Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ---- ❯
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ---- ❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ---- ❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
☰   Show Results ❯
    DRI seizes over seven kg amphetamine and three kg cocaine as it intensifies crackdown on drug trafficking in country; three arrested
    DRI seizes 13 kg foreign-origin gold worth around Rs. 19.41 crore and dismantles a gold smuggling syndicate in Gujarat; three arrested
    Department of Commerce Organises “Leveraging FTAs” Outreach Programme in Jaipur to Strengthen Export Opportunities
    Central Bureau of Narcotics (CBN) organises five drug awareness programmes for MP youth Mission Yuva Raksha
    DRI seizes massive 137 kg consignment of crystal meth; busts coastal drug trafficking network; 4 arrested in Tamil Nadu
    Optimization of Statutory Branch Auditors (SBAs) Costs and Acceleration of Centralized Audit Frameworks
    Clarification on Legislative Developments concerning Government’s shareholding in IDBI
    Introduction of e-Invoicing Facility for Recipient Generated Self Invoices under Reverse Charge Mechanism for Domestic Supplies from Unregistered Pers...
    DFS Organises Workshop on Reservation Policy for Public Sector Banks, Public Sector Insurance Companies and Public Financial Institutions
    APEDA Facilitates Export of 1.755 MT of Organic Palmyra Jaggery Powder from Tamil Nadu to Bulgaria
    Union Commerce and Industry Minister Shri Piyush Goyal Launches National Strategic Trade Command Centre at Vanijya Bhawan
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participates in the 114th meeting of the Development Committee Plenary of the W...
    Customs officers detect 148.67 kg hydroponic weed from Bangkok at air cargo complex at IGI Airport
    DRI seizes around 6.2 kg foreign-origin gold; busts sophisticated gold smuggling modus operandi through unaccompanied baggage; three arrested
    Central Bureau of Narcotics (CBN) U.P. Unit holds public hearing to address grievances of opium cultivators
    Directorate of Revenue Intelligence (DRI) and Central Bureau of Narcotics (CBN) destroy 2.87 Hectares (7.08 Acres) of illicit cannabis (ganja) cultiva...
    The cumulative exports (merchandise & services) during April-September 2026-27 are estimated at US$ 476.20 Billion, as compared to US$ 418.31 Billion ...
    Union Minister of Commerce and Industry Shri Piyush Goyal Calls on Youth to Drive India’s AI Journey
    CCI approves acquisition of majority stake in Tribhovandas Bhimji Zaveri Limited by GRT Jewellers (India) Private Limited
    CCI approves the acquisition of certain shareholding in Kids Clinic India by NuageLux BidCo S.à r.l
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
October 19, 2026
Show AI Summary
Narcotics trafficking enforcement led to airport and road interceptions, baggage concealment detection, seizures, and arrests under the NDPS framework.
Narcotics trafficking enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985, involved intelligence-led interceptions at Bengaluru and Delhi airports and near Nagpur. Passenger baggage and a backpack were examined, leading to the seizure of amphetamine and cocaine and the arrest of three passengers. The recoveries included amphetamine concealed in baggage, a ladies' suit and a backpack lining, and cocaine contained in transparent packets within baggage.
October 19, 2026
Show AI Summary
Gold smuggling syndicate enforcement traces concealed imports through airport handlers, illicit melting, and jewellery-market disposal under customs law.
Directorate of Revenue Intelligence enforcement action identified an organised gold-smuggling syndicate importing foreign-origin gold through Ahmedabad and Surat airports, followed by handover to handlers, intermediary routing, illegal melting, and cash-based supply through an Ahmedabad jewellery outlet. Further searches recovered undocumented foreign-origin gold bars and records concerning smuggled gold linked to a Dubai-based financier. The investigation identified interconnected roles across the movement, processing, and disposal of smuggled gold; three persons were arrested under the Customs Act, 1962.
October 19, 2026
Show AI Summary
Free trade agreement utilisation requires origin compliance, product standards, and documentation to secure preferential export market access.
Effective FTA utilisation requires businesses to identify eligible products and markets, assess tariff preferences and rules of origin, and meet applicable quality, certification, documentation and importing-country requirements. Preferential access under agreements with the UAE, Australia, EFTA countries and the United Kingdom remains subject to each agreement's provisions and implementation status. Tariff preferences may improve price competitiveness and facilitate participation in international supply chains where product- and partner-specific conditions are satisfied.
October 19, 2026
Show AI Summary
Drug prevention awareness initiatives engage students through health education, interactive activities and pledges supporting a drug-free society.
Mission Yuva Raksha advances preventive drug awareness and demand-reduction efforts among students through programmes at educational institutions in Madhya Pradesh. Sessions addressed the harmful effects of substance abuse on physical and mental health, education, family life and careers, supported by interactive learning activities. Participants were encouraged to avoid drugs, adopt healthy lifestyles, take pledges and support awareness initiatives in their schools, families and communities. Preventive education and youth engagement complement enforcement-oriented work through informed choices and community-based resistance to substance abuse.
