New Ministry To Speed Up Clearance Of NRI Hospitality Projects

Savio Rodrigues - Mumbai

The newly-formed Non Resident Indian (NRI) Affairs ministry is planning to speed up clearance of hospitality projects involving NRIs and People of Indian Origin (PIOs).

According to NRI Affairs Minister Jagdish Tytler, new procedures and guidelines are being set up which would reduce clearance time of hospitality projects from six-nine months to 45 days.

“We want to attract Indian companies abroad to set up hotels and restaurants along the national highways and major cities in India, starting with Bangalore. If all necessary requisites are adhered to by the investing party then the approval procedure will be completed in 45 days,” said Tytler.

Hospitality investment is among the three main focus areas of the ministry, the other two being information technology and telecommunications. “Globally, Indians in the hospitality sector are rewriting success stories through their hospitality ventures, cuisine styles and new swanking restaurant concepts, especially in the USA, UK and Middle East. And it is also the sector after information technology and telecommunications which garners maximum projects of Indians living abroad. However, many of these companies refrain from investing in Indian hospitality for lack of effective guidelines and a plethora of procedures. Besides the clearances, the ministry is in talks with the finance and commerce ministries to implement policies to increase NRI investment,” he said.

Tytler also confirmed that Bangalore would be India’s first NRI City, with various hospitality projects on cards but failed to divulge any more information on the NRI brands looking at venturing into India..