India is taking steps to try and attract more foreign investments by starting a new special residency program. Lawmakers in India signed a plan to allow investors from around the world to reside in India under a permanent residency program.
According to the policy, the visas will be given for 10 years. To be eligible for the visa investors will have to invest 100 million rupees, which is equivalent to $1.5 million over a period of time of 18 month, or 250 million rupees, equivalent to $3.7 million over a period of time of 3 years. The investments must result in creating at least 20 citizens in India every fiscal year.
"It’s an indication of more broad-mindedness towards foreign investors… it’ll be easier for them to come to India,” said Mohan Guruswamy, a former Indian finance ministry official and chairman at the Centre for Policy Alternatives in New Delhi.