October 19, 2026
Show AI Summary
Coastal narcotics trafficking enforcement addresses suspected maritime methamphetamine smuggling through seizure, asset recovery, and arrests under drug-control law.
Intelligence-led narcotics enforcement addressed suspected coastal storage and maritime transfer of methamphetamine to Sri Lanka. Searches recovered crystal methamphetamine concealed in foil packets within duffel bags, which was seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Searches also recovered suspected drug-sale proceeds and vehicles allegedly used in transportation. Persons allegedly involved in organising coastal export, transport, storage and logistics were arrested and remanded to judicial custody.
October 17, 2026
Show AI Summary
Centralised audit framework targets lower physical branch audit coverage while preserving regulatory oversight and maintaining remuneration.
For FY 2026-27, audit remuneration is to remain at existing levels. Member banks are advised to accelerate a centralised audit framework to improve cost efficiency while retaining comprehensive risk oversight. Physical statutory branch audit coverage should be reduced to cover 50% of total business, apart from centralised treasury audits. Audit coverage must align with SEBI listing and disclosure requirements and RBI guidelines, supported by a Board-approved policy for the centralised audit roadmap.
October 17, 2026
Show AI Summary
Promissory estoppel cannot prevent Government shareholding dilution where enacted legislation imposes no restriction on strategic disinvestment.
Government shareholding in IDBI may be reduced or divested because the IDBI (Repeal) Act, 2003 contains no restriction on dilution of the Government's stake. A proposed amendment to limit dilution was rejected and not incorporated into the enacted law. Parliamentary statements cannot override statutory text, and promissory estoppel cannot be invoked on the basis of legislative debate statements to prevent dilution of Government shareholding. Successive Union Budget speeches also reflected a policy of transformation and strategic disinvestment of IDBI Bank.
October 16, 2026
Show AI Summary
Recipient-generated e-invoicing under reverse charge enables eligible taxpayers to obtain IRNs for domestic unregistered supplies and imported services.
Eligible active registered recipients meeting the applicable aggregate annual turnover threshold may report recipient-generated self-invoices for specified reverse-charge domestic supplies from unregistered persons and imports of services. RCMDOM and RCMIMP must be selected as the relevant e-invoice supply types when reporting through an authorised Invoice Registration Portal. Submission and validation of prescribed invoice particulars would generate an Invoice Reference Number, subject to applicable GST provisions, notifications and e-invoice specifications.
October 16, 2026
Show AI Summary
Reservation Policy Implementation in public financial institutions was examined through capacity building, practical deliberations, and measures for consistent application.
Implementation of the Government of India's Reservation Policy across public sector banks, public sector insurance companies, sectoral regulators and public financial institutions was addressed through capacity building to support uniform and effective application. Deliberations considered practical implementation issues, operational challenges and actionable measures for consistent policy application, alongside related welfare measures and interactive discussion of implementation questions.
October 16, 2026
Show AI Summary
Organic agricultural export certification supports overseas market access for Palmyra Jaggery Powder through export-oriented producer linkages.
APEDA facilitated the maiden sea export of NPOP- and EU-certified organic Palmyra Jaggery Powder from Tamil Nadu to Bulgaria. The initiative seeks to diversify India's organic export basket, create market linkages for traditional Palmyra-based products, and improve producer access through export-oriented value chains. It covers organic cultivation and reports improved price realisation for participating farmers and the manufacturer compared with the domestic market. APEDA supports certified organic and value-added agricultural exports through market development, quality compliance, and overseas buyer linkages.
October 16, 2026
Show AI Summary
Data-driven trade governance enables integrated monitoring, application analysis and evidence-based policy inputs through the National Strategic Trade Command Centre.
The National Strategic Trade Command Centre provides an integrated analytics and visualisation platform consolidating trade data to monitor trade indicators, scheme performance, application pendency, processing timelines, regional trends and compliance-related parameters. It enables analysis across national trade performance, Regional Authorities, schemes, products, destination markets and individual applications, subject to role-based access permissions. Initial dashboards cover key trade-facilitation and regulatory processes, including SCOMET, export promotion schemes, certificates of origin, importer-exporter registration and restricted imports and exports.
October 16, 2026
Show AI Summary
Private capital mobilisation should use competitive financing, guarantees and risk mitigation to expand productive employment and productivity.
