Honourary President of World Federation of United Nations Associations (WFUNA) Dr Bhupendra Kumar Modi on Tuesday announced the formal launch of Overseas Citizens of India (OCI) Investor forum.
"The forum will focus on promoting global economic investment by OCIs into various business sectors in India. The proposed size of investment to be generated would be approximately fifty per cent of the current GDP," a press release stated.
The proposed size of the investment is expected to touch USD 100 Billion in the coming five years, the press release read.
As its first project, the OCI investor forum will undertake investment in the region of Kashmir to develop 100 Global Wellness Hotels in Kashmir.
"Foreign Direct Investment is the key to the development of a USD 5 trillion economy as envisioned by the current government and avenues that support clean money trickling in from OCIs need to be supported," said Dr BK Modi.
The chairman further appealed the government to make policy interventions to ensure increased involvement by OCIs to the Indian Economy.
The forum also 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 180 days without getting taxed on their global income earned outside India.
Further, the forum also suggested that the OCI investors must be given a separate 'Diplomatic' category, and not be clubbed with either NRIs or foreigners.
The forum also proposed removing FDI cap across all sectors for OCI investment and the creation of state-backed sovereign funds to invest in.
( With inputs from ANI )