Thursday, October 5 2006 12:05 Hrs (IST) - World Time -

London: Overseas Indian Affairs Minister Vayalar Ravi has announced plans to create a special centre to attract investments from overseas Indians and facilitate the creation of a global Indian consortium.

The consortium would be expected to work with apex trade bodies, states of India and various associations of overseas Indians, Ravi said, while inaugurating India Calling 2006, a India-UK business summit here Tuesday.

He said the plans were likely to be finalised before the next Pravasi Bharatiya Divas, scheduled to be held on Jan 9 in New Delhi.

The Overseas Investment Centre is envisaged as a single point contact at the national and state level and will provide investment advisory services on taxation, legal requirements, information on capital market investment and opportunities to invest in the real estate, according to G Gurcharan, joint secretary in the ministry.

London Mayor Ken Livingstone said his administration would open offices in Mumbai and New Delhi. He said he saw the future of India's economy as staggering for the future of humanity while adding that he would not be surprised if India took over a large share of the British economy.