On 31 August, the cabinet approved a scheme to grant permanent residency status (PRS) to foreign investors subject to certain conditions specified in the FDI policy. Such a scheme is expected to encourage foreign investment in India and facilitate the Make in India initiative. The salient features of the scheme are as follows:
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- PRS will be granted for 10 years with multiple entries and can be renewed for another 10 years provided PRS holders have not come to adverse notice.
- The scheme will apply only to foreign investors fulfilling prescribed eligibility conditions in respect of minimum investment, time frame and employment generation for resident Indians every financial year.
- PRS holders will be allowed to purchase one residential property for dwelling purposes and their spouses/dependants will be allowed to take up employment in the private sector and undertake studies in India.
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