To Aid the Dream of $5 Trillion Economy, BK Modi Launches Investment Fund for Overseas Citizens of India
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
PM Narendra Modi has dreamt of making India a $5 trillion economy. Foreign Direct Investment from the overseas citizens of India (OCIs) can play a key role in aiding this vision. OCIs are individuals who have foreign citizenship but have both or one parent as a citizen of India. They can play an impactful role in creating a corruption-free, New India.
Dr BK Modi, the social entrepreneur & Chairman of Smart Group has announced an OCI Investment Forum under his nonprofit organization, Global Citizen Forum. The forum will focus on promoting global economic investment by OCIs into various business sectors in India. The proposed size of investment to be generated would be approximately fifty per cent of the current GDP.
The OCI forum is a unique attempt at developing a social approach to business investment and to escalate development in identified regions whilst encouraging technological and entrepreneurial innovation in a multitude of sectors. As its first project, the OCI investor forum will undertake investment in the region of Kashmir to develop 100 Global Wellness Hotels in Kashmir.
Interestingly, Modi had earlier planned to invest in the region himself but later decided upon also encouraging other OCIs. “I go to places where I think I should work but only my investment would not work but if hundred people invest in one location together, the whole scenario will change,” he revealed the reason behind establishing the forum to Entrepreneur India.
- Diplomatic Immunity
The forum is demanding for OCIs to be given a separate ‘Diplomatic’ category, and not be clubbed with either NRIs or foreigners to ensure that they can contribute to their best economically. Since OCIs are subject to laws of their own countries, they should, therefore, lie outside the ambit of investigation bodies like IT, ED and CBI etc.
- More Time in India
To ensure that OCIs can tend to their investments, develop more profitable Indian enterprises and participate in the economic development of the country they should be allowed to spend more time in the country. The forum recommends altering the permissible limit for OCIs to stay in the country from 182 days to 270 days.
Policy for OCIs Pending
The Indian government has recognized Overseas Citizens of India but is yet to work policy to establish their rights. “Earlier there was confusion between PIO (Person of Indian Origin) & OCI (Overseas Citizen of India). Only recently, both the definitions were merged. Hence, there would be a focus on OCIs now.”
The government’s focus was earlier on NRI (Non-Residents of India) which is why the OCI passports were not allotted to many. The OCI scheme has been announced but there is no policy in the place yet. Modi is rooting for a policy which can benefit overseas investments and believes diplomatic immunity is a key. OCIs must be encouraged by the government through various policy initiatives, he says.