New Delhi: The Centre on Thursday approved a proposal to liberalise foreign direct investment norms for NRIs and Overseas Citizens of India. This is aimed at spurring capital flows into India to boost growth.
The Cabinet Committee on Economic Affairs, at a meeting chaired by Prime Minister Narendra Modi, took this decision in a bid to cash in on the “excitement” among NRIs and OCIs to join in India’s development. The CCEA “approved amendments to FDI policy on investments by NRIs, PIOs and OCIs. This will give PIOs and OCIs parity with NRIs in economy and education,” an official release said. The change in FDI rules for NRIs and PIOs will draw in more remittances and investment.