'Asia's Richest Village' Is In Gujarat. Reason Behind Its Prosperity Is...

Gujarat is one of India's top business destinations. It has produced some of the country's top industrialists. But the prosperity isn't just restricted to cities. Madhapar in Kachchh is known as the 'richest village in entire Asia', where the economic prosperity is no less.

Residents of the village, on the outskirts of Bhuj, hold fixed deposits worth Rs 7,000 crore, which gives a glimpse of how rich they are.

Madhapar is inhabited mostly by the Patel community. Its population is estimated to be around 32,000, up from 17,000 in 2011.

The village has 17 banks, including major public and private banks like the HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank, etc - which is rather unusual for one single village. Despite that, more banks are interested in opening their branches here.

The reason behind the prosperity is its NRI (non-resident Indian) families, who deposit crores every year in local banks and post offices. The village has nearly 20,000 houses, but around 1,200 families live abroad, mostly in African countries.

The construction businesses in Central Africa are heavily dominated by Gujaratis, part of a larger expatriate population in the region. Many live in the UK, Australia, America, and New Zealand as well.

Though many villagers live and work abroad, they remain attached to their village and prefer parking their money in the banks here rather than where they live, according to Parulben Kara, former president, District Panchayat.

The local branch manager of a nationalized bank in the village said the huge deposits have made it prosperous. It has all basic facilities like water, sanitation, and road. There are bungalows, both public and private schools, lakes, and temples, the manager said.

With inputs from Mahendra Prasad