Attracting NRIs by making it easy for them to invest at GIFT City
If we could find a way to allow NRIs to easily invest in India through GIFT, I think we can attract a lot of capital. Due to the cumbersome processes, many NRIs are sitting on the fence and not investing in India.
The NRI account opening process today involves attestation of documents from the embassy, opening PIS bank accounts, and tax deduction at source (TDS) is applicable after every sale transaction. If there was a way to relax some of these requirements, GIFT would be much more popular.