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Non-resident Keralite investment company

Topic covered:

  1. Indian diaspora.

Non-resident Keralite investment company

 

What to study?

For prelims: NRK investment company- objectives, chairmanship, holding and functions.

For mains: Utilisation of NRI funds, need, significance and challenges.

 

Context: To channel investments from overseas Keralites for major infrastructure development in the state, the Kerala state Government has decided to form an NRK investment company.

 

About NRK investment company:

  • Ownership: NRK Investment and Holding Company Ltd. will be formed with 74% share capital from NRKs, the state government will hold the remaining 26% stake.
  • The Chief Executive Officer of Norka Roots will be the Special Officer of the new company.
  • The company can set up a special purpose vehicle or subsidiary company for the purpose.
  • Roles and functions: Construction of NRI townships and other projects related to basic infrastructure development will be taken up by the new company.

 

Background:

Established in 2002, NORA ROOTS is the arm of the state government to promote and execute several welfare activities for millions of Non-resident Keralites across the globe. Key objectives of the agency are to effectively address the challenges faced by the NRKs, protect their rights, rehabilitate the returnees etc.

 

Sources: the Hindu.