Private capital mobilisation is treated as essential to employment generation and productivity growth. Private enterprises, MSMEs and startups should remain central to job creation, with financing assessed by employment and productivity outcomes rather than volume. Guarantees, risk-mitigation instruments, local-currency financing and lower transaction costs are identified as means to expand affordable and predictable access to capital. Methodologies underlying governance indicators should be transparent, objective, evidence-based and responsive to diverse development experiences.
October 16, 2026
Show AI Summary
Narcotics smuggling through misdeclared air cargo triggered seizure, arrest, and ongoing investigation into concealed hydroponic weed imports.
A Bangkok-origin air-cargo consignment declared as PU Tubes was examined on suspicion of mis-declaration. Plastic spools were found to contain concealed cavities holding polythene-wrapped packets of compacted green substance, preliminarily identified as suspected ganja/marijuana and described as hydroponic weed. The concealed substance, packaging and concealment material were seized under the NDPS Act, 1985. One person was arrested, and follow-up searches produced leads for continuing investigation.
October 16, 2026
Show AI Summary
Unaccompanied baggage gold smuggling: concealed hardware and insider coordination triggered interception, seizure, and arrests under customs law.
Foreign-origin gold smuggling through the unaccompanied baggage channel involved concealment of gold within hardware items and coordinated retrieval through warehouse personnel and intermediaries. Intelligence-led interception resulted in recovery and seizure of foreign-origin gold concealed in a floor spring, metal locks, a grease gun and a door closer. The arrangement used a trolley secured by a pre-decided number-lock combination, with a warehouse staff member, mediator and receiver allegedly involved in delivery of the concealed gold.
October 16, 2026
Show AI Summary
Opium cultivation licensing grievance redressal advances through public hearings, administrative remedies, policy recording, and a planned cultivator helpline.
Opium cultivation licensing grievances were addressed through a public hearing where cultivators raised irrigation, climatic, single-plot licensing, and village-wise allocation concerns. Participants were informed of available legal provisions and administrative remedies. Requests for more licences and larger cultivation plots were considered, with policy matters recorded. A helpline is intended to assist cultivators during the 2026-27 licensing operation.
October 16, 2026
Show AI Summary
Illicit cannabis cultivation: crop destruction followed legal formalities, while investigation continues in a remote wildlife sanctuary.
Illicit cannabis cultivation was located by a joint DRI and CBN team across five stretches of remote, densely forested wildlife-sanctuary land near village Jamniapani, Shirpur, District Dhule, Maharashtra. The cultivation covered 2.87 hectares. Following requisite legal formalities, the cannabis crop was destroyed using a rotavator in the presence of Police and Forest Department officials. Investigation remains in progress.
October 15, 2026
Show AI Summary
Merchandise and services trade estimates show export growth, import expansion, and a wider combined trade deficit over the reporting period.
Combined trade estimates for April-September 2026-27 show exports of US$ 476.20 billion and imports of US$ 551.13 billion, resulting in a trade deficit of US$ 74.93 billion. Merchandise exports rose to US$ 259.89 billion, while merchandise imports reached US$ 437.53 billion. Estimated services exports were US$ 216.31 billion and services imports were US$ 113.60 billion, producing a services trade surplus of US$ 102.71 billion. September services figures are estimates, and specified earlier-period data were revised using quarterly balance-of-payments data.
October 15, 2026
Show AI Summary
Emerging technology skills and resilient supply chains are positioned as foundations for investment competitiveness and inclusive economic growth.
Ministerial policy priorities for India's trade, investment and technology agenda emphasise artificial intelligence, cybersecurity, technology adoption, manufacturing investment and lifelong skill development. Investment competitiveness is linked to political stability, resilient supply chains, and fair and transparent trading practices. The first tranche of a bilateral trade agreement with the United States has been finalised, while final contours and legal drafting continue before operationalisation.
October 14, 2026
Show AI Summary
Majority stake acquisition in the jewellery sector receives competition clearance for GRT Jewellers' purchase of Tribhovandas Bhimji Zaveri.
Competition Commission of India approved GRT Jewellers (India) Private Limited's proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. The transaction concerns entities operating in the Indian gems and jewellery market, including a private limited acquirer and a publicly listed target engaged in manufacturing and sale of gems and jewellery.
October 14, 2026
Show AI Summary
Minority shareholding acquisition in mother and baby healthcare receives competition clearance for a private equity-backed investment.
Competition Commission of India clearance authorises NuageLux BidCo S.a r.l. to acquire approximately 23% of the fully diluted shareholding in Kids Clinic India Ltd. The transaction constitutes an acquisition of a minority equity interest in a healthcare provider operating under the Cloudnine brand. NuageLux BidCo is a Luxembourg-incorporated private limited special purpose vehicle, ultimately controlled by Permira Holdings Ltd.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Text of the Speech of the Union Finance Minister Shri P. Chidambaram at the Second South Asian Diaspora Convention in Singapore Today

