Union Finance Minister Nirmala Sitharaman on Monday said that reverse migration had started as a lot of people are coming back to establish business here, PTI has reported.

She made the remarks during an interactive meet on ‘Economy and The Vision for ‘Amrit Kaal-2047’ in Bengaluru. The event was organised by the Institute of Chartered Accountants Of India, Southern India Regional Council.

According to her, reverse migration has started in which a lot of people, who have a global footprint, are finding businesses, professions and careers to be built in India.

“Ideally, India should be a country which is worth for our grandchildren to stay and live and lead their lives and contribute for the country rather than run away from here because opportunities, job satisfaction, career enhancement, are better there and not here,” the report quoted Sitharaman as saying.

The FM also appealed to chartered accountants to bring more informal businesses on the formal side so that they can reap the benefits of the open world. According to her, small businesses prefer to remain informal because they fear that they will have to pay taxes and taxmen can go after them.

Sitharaman said the fears were unfounded as allowing informal businesses to become formal businesses was not just about paying taxes. She said out that there was a likelihood of not paying tax at all even after coming on to the formal.

“You are coming on to the system because you can reap the benefits of the open big world into which a lot of people are coming on board,” she said.

(With PTI inputs)