New Delhi: In an effort by the central government to attract more foreign funds, a new policy has been introduced by the cabinet wherein foreign investors would be eligible for residency status, easy visa procedures and employment for the family members as well, if they invest capital worth Rs 10 crore or more.
However, the scheme comes with certain conditions listed below:
• The foreign investor should be able to bring in the required capital i.e. Rs 10 crore within 18 months or Rs 25 crore within 36 months.
• The investment should also lead to employment generation for at least 20 Indians every year.
• The foreign investors, fulfilling the eligibility criteria, would be the only ones entitled to the scheme.
The clause of permanent residency status will be provided for tenure of 10 years and can be renewed for next 10 years.
For residential purposes, the investor would be allowed to buy one residential property and the family will be allowed to take up jobs in private sector and undertake studies in India as well.
The scheme is seen as a good initiative to encourage foreign investment and provide boost to PM Modi’s ‘Make in India’ programme.