Government to set up facilitation trust for Indian Americans
Thursday, 22 March 2007, 05:00 Hrs
New Delhi: The cabinet gave its nod for setting up a facilitation centre for overseas Indians seeking to offer them a 'one stop shop' and also extend financial support to it. The facilitation centre, to be set up as a trust, will be set up by the Ministry of Overseas Indian Affairs (MOIA) in partnership with the Confederation of Indian Industry (CII), Information and Broadcasting Minister P.R. Dasmunsi told reporters after a cabinet meeting here chaired by Prime Minister Manmohan Singh. The office of the trust will be in Delhi. The objectives of the facilitation centre will be to promote overseas Indian investment into India and facilitate business partnership, establish and maintain a diaspora knowledge network, function as a clearing house for all investment related information. Besides, it will also assist states to project investment opportunities to overseas Indians in the infrastructure and social sectors as well as to provide a host of advisory services to People of Indian Origin (PIOs) and non-resident Indians. The capital expenditure, if any, will be borne by CII initially for three years and thereafter by the trust which is expected to be self sufficient by that time in three years.