Commenting on this development, Dr Modi says “We are glad that the provisions suggested by us recently regarding the investments by NRIs and OCIs have been considered by the authorities. The recent move by RBI will have a positive impact on Indian economy as the country needs foreign capital to finance a wide current account deficit. Further relaxations in policies related to foreign investments can allow OCIs and NRIs to easily invest more than 100 billion dollars in the country over next three years. They will bring in not only capital but also new technologies, modern management systems, best corporate governance practices, innovative channel management and customer-oriented approach. With the help of sound policies, strong regulatory mechanisms and unshakable judicial system, India can attract huge foreign investments. The government should consider OCI investments in FDI as well as in market operations at par with Indian residents to fast-track social and physical infrastructure development, create millions of new jobs by boosting manufacturing sector and allow benefits of liberal economic policies to percolate down to the masses for achieving the national goal of inclusive growth.”
Spice Global believes that further revision in provisions related to foreign investments will help the Indian economy recover faster.
About Spice Global
Spice Global is a US$ 2 billion diversified conglomerate that currently serves over 25 million customers across various sectors - telecom, finance, entertainment technology and healthcare – in the world. Established by renowned global entrepreneur and futurepreneur, Dr. Bhupendra Kumar Modi, Spice Global has expanded its footprint across Los Angeles, San Francisco, New York, London, New Delhi, Bombay, Dubai, Kuala Lumpur in addition to China and Africa.
Headquartered in Singapore, Spice Global currently employs about 9,000 employees worldwide. Spice encompasses a variety of businesses that harness speed, creativity and efficiency to invent, develop and market the products that are defining how we live today. Among the various businesses under the Spice Global umbrella, prominent ones include Si2i Mobility (holding co. of Si2i Limited and S-Mobility Limited), Spice Studios, Wall Street Finance Limited and Paper Plus. The Group recently forayed into healthcare services with the launch of a World Class facility at New Delhi in India.
Spice Global has various listed entities.
- Si2i Mobility Limited. (SGX: M09)
- S Mobility Limited: (BSE Scrip Code- 517214) /NSE (Scrip Code – SPICEMOBIL)
- Wall Street Finance Limited: (BSE Scrip Code 511147)
For further information on Spice Global please contact:
Anuradha Chawla / Riticka Dutta
+91 98 9996 5560 / +91 99 1171 7995