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Expatriate entrepreneurs struggling to make profits in Europe or the US may find more success in India, says a new report.
According to the Economic Times, many workers have discovered the benefits of escaping the economic crisis and relocating to the fast-developing nation.
Speaking to the Indian newspaper, Neill Brownstein, owner of venture capital firm Footprint Ventures, said the country is a haven for would-be entrepreneurs.
"India is now the new land of opportunity and thousands of expats are making a beeline to Indian cities to nurture their dream of setting up their business," he noted.
While many of the estimated 50,000 expatriate workers living in India are employed by multinational companies, an increasing number are setting out on their own after spying a gap in the market, claims the news source.
Emma Trinidad, a former cosmetics supplier, told the Times she set up a now-popular spa in Bangalore after noticing that local people continued to spend on luxury despite the global downturn.
The Indian government recently announced that anyone planning to work in the country must have a valid employment visa before arrival.
Those already employed – who hold a business, rather than an employment visa – have until the end of this week (October 31st) to secure the correct documentation.
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