There is an absence of a single-window system to facilitate NRI investments
NEW DELHI: It was started to attract Non Resident Indians’ (NRIs) investments to India, but by its sixth year, the Pravasi Bhartiya Diwas (PBD) too is going the way other government programmes usually do. It is struggling to meet the agenda that the government had set for itself.
About 2,000 NRIs and Persons of Indian Origin (PIOs), representative of a 25 million diaspora spread across the world, have gathered in New Delhi to do their bit for the India growth story and explore ways to ‘give back’ to their native country.
But a large number of them would actually be working only toward their own growth, thanks to the lackadaisical attitude of the government and red-tapism. Stringent Reserve Bank of India (RBI) norms add to their woes.
“As it is, returns from the Indian market are low due to RBI norms. Red-tapism and too many ifs and buts further add to the problem for a NRI who wants to invest in India. He has to run from pillar to post to get projects cleared, grease a few palms and yet the harassment continues,” said Mohammad Sabih Bukhari, an industrialist from Qatar.
A regular PBD participant, Bukhari has learnt the hard way. Last year, he was instrumental in bringing a high-level delegation comprising top ministers and officials from Qatar to explore possibilities of joint ventures and investment. However, the “unwelcoming” approach of the Indian government not only put paid to his plans but also caused him quite an embarrassment.
In the absence of a single window system to facilitate NRI investors, a young businessman from Fiji complains of being duped last year. Such experiences scare away the willing too. He, however, is here for “networking”, and quite openly so. “Finding all those who matter under one roof is pretty helpful. PBD is the best place for rendezvous for the NRI business community,” said Arora.
The pride of the nation does get salvaged by a few states like Kerala and Gujarat-quite unlike in their ruling political ideology-which go all out to woo investors. “In Kerala and Gujarat you just go with an idea and money, and the state government takes care of the issues of land, licenses and documents,” said Bukhari.
Indians, hard working that they are, have grown in profile and stature in the in their adopted countries. And PBD has of late become a platform for the government to entice them through various initiatives.
The Indian government has, most significantly, announced the Overseas Citizens of India card which allows visa-free travel to India and the right to buy certain kinds of property.
Last year, Prime Minister Manmohan Singh had announced the setting up of a PIO (People of Indian Origin) university, an Overseas Indian Facilitation Centre (OIFC) and Council for Overseas Employment Opportunities (COEO).
This year, he is expected to announce the setting up of an India Development Foundation which will channel donations from overseas Indians to finance development projects in specific regions, possibly an attempt to touch the emotional chord of NRIs.