November 21, 2013

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Following is the text of the speech of the Union Finance Minister Shri P. Chidambaram on “Opportunities and Challenges for Diaspora Investments in India” at the Second South Asian Diaspora Convention in Singapore today.

“It is said that ‘you can take an Indian out of India, but you cannot take India out of an Indian’. Indians, anywhere in the world and irrespective of their citizenship, retain a lot of their ‘Indianness’. It is certainly true of overseas Indian workers and it is also true of first generation migrants. I find that it is also true of the children of first generation migrants. One would have to wait some more years to see whether this unique characteristic of Indians is preserved by the children of children of first generation migrants.

Nowhere is this more true than in Singapore. There is a ‘little India’ in Singapore. The sights, the sounds, and the flavour of that sweet spot in this international city are almost totally Indian – even while the residents are genuinely proud of being citizens or long-term residents of Singapore. Singapore represents a plural society at its best. Is it any wonder therefore that the diaspora in Singapore is perhaps among the most diverse and most progressive diaspora of the great cities of the world? I am therefore truly happy to be part of the second South Asian Diaspora Convention and to address you on ‘Opportunities and Challenges for Diaspora Investments in India.’ I compliment the Institute of South Asian Studies of the National University of Singapore for bringing together the region’s policy makers, business persons, authors, journalists and leaders of civil society on the platform of SADC 2013.

The Indian diaspora is heterogeneous. There are descendants of those who migrated in the 17th century and again in the 19th century to South Africa and further to the west. There are Indian families who travelled to other South Asian and South East Asian countries for work or trade since the beginning of the 20th century and have happily settled down there for several decades. There are first generation migrants and their children and grandchildren who live in developed countries such as the United Kingdom, the United States and Canada. In the last forty years, a very large number of unskilled and skilled workers have found job opportunities in the Middle East and live and work for long years in those countries. Recent years have witnessed another wave of migration to countries such as Australia, New Zealand and Hong Kong, China.

