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Cabinet approves grant of Permanent Residency Status to Foreign Investors

Published By : Admin | August 31, 2016 | 16:37 IST
Cabinet chaired by PM Modi approves grant of Permanent Residency Status to Foreign Investors
Cabinet clears PRS scheme to encourage foreign investment in India and facilitate ‘Make in India’ Programme

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.

The scheme is expected to encourage foreign investment in India and facilitate Make in India Programme. Under the Scheme, suitable provisions will be incorporated in the Visa Manual to provide for the grant of PRS to foreign investors.

The PRS will be granted for a period of 10 years with multiple entry. This can be reviewed for another 10 years if the PRS holder has not come to adverse notice. The scheme will be applicable only to foreign investors fulfilling the prescribed eligibility conditions, his/her spouse and dependents. In order to avail this scheme, the foreign investor will have to invest a minimum of Rs. 10 crores to be brought within 18 months or Rs.25 crores to be brought within 36 months. Further, the foreign investment should result in generating employment to at least 20 resident Indians every financial year.

Permanent Residency Status will be granted for a period of 10 years initially with multiple entry facility, which can be renewed for another 10 years. PRS will serve as a multiple entry visa without any stay stipulation and PRS holders will be exempted from the registration requirements. PRS holders will be allowed to purchase one residential property for dwelling purpose. The spouse/ dependents of the PRS holder will be allowed to take up employment in private sector (in relaxation to salary stipulations for Employment Visa) and undertake studies in India.

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PM Modi expresses heartfelt gratitude on completion of 23 years as head of government
October 07, 2024

The Prime Minister, Shri Narendra Modi has expressed his heartfelt gratitude for completing 23 years as the head of a government. Shri Modi recalled his time as the Chief Minister of Gujarat and said that Gujarat emerged as a shining example of ‘Sabka Saath, Sabka Vikas,’ ensuring prosperity for all sections of society. Reflecting on the past decade, the Prime Minister said that India’s developmental strides have ensured that our country is being viewed with utmost optimism globally. He reassured the citizens he would keep working tirelessly and not rest till the collective goal of a Viksit Bharat is realised.

The Prime Minister posted a thread on X:

“#23YearsOfSeva…

A heartfelt gratitude to everyone who has sent their blessings and good wishes as I complete 23 years as the head of a government. It was on October 7, 2001, that I took on the responsibility of serving as the Chief Minister of Gujarat. It was the greatness of my Party, @BJP4India, to task a humble Karyakarta like me with the responsibility of heading the state administration.”

“When I assumed office as CM, Gujarat was facing numerous challenges - the 2001 Kutch Earthquake, before that a Super Cyclone, a massive drought, and the legacy of many decades of Congress misrule like loot, communalism and casteism. Powered by Jana Shakti, we rebuilt Gujarat and propelled it to new heights of progress, even in a sector like agriculture, for which the state was not traditionally known.”

“During my 13 years as Chief Minister, Gujarat emerged as a shining example of ‘Sabka Saath, Sabka Vikas,’ ensuring prosperity for all sections of society. In 2014, the people of India blessed my Party with a record mandate, thus enabling me to serve as Prime Minister. This was a historic moment, as it marked the first time in 30 years that a party secured a full majority.”

“Over the past decade, we have been able to address several challenges our nation faces. Over 25 crore people have been freed from the clutches of poverty. India has become the fifth largest economy and this has particularly helped our MSMEs, StartUps sector and more. New avenues of prosperity have opened for our hardworking farmers, Nari Shakti, Yuva Shakti and the poor as well as marginalized sections of society.”

“India’s developmental strides have ensured that our country is being viewed with utmost optimism globally. The world is keen to engage with us, invest in our people and be a part of our success. At the same time, India is working extensively to overcome global challenges be it climate change, improving healthcare, realising SDGs and more.”

“Much has been achieved over the years but there is still more to be done. The learnings over these 23 years enabled us to come up with pioneering initiatives which have made an impact both nationally and globally. I assure my fellow Indians that I will keep working tirelessly, with even more vigour in service of the people. I will not rest till our collective goal of a Viksit Bharat is realised.”