New Delhi: Businessman B K Modi on Tuesday announced the setting of an Overseas Citizen of India (OCI) Investment Forum with a proposed fund size of $100 billion. As chairman of the OCI Investor Forum, Modi hoped the proposed fund size would touch $100 billion over five years with a focus on promoting global economic investment by OCIs into various business sectors in India.
As its first project, the OCI investor forum will undertake investment in the region of Kashmir to develop 100 Global Wellness Hotels in Kashmir, in sync with the government's recent decision to fast track development in the region of Jammu & Kashmir after the announcement on Article 370. Other key sectors of investment will include healthcare, real estate and education. "The OCI forum is a unique attempt at developing a social approach to business investment and to escalate development in identified regions whilst encouraging technological and entrepreneurial innovation in a multitude of sectors," said Modi.
The Forum recommended altering the permissible limit that OCIs can stay in India without affecting their status. Presently, OCIs can stay in the country for a period of 182 days without getting taxed on their global income earned outside India. This limit must be increased to at least 270 days to incentivise them to invest in the country, according to Modi. He also exhorted the government to grant OCIs diplomatic immunity and relaxation for the ease of doing business in the country.