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Our Bureau

New Delhi, May 29

To help transform the overseas Indian workers from mere savers to investors, Mr Vayalar Ravi, Minister for Overseas Indian Affairs, launched the Overseas Indian Facilitation Centre (OIFC). The centre is an effort of the Ministry to set up an institutional mechanism to achieve the desired level of investment from overseas Indians. The centre would be a joint partnership of the Ministry of Overseas Indian Affairs and the Confederation of Indian Industry and would be a not-for-profit trust. The Minister said that the trust would facilitate business-to-business partnerships between Indian business and overseas Indians and extend a host of advisory services to PIOs and NRIs. India is the highest recipient of remittances from overseas Indian workers at $23 billion. "The challenge is to convert these savings into investments and I hope the OIFC will achieve this," said the Minister.

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