Prime Minister Manmohan Singh would launch the universal integrated electronic remittances gateway during the inaugural ceremony to be held at international convention centre, HITEX in Hyderabad, Union Minister of State for Overseas Indian Affairs, Oscar Fernandes said.
Fernandes, who is here to review arrangements for the prestigious event that is expected to attract about 3,000 delegates from across the globe, said, the Prime Minister would also issue the first certificate under overseas citizenship of India scheme.
While electronic remittances gateway would facilitate online transfer of money to India, the OCI will enable overseas Indians holding foreign passports a free access to the country by providing dual citizenship.
Though India records one of the highest remittances in the world, a major chunk of it presently goes into consumer sector. "We want these remittances to come into industrial sector as investments. We assure them that their interests will be protected," Fernandes said.
Asked what were the major areas of concern for overseas Indians looking for investments in the country, Fernandes said, "they find certain roadblocks coming in the way of their investment plans in areas of licenses and infrastructure facilities. We are making all possible efforts to provide a congenial atmosphere for attracting investments from them."
It is estimated that there are over 25 million overseas Indians spread over 110 countries. Though India records one of the highest remittances in the world, a major chunk of it presently goes into consumer sector.
"We want these remittances to come into industrial sector as investments. We assure them that their interests will be protected," Fernandes said.
Asked what were the major areas of concern for overseas Indians looking for investments in the country, Fernandes said, "they find certain roadblocks coming in the way of their
investment plans in areas of licenses and infrastructure facilities. We are making all possible efforts to provide a congenial atmosphere for attracting investments from them."
It is estimated that there are over 25 million overseas Indians spread over 110 countries. The fourth Pravasi Bharatiya Divas will provide an opportunity to showcase India as an ideal investment destination for the diaspora.
The state-specific presentations on investment potential, trade and industrial exhibitions, plenary sessions covering various subjects concerning overseas Indians like culture, education and science and technology networking would be among the highlights of the convention.
The convention will also see the launch of special purpose vehicles to facilitate investments by NRIs, a collaborative research institution and an electronic knowledge network for information exchange among overseas Indians.
"A unique feature of this convention will be the interactive meetings between the delegates and chief ministers of various states so that the state governments will become stakeholders in this flagship event," Fernandes said.
President A P J Abdul Kalam will give away awards to prominent NRIs on the concluding day of the convention.
Andhra Pradesh, which is a co-sponsor of the event, would make district-wise presentations on investment opportunities to attract investments, particularly from Telugu diaspora, Chief Minister Y S Rajasekhar Reddy, said.