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

What is Important?
UPSC perspective:
Mains:Objectives & significance

Why in News?

Invest India, the country’s investment promotion body, has won the UN Award for excellence in promoting investments in sustainable development.

About Invest India:

*As the national investment promotion and facilitation agency, Invest India focuses on sector-specific investor targeting and development of new partnerships to enable sustainable investments in India.
* In addition to a core team that focuses on sustainable investments, Invest India also partners with substantial investment promotion agencies and multilateral organizations.
*Invest India also actively works with several Indian states to build capacity as well as bring in global best practices in investment targeting, promotion and facilitation areas.
*Invest India is set up as a non-profit venture under the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India.


*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 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.
*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.

Why India?

*India to remain one of the fastest growing economies in the world.
*FDI inflows increased by 37% since the launch of Make in India initiative.
*India to have world’s largest youth population by 2020.
*India to be the largest supplier of university graduates in the world by 2020.
*India has the third largest group of scientists and technicians in the world.
*Centre of global maritime trade to move from the Pacific to the Indian Ocean Region. India and China will be the largest manufacturing hubs of the world by 2030.
*Connectivity to Central Asia and Europe via the International North-South Transport Corridor (INSTC).
*In the next five years, India to have greater economic influence across the Asia-Pacific Region.
*India registered a record improvement on EoDB ranking from 142 to 100 between 2014-2017.
*India ranks 40th on the Global Competitiveness Index 2017-18.
*95% of 1.2 bn Indians are covered under Aadhar Scheme, one of the world’s largest social security program.
*Pradhan Mantri Jan Dhan Yojana, a formalization of savings scheme under which 312 mn bank accounts have been opened with savings amounting to $ 11.6 bn.
*Goods and Services Tax (GST), the biggest tax reforms since independence, paves way for a common national market by integrating various indirect taxes.

Invest India wins UN award for excellence in promoting investments in sustainable development Invest India wins UN award for excellence in promoting investments in sustainable development Reviewed by The Hindu Current Affairs on October 25, 2018 Rating: 5

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