India could be about to join a growing number of countries offering residence in return for investment.
Asia`s third largest economy is planning to introduce a program whereby foreigners would pay 100 million rupees ($2 million) over 18 months or 250 million rupees ($5 million) over three years for a 10-year residency visa.
If certain conditions are met, including creating at least 20 jobs for Indian residents per year, the residency would be extended another 10 years.
Work or study visas for spouses and children would also be granted, with investors allowed to purchase on residential property.
India is the world`s fastest growing large economy, with GDP increasing 7.1 per cent between June 2016 and June 2016. Between March 2015 and March 2016, foreign direct investment increased 23 per cent to $55 billion.
The country hopes to attract investors with these statistics with the aim of boosting manufacturing in order to create jobs for low-income families.
But it faces a challenge in attracting investors to a country where red tape is as prolific as pollution, poverty and infrastructure not fit for purpose.
Experts said the move represented a lifting of suspicion surrounding overseas investment by making it easier for foreigners to come to India.
Others questioned whether a 10-year residency would be attractive for investors. Five-year business visas are already available.
India is known for strictly limiting the sectors of its economy open to FDI. There are plans to loosen these restrictions, but it is unlikely the administrative difficulties of doing business there could be eased overnight.
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