The Union government has set up a non-profit trust which would serve as a single-window platform to implement projects funded by overseas Indians in the social sector.

The India Development Foundation of Overseas Indians (IDFOI) will be a one-stop shop to channelise investment by the diaspora in diverse fields including micro credit for rural entrepreneurs.

Also Read   Related Stories News Now - India Inc to hard-sell itself to the EU - Govt places 355 foreign employers under PAC for harassment - Govt identifies 355 foreign employers harassing Indians - 264,324 students spending $5.5 bn on overseas education - About 1.5 lakh Indian returns from UAE due to eco slowdown - Ministry demands addl budget support for eco crisis layoffs

Also Read   Related Stories News Now - Markets end flat - Turbulence ahead for airlines despite oil price drop - Weak rupee may bring cheer to NRIs, expats - LIC buys PSU stocks, sells pvt sector blue-chips in Q4 - Banks may lower deposit rates as inflation eases: Report More

“It has been realised that diaspora philanthropy has been sporadic in absence of a proper platform to attract funds. That is why we decided to set up this trust,” an official of the ministry said.

According to a government figure, overseas Indians produce an economic output of about $400 billion worldwide.

“The broad objectives of the trust are to lead overseas Indian philanthropy into India and establish a mechanism through which various social development projects could be undertaken,” the official said.

The official said IDFOI would also provide a list of credible institutions, projects and programmes to the diaspora community to offer diverse choices to invest their money.

The trust will be managed by a board of trustees consisting of 15 members. Minister of State for Overseas Indian Affairs Vayalar Ravi will be chairman of the board, while secretary in the ministry, K Mohandas, will look after day-to-day functioning.

The official said the trust would also partner with states and encourage credible philanthropic organisations to project social development opportunities to overseas Indians in sectors that best match national priorities.

To engage the diaspora in developmental programmes, the government had earlier announced setting up of ‘Prime Minister's Global Advisory Council’.

Nobel Laureate Amartya Sen, steel magnate L N Mittal and Pepsi chief Indra Nooyi were among the 20 global business leaders and economists of Indian origin who were made members of the council.

The council was formed to serve as a platform to draw upon the experience, knowledge and wisdom of the overseas Indians.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end flat - Turbulence ahead for airlines despite oil price drop - Weak rupee may bring cheer to NRIs, expats - LIC buys PSU stocks, sells pvt sector blue-chips in Q4 - Banks may lower deposit rates as inflation eases: Report

Tags : IDFOI | Vayalar Ravi | K Mohandas | Amartya Sen | L N Mittal   Read Business news in  Advertisements -  Journey on, We are by Your Side. Click here to know more -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  The Best Seller is Also the No. 1 in Mileage. Click here -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More