'NRIs critical components of foreign investment in India'

Cash-rich NRIs, who can invest in India for up to 20 years, are critical components for the transformation of the country and developing its economy, a top executive of PricewaterhouseCoopers said here today.
NRIs should take part in the development of Indian economy over the longer-term and provide their wealth and technology knowhow, Shashank Tripathi, executive director at PricewaterhouseCoopers (PwC) in Mumbai, said here at the launch of the PwC report - "Future of India - The Winning Leap".
"We are looking for NRIs who are not sprinters but marathon runners, who can keep in touch with India over a period of 10-20 years," Tripathi told PTI.

He also urged the NRIs to get their children and prodigies re-connect with India for they are part of the Indian heritage.
"It has to be economic, emotional and cultural bond," said Tripathi.
Observing that the new government is also moving fast to rectify the tax regimes and making it more business friendly, Tripathi said, "The government is doing everything possible to have the NRI's feel welcome."

Yet, he also called on the NRIs to understand various challenges for working in a large country like India where legal system varies from state to state.
Tripathi also pointed out that the Indian government was now working on plans to offer incentives, especially for the manufacturing sector under the 'Make in India' intiative.

Investors should take all opportunities to participate in the manufacturing sector to which government would give pioneer status as it has done so for the IT sector 20 years ago, he said.
It was PWC's first international launch of the report, an in-depth study on India's ability to share prosperity for its 1.25 billion citizens by transforming the way economy creates value.
The report was first launched in India last month.