NRIs want to build a city @ $2.

7 bn- Royal Indian Raj

Non-resident Indians have offered to invest 2.7 billion dollars 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 PHDCCI, 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 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.