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.
UN Award to Invest India
- Invest India, the country’s investment promotion body, has won the UN Award for excellence in promoting investments in sustainable development.
- The awards is organised by the United Nations Conference on Trade and Development (UNCTAD) at World Investment Forum, Geneva.
- 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?
- 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.
- The company committed to train local staff and produce 1 gigawatt of renewable energy.
- Implementation of the project is expected to reduce India’s wind energy cost significantly.
- Invest India is the National Investment Promotion and Facilitation Agency of India and acts as the first point of reference for investors in India.
- It is set up as a nonprofit venture under the Department of Industrial Policy and Promotion, Ministry of Commerce and Industries, Government of India.
- 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).
- 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.
- 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.
- 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.