- 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.
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.