India offers permanent residency for investors

By Staff Reporter — MUSCAT: Dec. 12: India has launched a new scheme for grant of permanent residency status to foreign investors valid for ten years and extendable for another ten years. Apart from free entry and no restrictions on the duration of stay, foreign investors are allowed to purchase one residential property in India for residential purposes. The spouses and dependents of investors will be allowed to work or study in India. The only requirement is to invest Rs 100 million (RO 571,000) within 18 months or Rs 250 million (RO 1.43 million) in 36 months, and generate 20 jobs for Indians every year.

This was revealed by Indra Mani Pandey, Indian Ambassador to Oman, during a seminar organised at the Indian Embassy.  The ‘Invest in India’ seminar highlighted the attractive investment opportunities in India. Three presentations on ‘Investment opportunities in India’, ‘India’s attractiveness as an investment destination’ and ‘India’s taxation policies and ease of doing Business in India’, showcased to over 250 Omani businessmen, government officials and others, the immense opportunities for investment available in India.

Sayyid Khalid al Busaidy, Chairman, Al Nab’a Group, shared his experiences on how business opportunities offered by India has benefited Oman.
The seminar was attended by Ahmed bin Hassan al Dheeb, Under-Secretary, Ministry of Commerce and Industry; Abdulsalam bin Mohammed al Murshidi, Executive President, State General Reserve Fund (SGRF); Sulaiman al Rahbi, Deputy Secretary General, Supreme Council of Planning; and Redha Juma al Saleh, vice chairman, Oman Chamber of Commerce and Industry (OCCI).