jobs abroad, and after completing the requisite term, switch over their citizenship. And then of course, the charm of clean air, water also excites them,” Ahuja wrote.
(Also Read: Investment banker explains why ₹70 LPA 'feels middle-class' in India: 'International costs but broken infrastructure')
Which countries are inviting Indians?
Ahuja further pointed out that an estimated 7,500 Indian doctors are working overseas, while 67% of professors prefer jobs abroad. He also cited estimates suggesting that one-third of IIT graduates migrate to other countries.
According to him, the most common destinations for Indians giving up citizenship are the United States, Canada, Australia, the United Kingdom and Germany. “This is why US, Canada and UK now have such a negative stance on immigration because they feel Indians are coming to eat our jobs,” he said.
“If you have to focus on going overseas now... the countries inviting Indians have switched over to the likes of UAE, Saudi, Germany, Italy, Australia, Finland, Japan, and New Zealand...And the best streams for you to crack jobs abroad are IT and Medicine... not Commerce or Liberal Arts,” Ahuja concluded.
