According to recent government data, Maharashtra received nearly 30 per cent of the total foreign direct investment (FDI) from NRIs in the country over the last four financial years (FY15 to FY18), reports The Hindu BusinessLine (BL).
While the state raised the most substantial amount of non-resident Indian (NRI) funds with investments topping at Rs 1,454 crore in four years, second-placed Kerala received Rs 902 crore in the corresponding period. On the other hand, Gujarat attracted only Rs 515 crore.
Interestingly, these three states accounted for a massive 60 per cent of all FDI investments received by the country, says the Union Ministry of Commerce and Industry data.
It should be noted the Union government provides some special concessions on investments made by NRIs, Persons of Indian Origin (PIOs) and Overseas Citizen of India (OCIs). However, these regulations are uniformly applicable all over the country.
Under Schedule 4 of the Foreign Exchange Management Act (FEMA), the government treats NRI investments which are based on the non-repatriation basis as a domestic investment on par with the investments made by residents.
These incentives are not available to individual NRIs but also to companies, trusts and partnership firms, which are incorporated outside India and are owned and controlled by NRIs.
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