THE Parliamentary Standing Committee (PSC) on External Affairs has
recommended that the Government should provide special tax incentives to Indian
expatriates to induce them to invest more in the country.
In its report
on the Ministry of Overseas Indian Affairs’ (MOIA’s) Demands for Grants for
2012-2013, PSC suggests: “MOIA should also consult and deliberate with all the
concerned Ministries/Departments/Agencies particularly with the Ministry of
Commerce to chalk out a comprehensive plan to attract more and more investments
in the fields where FDI is allowed by the Government.”
It continued: “The
Committee also desire that some more special incentives, tax benefits and
exemptions, early start up of business and single window documentation facility
should be provided to attract higher NRI (non resident Indians)
investments.”
The Committee observed that during August 1991 to Dec 2010
the NRI investment accounted for Rs. 29,347 crores. Keeping in mind the large
Diaspora and sustainable growth of Indian economy despite the Global financial
meltdown, the Committee expects a higher rate of healthy investments by NRIs in
India.
The report has thus that MOIA’s Financial Services Division (FSD)
must work on some targets on yearly basis to attract NRI investment in India
using all opportunities including PBDs.
FSD is focusing on many facets to
improve and facilitate innovative investment practice and policy initiative for
engaging 27-million strong Indian Diaspora for investing in India. It has set up
Overseas Indian Facilitation Centre a not for profit trust in partnership with
Confederation of Indian Industry.
|
