Govt should come out with new scheme to draw NRI investments | india | Hindustan Times
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Govt should come out with new scheme to draw NRI investments

india Updated: Jan 12, 2009 11:24 IST

Centre should come out with an attractive scheme for non-resident Indians, to invest their savings in the country, a leading NRI banker has said. NRIs have a lot of money at their disposal to invest in bonds and mutual funds in the country, Doha bank Group(Qatar) Chief Executive Officer R Seetharaman, who was in India in connection with the Seventh Pravasi Bharatiya Divas told PTI. The current interest rate in the country was insufficient to attract these investments and the Centre should come out with a new scheme for them, he said.

The scheme could be on the lines of resurgent bonds issued by the State Bank of India in the early nineties, which carried more interest, he added.

On the effect of global meltdown on Indian economy, he said the country's economy was 'insulated' from global economy but not 'isolated'. Though there would be some impact of the meltdown, it could not seriously affect the economy, he said. Indian economy was basically local-based than export oriented and hence there would not be much effect, Seetharaman said.

NRIs had a lot of scope in invest in infrastructure like roads, telecommunication and agriculture besides education. This would help in increasing the per capita income of rural masses, he said.