NRIs could invest in Real estate

October 19, 2007

Prime Minister Manmohan Singh on Wednesday announced his government’s decision to assist Indians settled abroad to invest in sectors like insurance and real estate.

The scheme of dual nationality for Indians settled abroad is now operational. The ministries concerned are constantly looking at simplifying procedures in fields like insurance, investment and purchase of property, Dr Singh said during an interaction with Indian nationals and prominent Indologists in Uzbekistan.

“We have taken several initiatives which have found a positive resonance amongst Indian abroad,” Dr Singh said.

He said India recognised the significant contribution being made by non-resident and overseas Indians in the development of the Indian economy and commerce. Acknowledging the importance of their work and to address their specific requirements, he said one of the first decisions the UPA Government took was to set up the Ministry of Overseas Indian Affairs to address the concerns of the Indian diasporadiaspora.

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