An investment platform was established for Indian citizens abroad, the proposed fund size can reach $ 100 billion
NEW DELHI: Dr. BK Modi , president of Smart Group and based in Singapore Spice Global announced the formal launch of the OCI investor forum. The forum will focus on promoting the global economic investment of Overseas Citizen of India (OCI) in various business sectors in India.
The OCI forum is a unique attempt to develop a social approach to business investment and to intensify development in identified regions, while fostering technological and business innovation in a multitude of sectors. As a first project, the OCI investor forum will make investments in the Kashmir region to develop 100 global wellness hotels in Kashmir. Two seminal events were held in May and June 2019 in New Delhi and Srinagar to promote investment in Kashmir, before the government announcement on Article 370 .
The OCI initiative will help the development of a New India as a $ 5 billion economy by acting as a bridge to allow global Indians the opportunity to return to their homeland. Also because the OCIs are possibly the most politically neutral community, since they are not allowed to donate to any political party. This ensures that your investments have a more positive than political motivation.
Dr. Modi mentioned that foreign direct investment It is the key to the development of an economy of 5 billion dollars as planned by the current government and the ways that support the dripping of clean money from the OCI should be supported. OCIs can play an impactful role in creating a corruption-free New India, but they must be encouraged by the government through various political initiatives.
The OCIs are, in a sense, world ambassadors of India who have gained a systemic knowledge of wealth creation, investment and business growth in other nations. The OCI investor forum will partner with individuals and entities such as AAPI, AAHOA, SICCI, etc., to provide the much needed clean capital and a deep insight into the global markets of the economy.
To ensure that OCIs can meet their investments, develop more profitable Indian companies 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 that OCIs can remain in India without affecting their status. Currently, OCIs can remain in the country for a period of 182 days without being taxed on their global income earned outside of India.
The forum also proposed to eliminate the FDI limit in all sectors for OCI investment and the creation of sovereign funds backed by the state to invest.