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NRIs pledge $2.7 bn for development

December 09, 2004 16:35 IST

Non-resident Indians have offered to invest $2.7 billion for developing a city within a city, Minister for Non-Resident Affairs Jagdish Tytler said on Thursday.

He said that there has been a lot of interest from non-resident Indians to invest in their country of origin after the government created a single window system to facilitate investments from Indians settled abroad.

Addressing a delegation of Pakistani and Indian businessmen at PHD Chamber of Commerce and Industry, Tytler said 25 million people of Indian origin in all corners of the world who wanted to invest in India were facing a lot of hurdles.

"Now these hurdles have been removed and a single window clearance system has been set up, he said. Tytler said with the creation of ministry of non-resident affairs, the government has conveyed its intention to facilitate NRI investments in India.

The city within a city was one of the areas where the government wanted to attract NRI investments. Other areas in which the government is keen to invite NRI investments are education, software, medical technology, tourism, infrastructure, science and technology, and hospitality business.

Earlier, speaking at the meeting, Pakistani businessmen sought changes in Indian tax rates and visa procedures to stimulate trade between the two countries.

The president of the Islamabad Chamber of Commerce and Industry, Tariq Sadiq said India must rationalise import tariff for creating a level playing field for trade between the two countries.

He said while import duty in Pakistan was just 25 per cent, in India it was 60 per cent. Sadiq said high level of subsidies provided to agriculture and industry in India also mars competitiveness of Pakistani exports to India.

He also called for opening up land route for trade between the two countries, as it is faster and cheaper than sending goods by sea from Karachi to Mumbai.

Another Pakistani businessman made an impassioned plea to both the governments to ease Visa procedures.

He said getting visas to India was still a problem and suggested to PHDCCI and other chambers to take up the issue with Indian government while they take it up with theirs.

He also called for more imports by India from Pakistan. "When we approach Pakistani government for facilitating trade with India they point to us the massive trade surplus that India enjoys. India is a big country we will import more from India but India too should import from us," he said.



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