Home >Politics >Policy >News in numbers | Permanent residency status will let foreign businessmen stay for 10 years
A permanent resident status holder can also buy one residential property, and his/her spouse and dependents can work and study in the country. Photo: Pradeep Gaur/Mint
A permanent resident status holder can also buy one residential property, and his/her spouse and dependents can work and study in the country. Photo: Pradeep Gaur/Mint

News in numbers | Permanent residency status will let foreign businessmen stay for 10 years

Those seeking permanent residency status will have to invest Rs10 crore over 18 months, or Rs25 crore over three years

7.1%

What is it? India’s GDP growth rate in the April-June quarter of 2016-17.

Why is it important? This is the slowest in the last 15 months, with nearly a fifth of the growth coming from government spending. Growth in private consumption, which accounts for more than half of the GDP, dropped to 6.7% in the quarter from 8.3% in the previous quarter. Investment demand continued to contract. However, India is still growing faster than China.

Tell me more: The normal monsoon, after two years of drought, is expected to push the GDP in the coming quarters towards 8% annual growth rate. Agricultural growth will likely benefit more people since the sector employs more than half of Indian workforce.

997 acres

What is it? The land acquired by West Bengal government in Singur district for Tata’s Nano car project in 2006.

Why is it important? The Supreme Court has now called the acquisition illegal, and has directed Tata Motors to return the land within 12 weeks. Tata was holding on to the land despite moving operations to Gujarat in 2008 because it wanted the state government to compensate for the $300 million-plus investment in the project.

Tell me more: In 2006, the Left Front government allotted the land to Tata Motors to build the world’s cheapest car Nano. It was followed by protests led by Mamata Banerjee of Trinamool Congress. Tata Motors had to relocate to Sanand in 2008. The dispute over land and compensation has been in the courts ever since.

8.9 billion cubic metres

What is it? The quantum of gas appropriated by Reliance Industries between 1 April 2009 and 31 March 2015 from what flowed into its Krishna Godavari D6 field from adjacent fields of state-run Oil and Natural Gas Corp. ONGC had claimed compensation.

Why is it important? The justice A.P. Shah committee that looked into the dispute has now indicted Reliance of unfair enrichment, and said it should compensate the government. The panel also accused ONGC for the delay in raising the issue, and said it had no claim over the gas, since the government owns the natural resources. It hasn’t specified the amount Reliance has to pay.

Tell me more: The gas that flowed into D6 was reportedly worth Rs11,000 crore.

Rs10 crore

What is it? The minimum investment amount under India’s new permanent residency programme for foreign entrepreneurs. Permanent residency status will let them stay for 10 years.

Why is it important? It’s aimed at attracting foreign investment, following in the footsteps of Singapore and Hong Kong. Those seeking permanent residency status will have to invest this amount over 18 months, or Rs25 crore over three years. It’s for 10 years, and can be extended for another 10.

Tell me more: In effect, it will serve as a multiple entry visa, with no restriction on the time they can stay in the country. A permanent resident status holder can also buy one residential property, and his/her spouse and dependents can work and study in the country.

$385 million

What is it? The amount Sony Pictures Network is paying Zee Entertainment Enterprises to buy TEN Sports in an all-cash deal.

Why is it important? The sale will help Zee focus on its general entertainment business, especially in the regional space—and provide a way out of a loss-making business. Adding TEN Sports to its portfolio will help Sony strengthen its sport offerings in cricket, football and fight sports, and give a tougher competition to its rival Star India.

Tell me more: Zee, which paid 00 crore to Dubai-based Abdul Rahman Bukhatir’s Taj Group to acquire TEN sports, has cumulatively lost 600-640 crore. Zee has also signed a four-year non-compete agreement with Sony.

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