Rajya Sabha
The Minister of State (Independent charge) for the Ministry of Overseas Indian Affairs Shri Oscar Fernandes told the Rajya Sabha that the number of Indians working overseas is among the highest in certain regions such as the Gulf. It is estimated that the number in the Gulf would be close to 4 million.
He further informed that the remittances by overseas Indians are the highest in the world. Recent studies by the World Bank estimate that the figure in respect of India is around US $ 21.7 billion, making it the highest recipient in the world ahead of China and Mexico.
The Minister said that the Government has put in place a liberal and transparent FDI policy (which includes investment by NRIs) under which FDI upto 100% is allowed under the automatic route in most sectors. Proposals requiring prior approval are considered by the Foreign Investment Promotion Board (FIPB) in a time bound manner. Activities under the automatic route do not require any prior Government approval and the investor is only required to report to the Office of RBI within 30 days of inward remittance and/or issue of shares to non-residents. Under the FDI Scheme, the additional facilities available to NRIs including investment in the housing and real estate sector and investment upto 100% in the air transport sector as against the permissible limit of FDI at 49% in the civil Aviation sector.
This information was given in reply to a question by Shri Janardhana Poojary.
AK/SK/JA
(Release ID :14481)