Invest India wins UN award for excellence in promoting investments in sustainable development

Note4students

Mains Paper 3: Indian Economy| Investment models

From UPSC perspective, the following things are important:

Prelims level: Make in India, Invest India, Particulars of the UN Award

Mains level: Evaluating the success of Make in India initiatives.


News

UN Award to Invest India

  1. Invest India, the country’s investment promotion body, has won the UN Award for excellence in promoting investments in sustainable development.
  2. The awards is organised by the United Nations Conference on Trade and Development (UNCTAD) at World Investment Forum, Geneva.
  3. It honours investment promotion agencies (IPAs) and their governments for their achievements and showcases best practices in attracting investment into SDG-related projects.

What’s the project all about?

  1. Invest India received the award for excellence in servicing and supporting a major global wind turbines company in the establishment of a blade manufacturing plant in India.
  2. The company committed to train local staff and produce 1 gigawatt of renewable energy.
  3. Implementation of the project is expected to reduce India’s wind energy cost significantly.

Back2Basics

Invest India

  1. Invest India is the National Investment Promotion and Facilitation Agency of India and acts as the first point of reference for investors in India.
  2. It is set up as a nonprofit venture under the Department of Industrial Policy and Promotion, Ministry of Commerce and Industries, Government of India.
  3. 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).
  4. Thus, essentially, Invest India is a private company, unlike India Brand Equity Foundation – another investment promotion agency in India set up by the same Ministry – Ministry of Commerce & Industry.
  5. Invest India’s specialists provide multiple forms of support such as market entry strategies, deep dive industry analysis, partner search and location assessment, and policy advocacy with decision makers.
  6. 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.
  • Its experts, specializing across different countries, Indian states and sectors, handhold investors.
Make in India: Challenges & Prospects
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