Madhapar: Gujarat’s ‘Richest Village in Asia’ Holds Rs 7,000 Crore in Fixed Deposits
Madhapar: Gujarat’s 'Richest Village in Asia' Holds Rs 7,000 Crore in Fixed Deposits
An affluent village supported by a strong NRI network challenges traditional views of rural India
Madhapar, a village near Bhuj in Gujarat’s Kachchh district, is making headlines as Asia’s wealthiest village, with its residents collectively holding Rs 7,000 crore in fixed deposits. Breaking stereotypes of rural life as economically limited, Madhapar has developed into a financial hub largely due to the contributions of Non-Resident Indians (NRIs) with roots in the village.
This village of around 32,000 residents boasts a thriving banking network, with 17 major banks, including SBI, HDFC, PNB and ICICI, operating within the area to support its flourishing economy. The village’s economic prosperity can be attributed to its NRI population, many of whom reside in the UK, USA, Canada, and African nations such as Kenya and Uganda, frequently sending remittances back to Madhapar.
Former president of the District Panchayat, highlighted the significant role of NRIs in the village’s success. “Of the 20,000 families here, about 1,200 live abroad, mainly in African countries. They send substantial funds to Madhapar, which contributes to local banks and post offices,” he explained. The robust NRI connection has spurred more banks to consider opening branches in Madhapar, making it a regional financial center.
Madhapar’s infrastructure mirrors its prosperity, featuring well-maintained roads, sanitation facilities, modern schools, healthcare facilities, bungalows, lakes and temples. A local bank manager shared, “The village’s substantial deposits and well-developed facilities reflect a higher standard of living, rivaling urban areas.”
Madhapar stands as an inspiring example of how rural economies can be transformed through NRI support, becoming a model of financial growth and development in Asia.
