- Invest India, the country’s investment promotion body, has won United Nations (UN) Award for excellence in promoting investments in sustainable development.
- Invest India received this award for excellence in servicing and supporting major global wind turbines company in establishment of blade manufacturing plant in India while committing to train local staff and produce 1 gigawatt (GW) of renewable energy. Implementation of this project is expected to reduce India’s wind energy cost significantly.
What is Invest India?
Invest India is the National Investment Promotion and Facilitation Agency of India and acts as the first point of reference for investors in India.
Invest India is set up as a non profit venture under the Department of Industrial Policy and Promotion, Ministry of Commerce and Industries, Government of India.
A joint venture: Operationalized in early 2010, Invest India is set up as a joint venture company between the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry (35% equity), Federation of Indian Chambers of Commerce and Industry (FICCI) (51% equity), and State Governments of India (0.5% each).
Functions: The core mandate of Invest India is investment promotion and facilitation. It provides sector-specific and state-specific information to a foreign investor, assists in expediting regulatory approvals, and offers hand-holding services. Its mandate also includes assisting Indian investors to make informed choices about investment opportunities overseas.
Why Invest in India?
- India to remain one of the fastest growing economies in the world- International Monetary Fund.
- FDI inflows increased by 37% since the launch of Make in India initiative.
- Leading investors ranked India as the most attractive market.
- Largest youth population in the world.
- Huge domestic market.
- Rising economic influence- IOR and INSTC.
- India registered a record improvement on EoDB ranking from 142 to 100 between 2014-2017.
UN Investment Promotion Award
The awards are given annually by United Nations Conference on Trade and Development (UNCTAD) since 2002 as part of its investment promotion and facilitation programme.
- It honours investment promotion agencies (IPAs) and their governments for their achievements.
- It also seeks to showcase best practices in attracting investment into Sustainable Development Goals (SDGs)-related projects that can inspire investment promotion practitioners in developing and developed countries.