The Union Cabinet decided to grant the residency status to foreigners if they invest Rs 10 crore over 18 months or Rs 25 crore over three years. The status will allow multiple entry to visitors for 10 years, which can be extended for another 10 years if the visitor does not receive adverse notice. No registration requirements would be mandated.
The article goes on to say that this ‘scheme’ is not available to citizens of Pakistan and China.
So… err… who would find this scheme attractive? No, seriously… WHO? Bangladeshis? Srilankans? I am sure if an individual is able and willing to invest such an amount, then s/he would also have a working brain and common sense to opt for a better country.
If any individual does have that kind of money and is seeking Permanent Residency or business opportunities, wouldn’t s/he opt for Singapore instead (Works out to around 1.8 Mil USD for Singapore PR under their Global Investor Program)?
I am sure if one were to look around, there would be similar options in other countries as well (countries which are DEFINITELY better than India in terms of quality of life and economic opportunities).
If for any reason, one does want to set up a business in India (cheap labour or the wonderful corruption that allows one, with good connections, to get away with … well pretty much anything), then he will just set up his business or manufacturing unit in India any way! I doubt such individuals require the PR in India as an ‘incentive’.
Seriously yaar, kaunsa chutiya hai jo 1.5 million USD kharch kar ke INDIA mein rehna chaahega?