India to take steps to ease investment by NRIs

Thursday 16th January 2020 01:38 EST

India's External Affairs Minister S Jaishankar said that the government would soon take steps to ease investment by Non-Resident Indians (NRIs) in India. Jaishankar, while interacting with NRIs in Australia, Surinam, the US, Singapore, Quatar, Malaysia, the UK and Mauritius through video conferencing on the occasion of Pravasi Bharatiya Divas, also said he would find a practical solution to the issue of tracing of roots for non-resident Indians (NRIs) and persons of Indian origin (PIOs).

Speaking about ease of doing business, he said, "This is very much on the radar of the government. We hope to take steps soon to facilitate ease of doing business by NRIs and Persons of Indian Origins (PIOs). You should expect to see some more news in this regard in a very short while," Jaishankar said.

"We would definitely like to see the NRIs invest in India in a bigger way," he added. The minister said that NRI portfolio investment scheme was merged with the foreign investment scheme last year to help the diaspora as a part of Ease of Doing Business. He further added that the investment is an "ultimate act of faith."

"They say the investment is the ultimate act of faith and we know that you have faith in India. We're very confident that will reflect in greater investment and we'll work out channels that are convenient for you," he said. The minister assured the diaspora that the government is currently working on measures to find a solution regarding their participation in Indian election. "We'll try to find a solution that works for everybody. We do recognise that participation in Indian election is something that Indians in India and abroad value very much," Jaishankar said.

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