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India to grant residency to foreigners who make a substantial economic contribution

India to grant residency to foreigners who make a substantial economic contribution pardesi news 1474212806

As part of Indian government's plan to attract more overseas investment, the foreign players investing $1.5m annually will be now eligible for Indian residency permit.

As a part of the Indian government’s plan to attract more overseas investment, India says it will grant residency to foreigners who make a substantial economic contribution to the country.  It is part of the government's plan to attract more overseas investment. Investors must invest $1.5m into India’s economy over 18 months or $3.75m over three years. They must also create jobs for at least 20 Indians each financial year. In return, they will get a 10-year visa, residency for their spouse and children, and be able to buy a home. Foreigners must currently re-register every year - creating a slew of paperwork - and usually need a sponsor. The residency status can be extended by another 10 years.

India is currently ranked 130th in the World Bank’s Ease of Doing Business index. It is the fastest growing major economy in the world, but its young population means it needs to create about 10 million jobs a year to prevent unemployment increasing. The scheme is expected to encourage foreign investment in India and facilitate Make-in-India programme.

However, the above provisions will not be applicable to nationals of Pakistan or China. 

Earlier in 2016, Indian Prime Minister Narendra Modi has announced an overhaul of foreign ownership rules in another move to attract overseas investment. Airlines and some defence industries can now be 100% foreign owned and for overseas retailers, rules were relaxed that required 30% of what they sold to be Indian-sourced.

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Patrick Callahan

Pardesi News Reporter

Pardesi News Reporter

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