labels: confederation of indian industry, economy - general
Government-CII jointly launch facilitation center for NRIsnews
28 May 2007

Mumbai: The ministry of overseas Indian affairs in association with the Confederation of Indian Industry (CII) has launched an Overseas Indians Facilitation Centre (OIFC), which will act as a ''one-stop-shop'' for addressing all queries of Indians residing abroad regarding opportunities available in the country.

Speaking at the launch function, minister for overseas Indian affairs Vayalar Ravi, who also launched a website of the new platform, www.oifc.in, said that the objective of the OIFC is to promote overseas Indian investment in India and facilitating business-to-business partnership between Indian businesses and overseas Indians.

"Overseas Indians number around 25 million and are spread across 130 countries," Ravi said, adding, "We want overseas Indians to benefit from the investment opportunities in India."

"Though we received remittances totaling $23 billion (in 2005) from overseas Indians, investment by overseas Indians has been far short of its potential, given the profile of overseas Indians," Ravi said.

The centre, through its website and offices, will provide reliable data on investment opportunities free-of-cost besides facilitating clearance of projects on an individual basis as a paid value-added service.

Besides providing a database of investment opportunities, the centre would also offer advisory services to the 25-million strong Non-resident Indians like consular issues, financial services and their stay in India.

Based on a public-private partnership (PPP) model, the OIFC is being promoted by the ministry and managed by the CII and will operate as a "not-for-profit trust" with a two-tier body for its management.


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Government-CII jointly launch facilitation center for NRIs