Economic Indicators
As a reflection of its theme for the Pravasi Bharatiya Diwas, the ministry for overseas Indian affairs will be announcing the setting up of an India Development Fund (IDF) at the three-day meet in January.
The fund, a brainchild of Minister for Overseas Indian Affairs Vayalar Ravi, will be set up to channel contributions by NRIs towards philanthropic activities in India.
"We have found that there has been too much noise about investment and very little actual investment. Only around 5% of FDI in India is from NRIs, yet I have met many people, salaried people, not millionaires, who want to contribute to improving conditions in their home state," said Ravi.
IDF will be a not-for-profit trust, which will provide a single window to direct philanthropy funds to the social sector. "The sectors we have identified dovetail with the goals of the 11th Plan, and these are mostly in micro finance, women’s empowerment, health and education. Reputed NGOs will be engaged, and international accounting standards will be applied to the funds, " said Ravi. "That the funds have been put to correct use will be demonstrated to contributors," he added.
"There are 25 million Indians overseas... Even if 6 million contribute some money, it will be a sizeable sum, " the minister said.
