India is growing very rapidly. With the “flattening” of the world happening at a shocking rate. I’m sure most of you have dealt with a company who has decided to outsource their service department to India. In fact the job market in India is continuing to grow while the market in America is continuing to decline. In the past decade alone the Indian Foreign Exchange reserve has increased over 250 billion dollars!
So why not go to India and invest there? With a GDP growth rate of 9.4% in 2006-07, the economy is among the fastest growing in the world. India’s GDP in terms of USD exchange-rate is US$1.089 trillion which makes it the world’s fourth largest GDP at US$4.726 trillion. India also has the second larger job force! Merrill Lynch forecasts that the Indian realty sector will grow from $12 billion in 2005 to $90 billion by 2015. In Fact Michael Smith who is head of the Asian real estate investment banking at Goldman Sachs calls “India the most exciting real estate market in Asia,” adding “It’s one of the last major countries in Asia with an improving market” Which is exciting to hear in light of America’s most recent economic issues.
India is a beautiful country filled with white sandy beaches, beautiful mountains and exciting shopping. Plus who wouldn’t want to own part of a country that’s home to the Taj Mahal? So here are some guidelines for those looking to invest; Foreign citizens of Non-Indian origin (whether resident in India or not) and foreign companies including trusts, societies and associations incorporated/ registered abroad will be permitted by Reserve Bank, on application, to acquire immovable property in India, provided the following conditions are satisfied:
3) Income accruing by way of rent from the property purchased, or the sale proceeds of such property/income arising out of investment of such sale proceeds at any future date shall be credited only to the Ordinary Non-resident Rupee (NRO) account of the non-resident purchaser.
There’s definitely a lot of growth happening in India. It’s pretty amazing to watch the advancement. For your readers who may be calling India, jaxtr offers rates at $.06/min to call India, and you can do it using your cell phone. Hope this would be helpful info for your audience. Take care.