Each of these segments has a distinct view of India and the India Opportunity. These views are, understandably, moulded by the country and the environment in which they live and by their own perceptions of what is good policy and what is good governance. However, it is important to remember that India is a country of 1.3 billion people. Three hundred million at the top can be described as the aspirational class, but there is an equal number that looks towards the Government for help and support – and subsidies – to climb out of poverty. It is not a mean achievement that India has, in a period of ten years between 2002 and 2012, reduced the incidence of poverty by over 15 percent. I would urge you to keep that context in mind while you draw your conclusions and make your choices.

Let me begin by speaking to you on the India Opportunity.

India’s potential growth rate is 8 percent and above. In the best year, the savings rate was 36.8 percent and the investment rate was 38.1 percent. In the worst years, the savings and investment rates were 30.8 percent and 32.8 percent respectively. Between 2005 and 2008, India achieved its potential – in fact exceeded it – and recorded growth rates of over 9 percent. During the 20-year period from 1991 to 2011, the average growth rate was 7 percent.

The key to sustain a high growth rate is investment. Other factors are also important. The fiscal deficit must be contained below the widely-accepted norm of 3 percent of GDP. The Current Account Deficit must be capable of being financed safely. Inflation, even allowing for the space required by a developing economy, must be moderate. The exchange rate must be resilient even while it is insulated against speculative attacks and excessive volatility. Any Government must be fully alive to these fundamental requirements of a stable and progressive economy. Given these fundamentals, it is investment that will determine the growth rate of an economy.

I believe that there is no country in the world that requires so much investment as India does in virtually every sector of the economy. On infrastructure alone, the 12th Plan document covering the period 2012-2017 envisages an investment of USD 1 trillion, of which one-half is expected to come from the private sector. A few examples will illustrate the magnitude of the need and the challenge. In the power sector, the 12th Plan document projects an addition of 88,577 mega watts of capacity during the period of five years. In railways, we intend to add 10,000 kilometres of rail track while doubling 5,344 kilometres of rail track. In steel, we plan to enhance capacity from the current level of 84.4 MnT to 142.3 MnT. In the port sector, total capacity of our ports will increase from 702.8 MnT in 2012 to 884.6 MnT by 2017. We are now engaged in building 34 non-metro airports.

I may also give you the example of Delhi Mumbai Industrial Corridor. It will entail an investment of USD 90 billion. Together with the dedicated western freight corridor being built by the Railways, it will link Delhi to Mumbai’s ports. It will cover a length of 1483 kilometres and pass through six States. There will be nine mega industrial zones of about 200-250 sq. kms each, high speed freight lines, and a six-lane intersection-free expressway connecting India’s political capital to its commercial capital. Along the corridor, there will be three ports, six airports, a 4000 MW power plant, and a plug-and-play environment to promote manufacturing industries. Other corridors that are in the planning stage are the Chennai Bengaluru Industrial Corridor and the Bengaluru Mumbai Economic Corridor.

India can offer to the investor a variety of investment opportunities. There are Government securities and corporate bonds. There are mutual funds and Infrastructure Development Funds. We can offer equity in our public sector enterprises that are under the disinvestment programme. There is a clutch of projects in the oil and gas sector that will welcome strategic investors. Shortly, we will offer a public sector Exchange Traded Fund that will allow you to buy units backed by underlying equity shares. Private promoters have offered a number of specific projects in sectors such as roads, power, urban infrastructure, ports and water transportation, and in Special Economic Zones.

Just as India and other developing countries need investment, let us also remember that the capital surplus countries need to invest. They cannot invest in their domestic economies alone. Given the increase in their savings and their ageing populations, they need to find investments that will give them higher returns over a long term. They need to find avenues of investment for their growing pension funds and sovereign wealth funds. The Indian equity market has given a compounded annual growth rate of 15.8 percent over the 10-year period 2003-2013. Government securities have given a return of 7.92 percent, 8.52 percent and 8.36 percent in the last three years. I believe that there are few markets in the world which give comparable returns.

