Topic covered:
- 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.
