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OIFC To Set Up Marketplace At Prasar Bhartiya Divas 2008
Tuesday, January 01, 2008

The Overseas Indian Facilitation Centre (OIFC) , a unit of ministry of overseas Indian affairs (MOIA) and CII, set up to o offer investment advisory services to NRIs and PIOs around the world, is going to run a market place at the Pravasi Bharatiya Divas 2008 to be scheduled in Delhi between January 7 and 9. The step will provide an opportunity to the Potential overseas Indian investors to tie-up deals with knowledge partners from India at the marketplace.

As per Mr. Vayalar Ravi, minister for overseas Indian affairs "The OIFC is focused on facilitating B2B partnerships and knowledge transfers in real estate, wealth manavgfgement and small and medium enterprises and we are finding a lot of interest among NRIs to use the 'marketplace' to set up business meetings with potential partners in India.

He also reveled the Ministries plan to launch India Development Fund, a charitable not-for-profit trust, to help channel philanthropic capital into India for developmental activities at PBD 2008. Speaking on the same Mr Ravi said "There is a huge interest among NRIs and PIOs across the world to give back to their country of origin through the philanthropic and small investment route. Creating the foundation will be a very important step in providing an organisational framework that will involve overseas Indians at the front end and credible NGOs and self-help groups at the back-end.

The main target sectors where the diasporic philanthropic capital will be channeled by the India Development Fund include rural development, health, education and uplift of women and the girl child. "The foundation's goals will reflect the goals of India's 11th plan and we hope to make a big developmental impact in villages and at the developmental block level through it," Minister Ravi said.

The foundationwill not receive donations directly but will act as a single window to help channel philanthropic funds from NRIs to developmental activities in the areas that they are interested in.

"Lot of NRIs and PIOs, including professionals and those from the business community, are keen on funding developmental activities in their own states and sometimes villages. However, so far the actual money coming in is very small and sporadic. It could be quantified at as little as Rs 100 cr annually. But with a governmental institutional mechanism in place that will ensure global auditing standards and will partner only with reliable NGOs, we hope the amount will go up in a big way," Mr Ravi said.

 

 

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