Meet Asia's richest village: 32,000 population with ₹7,000cr fixed deposits
What's the story
Madhapur, a tiny village in Gujarat's Bhuj, has been crowned Asia's richest village.
Though it has a population of a mere 32,000 people, it has a staggering fixed deposit of over ₹7,000 crore!
The strange financial phenomenon is mainly because of its large non-resident Indian (NRI) population, a demographic that makes up 65% of its population.
Most of them are settled in Africa, the US, the UK, Canada, Australia, and New Zealand.
Economic impact
NRIs's remittances fuel Madhapur's development
Madhapur has seen much development with the wealth generated by NRIs. The money has helped in constructing well-laid roads, lakes, schools, colleges, health centers, as well as temples.
Such transformation has attracted the attention of public and private sector banks.
Presently, 17 major banks, including SBI, HDFC Bank, ICICI Bank, and PNB, have branches there, with many more expected to open soon.
Community support
NRIs' contributions extend beyond personal needs
Madhapur villagers are deeply connected to their roots. Though scattered across the world, they keep sending money for the infrastructure development of their native place.
Most of the money comes from NRIs employed in the construction industry in Africa.
"Our men may make their living abroad, but their hearts remain here," a villager told India Today.
They send back money not just for themselves and their families, but also for schools, hospitals, and roads for all.