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The
proposal, aimed at giving a fillip to Prime Minister Narendra
Modi's "Make in India" program, was first announced in
February's federal budget.
Foreigners need to invest 100 million rupees (1.13 million
pounds) over 18 months, or 250 million rupees over three years,
resulting in jobs for at least 20 resident Indians every fiscal
year to be allowed to settle, the government said in a
statement.
Those who meet the criteria would be eligible to stay for 10
years. The residency permit can be extended by a decade.
Up to now, such investors have been eligible for business visas
lasting up to five years.
The cabinet approval comes months after the government unveiled
sweeping reforms to rules on foreign direct investment, clearing
the way for Apple to open stores and announcing easier terms for
investors in sectors ranging from civil aviation to
pharmaceuticals.
Modi has urged global businesses to come and manufacture in
India since he took office two years ago.
His government has pointed to a 23 percent rise in foreign
direct investment to $55.5 billion in the fiscal year to March
as proof the policies are gaining traction.
Investors with the permanent residency status would be free to
buy one home, and spouses and dependents would be allowed to
take private jobs and study, the government said.
(Reporting by Nigam Prusty; Writing by Rajesh Kumar Singh;
Editing by Malini Menon, Robert Birsel)
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