Mindful of the fundamental factors that I mentioned earlier in my speech, we have taken a number of measures to stabilize the economy and give greater confidence to the investors. Last year, after I returned to the Ministry of Finance, I announced a new fiscal consolidation path under which the fiscal deficit would be contained at 5.3 percent in 2012-13 and reduced every year until it reached 3 percent in 2016-17. At the end of March, 2013, we did better than the target and the fiscal deficit was contained at 4.9 percent. For the current year, I have drawn a red line at the original target of 4.8 percent and I have made it clear that the red line will not be breached under any circumstances. The Current Account Deficit for 2012-13 was at a challenging level of USD 88 billion. In the current year we have taken a number of measures – some of them like compressing gold imports have already yielded results – and I am confident that the CAD will be contained at a level well below USD 60 billion and that it will be fully and safely financed.

Inflation has been more intractable. Both the Wholesale Price Index (WPI) and the Consumer Price Index (CPI) are driven by food inflation. The weights of food items in the two indices are 24.3 percent and 46.2 percent, respectively. It may surprise you that there is reasonable stability in the prices of major commodities such as wheat and rice. Sugar prices have actually fallen by about Rs.6 per kilogram. However, prices of fruit, vegetables, meat, milk and eggs are elevated and are driving the inflation rate. Several steps, including increase in the policy rate, have been taken and we hope that the WPI-based inflation rate will moderate to a level below 5 percent.

The exchange rate witnessed a period of considerable volatility during May to August this year. The reasons are well known. Many currencies were affected. The Reserve Bank of India took a number of steps – some that were clearly emergency steps – and once volatility was contained, some of those steps were reversed. We believe that the exchange rate of the rupee today is a better reflection of its true value and we are confident that both volatility and speculation have been largely contained. The excellent market response to the rupee bond floated by IFC two days ago indicates market confidence in the Indian rupee, although I would hesitate to draw conclusions at this stage.

All these, in my view, augur well for attracting more investments.

Apart from the macro economic fundamentals that I referred to, I would ask the diaspora to look at some micro economic fundamentals of the Indian economy. The first is our young demographic. A little more than one-half of the people of India are below the age of 25 years. Literacy among children below the age of 12 years is 95 percent. There is a surge in enrolment in colleges and a full one-fifth of all 21-year olds have a college degree. We have launched an ambitious skill development programme that aims to skill 500 million youth by 2022.

The second is the integration of the Indian economy with the world economy. Gross flows on the current account are 63 percent of the GDP and on the financial account 55 percent of the GDP adding up to gross flows across the border of 118 percent of the GDP.

The third is the increasingly ‘capable’ financial system. We have drafted a new Indian Financial Code that will replace the fifty existing laws concerning finance. We have a brand new Companies Act and a statute-mandated Defined Contribution Pension system.

The fourth is the international clout – based on capacity and competitiveness – acquired by a clutch of Indian firms in steel, oil and gas, mining, power, information technology and hospitality.

The fifth is the famed consumption-led growth story. India’s household final consumption is an impressive 57 percent of the GDP making it one of the few vibrant markets, in a sluggish world economy, for goods and services.

The sixth is the maturity of our democracy and our adherence to a model governed by the rule of law. India has entered into 72 Bilateral Investment Protection Agreements. India is also a partner country in four Comprehensive Economic Cooperation Agreements and is in the process of negotiating an RCEP with the ASEAN countries.

I believe that, taken together, the macro economic fundamentals and the micro economic fundamentals make India an attractive and safe investment destination.

The Indian diaspora is estimated at over 20 million. While it is only 2 percent of India’s population, their total wealth is estimated at USD 1 trillion which is nearly 50 percent of India’s GDP. Of the USD 1 trillion, one-half is estimated to be financial assets. The income of the Indian diaspora is estimated at USD 400 billion a year.

