Federation of Indian Chambers of Commerce and Industry has set up a 'Diaspora Division' for forging a producive partnership with Indians living abroad as part of its efforts to tap the economic potential of overseas Indians.
Announcing this initiative in New Delhi on Monday, FICCI president A C Muthiah said, "As a follow up to the Pravasi Bharatiya Divas meet held last month, FICCI has set up this division, which will work with ministry of external affairs to service and leverage the global network of NRIs/PIOs."
He said the new division would work for bringing over 10-fold increase in FDI inflow from the Indian diaspora to $5 billion by 2008 and would specifically focus on strengthening economic dimensions of India's relationship with the diaspora.
A special committee under the chairmanship of A K Purwar, State Bank of India chairman, has also been set up which has already started functioning. "This committee will oversee the activities of its diaspora division," Muthiah said.
Besides this, an advisory board comprising leaders of the diaspora has been constituted to interact and guide FICCI's division, he said.
It would also create specialised networks across sectors and countries to leverage the diaspora's strengths for country's economic growth and development, he said.
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