Capacity building in progress
Invest India is currently working with 1,003 companies, with an indicated investment worth US$137 billion and indicated employment of 1,981,147 extending end-to-end facilitation support, Parliament was told on 3 July 2019.
Out of these, investments worth US$23 billion and 138,083 employment have been realized during September 2014 till date, Minister of Commerce and Industry, Piyush Goyal, said in a written reply to the House.
Invest India has responded to 190,431 business requests during the period from September 2014 till date.
It is actively working with several Indian States to build capacity and strengthen existing Investment Promotion Agencies as well as bring in global best practices in investment targeting, promotion and facilitation areas.
The projects which are being handled by Invest India, inter-alia, include the following:
Proactive Investor Targeting: Invest India identifies target companies across focus sectors from target markets looking to initiate investment into India or further expansion in India.
Handholding support: The provision of high-quality services to support investors throughout the investment life cycle is extremely important and Invest India creates vital differentiation and an invaluable service offering of guidance, handholding, problem solving and facilitation for investors.
Bilateral CEO Forums: Government of India has institutionalized bilateral CEOs forums with various countries to identify new avenues for cooperation and take initiatives to facilitate business links between countries. Invest India takes up the responsibility of acting as the nodal point for investment related issues/ recommendations and help action investment specific resolutions raised at the CEOs Forums.
Country – Sector Outreach: Invest India proactively contributes to national and regional policy development by planning Country/Sector interactions.
Strategic Investment Research Unit: It shapes India’s investment landscape and drives a step change in the quality and quantity of FDI. The Strategic Investment Research unit not only act as a strong pillar for the core functions of the IPA, like investor targeting and facilitation, but also assist in preparing investment related briefings.
Harnessing Information & Communication Technology for FDI: Invest India scales up use of technology for investment targeting and facilitation. Using Information and Communication Technology, IPAs are putting in place increasingly sophisticated investor inquiry tracking tools to handle and process such inquiries
Working with State Investment Promotion Agencies: Invest India plays a central role in ensuring that FDI is on the agenda of all State agencies, State Governments and stakeholders, highlighting the substantial economic and social benefits which can be accrued locally from FDI.
Startups: Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Department for Promotion of Industry and Internal Trade with the help of Invest India aims to empower Startups to grow through innovation and design through this initiative.
Accelerating Growth of New India’s Innovations (AGNIi): It aims to support the ongoing efforts to boost the innovation ecosystem in the country by connecting innovators across industry, individuals and the grassroots to the market and helping commercialise their innovative solutions. Invest India provide a platform for innovators to bring their market ready products and solutions to industry thereby helping propel India into a new era of inclusive economic growth.
India Investment Grid: India Investment Grid (IIG) is an online platform to showcase investment opportunities in India to global investors. The platform is looked after by Invest India.
The efforts of Invest India and measures taken by the Government on FDI policy liberalization along with improvement in ease of doing business climate have resulted in unprecedented growth of total FDI inflows. India has recorded US$64.38 billion FDI inflow in the year 2018-19 which is an increase of 78.6% over financial year 2013-14 when total FDI inflow was US$36.05 billion.
Department for Promotion of Industry and Internal Trade conducts regular review of the performance of Invest India.
Further, the Board of Directors, under chairmanship of Secretary, Department for Promotion of Industry and Internal Trade, including nominees from Government of India, FICCI, CII and NASSCOM manages and oversee the overall operations, direction and strategy of the company.
Regular meetings of the Board of Directors are held to monitor the operational and overall performance of Invest India, Goyal assured the House. fiinews.com