Question : Review of FDI Policy

(a) whether any change has been recorded in the share of investment by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) in Foreign Direct investment (FDI) during the last one year;

(b) if so, the details thereof indicating the share of FDI equity inflow and FDI inflow in investments therefrom during the said period;

(c) whether the Government has reviewed/amended or proposes to review/amend FDI policy on investments by them, if so, the details thereof indicating the proposed changes/amendments and the reasons therefor; and

(d) the extent to which foreign investors interested for investment and participation in Make in India programme are likely to be benefited from such changes/amendments?

???????? ??? ?????? ???????????? (????????? ??????)(??????? ??????? ???????)
THE MINISTER OF STATE (INDEPENDENT CHARGE)
OF THE MINISTRY OF COMMERCE & INDUSTRY
(SHRIMATI NIRMALA SITHARAMAN)


(a) &(b): The investments made by NRIs under foreign direct investments (FDI) route for the period 2013-14 and 2014-15 are at Annexure-I.

The definition of NRI includes PIO who is defined as a citizen of any country other than Bangladesh or Pakistan, who had (i) at any time held Indian passport or (ii) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 or (iii) the person is a spouse of an Indian citizen or a person referred to in (i) or (ii).

No separate definition for OCI is provided in FEMA ,1999 so far (the changes in Definition of NRI in terms of Press Note 7 of 2015 dated 03.06.2015 (Annexure-II) are being given effect to) and accordingly no data is available for this class of investors.

(c): Review of Foreign Direct Investment (FDI) policy is an ongoing process. The Government makes significant changes in the FDI policy regime, from time to time, to ensure that India remains increasingly attractive and investor-friendly.

In a recent review of FDI policy on Investment by NRIs, PIOs and OCIs, announced through Press Note 7 of 2015 dated 03.06.2015, the FDI policy provisions pertaining to NRI investment have been clarified to provide that for the purposes of FDI policy, investment by NRIs on non-repatriation basis under Schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents.

(d): No such data is maintained centrally.


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