The government on Thursday gave its approval to review of Foreign Direct Investment (FDI) Policy on investments by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs).
An investment made by NRIs through non-repatriable way will be considered to be a domestic investment at par with the investment made by residents.
"The decision to include OCIs and PIOs under NRIs is meant to align the FDI policy with the government policy and provide parity in economic, financial and educational arena," the press release said.
"The amendment is expected to result in increased investments across sectors and greater inflow of remittances leading to the country's economic growth," the statement added.
This measure is expected to result in increased investments across sectors and greater inflow of foreign exchange remittance leading to an economic growth of the country.