Despite widespread misgivings among S’poreans at the effects of the CECA with India, primarily revolving around the clause recognising the qualifications of Indian nationals in 127 professions opening the door for them to work here, the PAP is going ahead to conclude the Agreement with the south Asian giant.
According to PAP Minister, S Iswaran:
“We remain engaged and are prepared to conclude the CECA. We have also indicated to the Indian government that we would like to conclude it as that is another important platform for bilateral economic engagement between the two countries.”
The aforesaid clause has already been implemented in certain PMET sectors such as banking and this has resulted in an influx of foreign Indian nationals into the foreign banks to the extent that places like MBFC and CBP have been renamed by locals as Mumbai Financial Centre and Chennai Business Park.
But this is no laughing matter.
The influx of these foreign Indian nationals implies the displacement of locals who are deprived of the chance to either venture into the industry or progress up the management ladder as the middle and senior management positions of many foreign banks are occupied by these NRIs through discriminatory hiring practices that favour candidates from that country.
The screenshot shows but the tip of the iceberg in banks like Standard Chartered, BNP Paribas and Bank of Tokyo-MUFJ which have a huge proportion of NRI employees, the most notorious being the recent Akshat Tiwari who threatened neitizens and the social media for criticising he and his wife’s behaviour on the MRT.
With the PAP planning to take the CECA to the next level as S Iswaran has promised, it does not seem hat there will be a respite for S’poreans of all races from this influx from India anytime soon.