The Indian Diaspora can be an important variable in India’s global policy calculus. It is a potent untapped source in advancing India’s development strategy through Globalization. India has become the promise of tomorrow and could become the next economic powerhouse with the help of millions who left India but have still maintained close ties with their motherland and want it to succeed. Expatriates could provide the business firms powerful support abroad as they are capable of influencing the policies of their adopted countries.The New Economic Policy (NEP) of Government of India regarding globalization, privatization and liberalization is set to fully leverage this accomplished group by motivating them to become stake-holders in the country’s economic activity. The paper highlights the point as to how the challenge of “brain drain” of yesteryears can be an opportunity for today.

Prior to the NEP the Indian Diaspora was viewed as a distinct entity, unrelated to the core Indian interest. This attitude had continued for a major part of India’s economic policy. As a result India had in its pre-reform era limited its engagement with the Diaspora to humanitarian, legal and other narrow arenas. Post reform policy of India’s strategic model represents a clear break from the policies of the past and underscores the value on the overseas community

KEYWORDS: Diaspora, New Economic Policy, Globalization, non-resident