New Delhi: Despite being on the outskirts, the residents collectively hold fixed deposits totaling Rs 7,000 crore. Remarkably, the village hosts 17 banks which includes major names like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank and Union Bank.
When we think of villages we often imagine poverty, muddy roads and outdated transportation. However, there’s a village in Gujarat’s Bhuj that’s flipping this idea on its head. Known as ‘Asia’s Richest Village’ this place defies traditional expectations and offers a glimpse into a different and more prosperous side of rural life in India.
Madhapur, a village of Bhuj in Gujarat is celebrated as Asia’s richest village. Despite being on the outskirts, the residents collectively hold fixed deposits totaling Rs 7,000 crore. Remarkably, the village hosts 17 banks which includes major names like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank and Union Bank. Even more banks are keen to set up branches in this thriving area.
How a Village in Gujarat Earned the Title of ‘Asia’s Richest Village’
The village has all essential amenities, including proper sanitation, water and well-maintained roads. It also has bungalows both public and private schools, lakes and temples. The village has a population of about 32,000 and a significant portion are NRIs (non-resident Indians. The wealth is largely due to 65 percent NRI population, who deposit crores of rupees annually into local banks and post offices.
“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,” The Economic Times quoted Parulben Kara, the former president of the District Panchayat.
The village has around 20,000 houses and is home to 1,200 families many of whom live in Africa. A large portion of the village’s residents run construction businesses in Central Africa. Further, some villagers have settled in the United States, Canada, Australia, and New Zealand.