We take the diaspora seriously. There is an exclusive Ministry of Overseas Indian Affairs. In 2007, the Ministry set up the Overseas Indian Facilitation Centre (OIFC) in partnership with CII, a leading industry association, as a non-profit body to guide and facilitate investments of Indians residing abroad. OIFC offers well-researched fact-files on different sectors of the Indian economy. The Government has also set up a Global Advisory Council that consists of the diaspora’s scholars, scientists, business persons, and political and community leaders.

‘Invest India’ is our official agency dedicated to investment promotion and facilitation. It is a joint venture between FICCI, a leading chamber of commerce, and the Government. It is the first reference point for the global investment community and provides sector-specific and State-specific information to a foreign investor, assist in expediting regulatory approvals, and offers hand-holding services.

At present, we recognize a Non-resident Indian (NRI), a Person of Indian Origin (PIO) and an Overseas Citizen of India (OCI). An NRI has near-equal treatment with resident Indians and can invest in Government securities, Treasury Bills, domestic mutual funds etc. An NRI can also invest in the construction sector including townships and housing. A PIO may not be an Indian citizen but has parity with NRIs in the matter of investments except acquisition of agricultural property. A PIO does not require a visa to visit India. An OCI is of Indian origin but is a citizen of another country. He is entitled to a multiple entry, multi-purpose life-long visa and has parity with PIOs in the matter of investments.

Eleven million Indians live and work in Asia and the Middle East. Of these, 5.9 million are in the countries of the Middle East, there are 2.0 million in Malaysia and 500,000 in Singapore. The bulk of them are unskilled or semi-skilled workers. Nevertheless, they have high savings and they remit a large amount of money to their families in India. You are aware that, since 2003, India has been the largest recipient of overseas remittances. Remittances rose from a modest USD 2 billion in 1991 to USD 70 billion in 2013. Indian banks offer attractive products to non-resident Indians. Among them is the famous FCNR(B) scheme. Two months ago, the Reserve Bank opened a special window to attract more funds into FCNR(B) and I am happy to report that, as I speak to you today, the scheme, which will close on November 30, 2013, has received USD 16 billion. The FCNR(B) allows the account holder to retain his deposits in foreign currency and earn interest at a rate up to LIBOR plus 400 bps.

In recent times, we have turned our attention to the successful Indian-origin entrepreneurs and high networth individuals. Many of them are at the top of the pyramid. In the Silicon Valley alone, four out of 10 start-ups are promoted by NRIs and PIOs and seven percent of the valley’s hi-tech firms are led by Indian CEOs. Some of the well-known names are Vinod Dham, Vinod Khosla, Bharat Desai, Gururaj Deshpande and KB Chandrasekhar. The Forbes list of the United States’ Top 400 rich contains the names of three persons of Indian origin. It did not also surprise me to read that the Forbes list of Singapore’s Top 40 rich contains the names of four non-resident Indians. There are over 40,000 Indian origin doctors in the US and over 15,000 Indian origin doctors in the UK. The number of engineers, chartered accountants and lawyers of Indian origin in the developed countries runs into several thousands. They represent the best of India that was chiselled and honed in the universities and institutions of those countries. India, the country of their origin or the country of their forefathers, is truly proud of them. A number of them are present in this distinguished gathering and I admire and salute your love and affection for India and the Indian people.

Ladies and gentlemen, planet Earth is home to seven billion people. No home can hold the very rich and the very poor together without addressing the question of inequality and poverty. The world is undergoing a rebalancing of economic power. Rebalancing of political power will, inevitably, follow in due course. The Asian countries are likely to become the pivot of the rebalanced world. The Asian diaspora, including the Indian diaspora, must therefore help the countries of their origin. Nothing can be more satisfying and rewarding than Indians living abroad connecting with Indians living in India. In a world committed to ending extreme poverty and sharing prosperity, that connection is best forged through investments.

Let me conclude by welcoming the Indian diaspora to seize the India opportunity, invest in India, and be part of the unfolding India story that will make India the third largest economy, even in nominal terms, by the year 2030.

I thank the Institute of South Asian Studies, and particularly Ambassador Gopinath Pillai and Professor Tan, for the opportunity to address this distinguished gathering. I thank you for your patience and courtesy.”

Topics

Acts Income Tax