• Sunday, October 02, 2022

Business

India accords residency status to foreign investors

The new plan is part of the Make In India programme

By: Eastern Eye Staff

India approved a plan on Wednesday (August 31) to allow foreign investors to settle, emulating a policy in countries such as the United States and Singapore to woo investment from abroad. The proposal, aimed at giving a fillip to prime minister Narendra Modi’s ‘Make in India’ programme, was first announced in February’s federal budget. Foreigners need to invest Rs 100 million (£1.14m) over 18 months, or Rs 250 million over three years, resulting in jobs for at least 20 resident Indians every fiscal year to be allowed to settle, the government said in a statement. Those who meet the criteria…

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