The United Nations Conference on Trade and Development (UNCTAD) recently announced ‘Invest India’ as the recipient of the United Nations Investment Promotion Award for 2020.
United Nations Investment Promotion Award
The United Nations Investment Promotion Award is designed to recognize and celebrate the hard work and impressive achievements of global Investment Promotion Agencies (IPAs). UNCTAD has organized this annual award since 2002. These awards commend IPAs for their contributions towards sustainable development and for achieving the Sustainable Development Goals (SDGs), via bolstering private sector investment.
For the 2020 award, the response of IPAs to the Covid-19 pandemic became a key evaluation criterion. Prior recipients of the award have included Germany, South Korea, and Singapore among others.
Invest India
Invest India, established in 2009 as a non-profit venture under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, and Government of India, serves as the first point of reference for investors in India. UNCTAD commended Invest India’s good practices, exhibited through initiatives like the Business Immunity Platform, Exclusive Investment Forum webinar series, and its social media engagement. The proactive Covid-19 response teams, focusing on business reconstruction, stakeholder outreach, and supplier outreach, were also recognized for their efficiency during the pandemic.
Government Measures Promoting Investment
India’s appeal as a foreign direct investment (FDI) destination has substantially increased recently. In 2019, India ranked among the top 10 countries attracting foreign funds, drawing billions of dollars across different sectors such as services, technology, IT and telecom, and construction.
In 2020, swift and decisive actions combating the Covid crisis, favorable demographics, high mobile and internet penetration, and widespread consumption and technology adoption were essential factors in attracting investments.
Initiatives Attracting Investments
The government of India introduced several schemes for attracting investment, these include the National Technical Textile Mission, Production Linked Incentive Scheme, and Pradhan Mantri Kisan SAMPADA Yojana.
Under the Atmanirbhar Bharat initiative, the government further detailed measures to stimulate investments across various sectors. As part of the ‘Make in India’ initiative promoting domestic manufacturing, FDI rules for several sectors were relaxed over the years to attract more direct investment.
To improve the ease of doing business, the government has issued notifications highlighting measures aimed at enhancing the business environment in India. This was reflected in the Doing Business 2020: World Bank Report, where India ranked 63rd out of 190 countries, an improvement of 14 spots.
About UNCTAD
Established by the United Nations General Assembly in 1964, UNCTAD is a permanent intergovernmental body whose mission is to foster development-friendly integration of developing countries into the world economy. Located in Geneva, Switzerland, UNCTAD is a key agency to monitor the performance of Investment promotion Agencies (IPAs) and identify global best practices. It publishes numerous reports, including the Trade and Development Report, World Investment Report, Global Investment Trend Monitor Report, The Least Developed Countries Report, Information and Economy Report, Technology and Innovation Report, and Commodities and Development Report.
Last Modified: February 9, 2024