"I congratulate Mr Modi on his speech and all of us are grateful to him," Paul said.
He said it was the first time in three decades that the NRI community is feeling that their contribution to India has been recognised and they have been made to feel full members of the Indian community.
He said that in 1983, a large part of the business and political establishment in India, supported by vested interests, derided the Non-Resident Indians as being not wanted.
"I am sure the Indian diaspora will now respond to Mr Modi's call as the NRIs feel very proud of being Indians," he said.
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What the Premier has called "small gestures" are actually big step forward and "we are all proud of Mr Modi as Prime Minister," Paul, Chairman of Caparo Industries, said.
The Indian diaspora would like to see a strong, clean and healthy India, he said.
"My heartfelt congratulations to Mr Modi on his commitment, his vision and his passion to see India take its rightful place in the world. We will all pledge to work hard to make this a reality," Paul said.
In his address to NRIs at the Madison Square Garden in New York, Modi, currently on a five-day visit to the US, announced the merger of PIO and Overseas Citizens of India schemes to facilitate hassle-free travel to the Indian diaspora.