For the vast population of Indians across our borders, the Ministry of Overseas Indian Affairs offers a platform of social, employment and financial services. Apart from these services, tapping the enormous wealth of the 25 million strong overseas Indian community has been one of the Ministry’s broad objectives.

Pursuing this objective, the MOIA launched the Overseas Indian Facilitation Centre in May, 2007 in New Delhi. Roping in the Confederation of Indian Industry to create a neutral and professionally managed institution, the MOIA offers a bouquet of advisory and investment services on a not-for-profit basis through the OIFC.

The Facilitation Centre promises to be a single window service for potential investors, and geared to augment the current flow of investment from NRIs to India. NRIs are already the largest source of foreign capital in India, and recent reports confirm that overseas Indians view India as an investment destination.

In the recent past, foreign exchange reserves in NRI deposits have grown, and remittances from the USA have shot past money transfers to India from the Gulf, comprising 44% of the total.

NRIs are pouring dollars into India, and spending them within the country. Real estate circles confirm that NRIs are investing heavily in real estate in India, with one-fifth of all high value properties being picked up by NRIs.
 
In 2006, NRI remittances surged to USD 24.6 billion, much more than the FDI equity flows of USD 15.7 billion. The trend continued into this year, and the 1st quarter of 2007 has already registered a 94% increase over last year’s quarter.

Objectives of the OIFC

The MOIA-CII endeavor will support non-resident Indians to invest in India by providing bona fide and concurrent information.

Sustaining the OIFC’s efforts will be a Diaspora Knowledge Network, a database of knowledge resources amongst NRIs which could be employed in the investment initiatives.

As a pool of knowledge, it would dispense real time information through the ICT platform. The OIFC will highlight investment avenues within the States of India, and bring these, the Indian businessmen and interested investors to a common platform.

Going a step further, the Centre will provide hand-holding services to NRIs who decide to invest in India, and guidance in the spheres of FDI, taxation, investment in shares and real estate.

Organisation Structure of the OIFC

The Centre has a two-tiered structure comprising the Governing Council and the Executive Directorate. The Governing Council is chaired by the Secretary of the MOIA, assisted by the Director General of the CII. Of the 9 trustees, three each would be represented by NRIs, Indian entrepreneurs, and nominees of the Government and the CII

While the Governing Council will lay down the policy within which the OIFC will function, the Executive Directorate will implement the projects to realize the objectives of the Governing Council.

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