The Minister for Overseas Indian Affairs, Shri Vayalar Ravi launched the Overseas Indian Facilitation Centre (OIFC) here today. Addressing the gathering, he said that OIFC would function as a non-profit body with the objective of Promoting Overseas Indian Investment in India and facilitating Business-to-Business partnership between Indian Business and Overseas Indians and extend a host of advisory services to PIO’s and NRI’s. He further said that this will be “one stop shop” for the Overseas Indians where at one platform they can get information, assistance and handholding services. This will be function in a Public-Private Partnership mode. While the Ministry will provide the policy support, the center will be managed by the Confederation of Indian Industry(CII), he added.
Elaborating the objects of the OIFC, Shri. Ravi said that it would promote the overseas Indian investment into India and facilitate business partnerships, by giving authentic and real time information and also by provide paid for handholding services to the potential Overseas Indian Investors. It will establish and maintain a Diaspora Knowledge Network, by creating a database of Overseas Indians to leverage the knowledge resources through an electronic platform and function as a clearinghouse for all investment related information. It will also assist States in India to project investment opportunities to overseas Indians in the infrastructure and social sectors. The objectives of the OIFC will be to bring the Indian States, Indian Business and potential Overseas Investors on the same platform and to facilitate the investors to identify the investment opportunities. The OIFC would provide a host of advisory services to PIO and NRIs. These would include matters such as consular issues, stay in India, investment and financial issues etc. As regards Overseas Indian Workers; our aim is to help transform them from mere savers to investors. 23 billion dollars which comes as remittance mostly goes into bank deposits and consumption expenditure. The challenge before us is to convert these savings into investments, he added.
The Minister further said that India is emerging as a much sought after destination for investment in the world. Overseas Indians estimated at over twenty five million spread across 130 countries are an important economic constituency with the ability and willingness to invest in the emerging opportunities in their home country. We would like the vast and diverse Overseas Indian community to benefit from investment opportunities in India. The establishment of OIFC would serve all these purposes.
PKM
(Release ID :28267)