Global Corporations At WEF See India As Lucrative Investment Destination, Says DPIIT Secretary

The official noted that some of the global firms gave feedback regarding the implementation of a risk-based regulatory regime surveillance, intended to boost the efficiency of large conglomerates

India was seen favourably by major global corporations at the recently concluded World Economic Forum (WEF) meeting in Davos, Switzerland, a senior government official revealed. 

In conversation with PTI, Rajesh Kumar Singh, Secretary, the Department for Promotion of Industry and Internal Trade (DPIIT), said that he met several corporation heads at the meeting and discussed facilitating investments in the country. Singh was a part of the Indian delegation sent to WEF. 

“During the WEF, there was a distinct uptick in the investment sentiment regarding major corporations, with an observable trend of expansive visions for growth in India,” the secretary noted. He informed that he met Martin Lundstedt, President and CEO, Volvo; Gernot Doellner, Chairman and CEO, Audi; and Darrell Brown, President and CEO, Ecolab, among other top officials. 

Singh noted that some of the global firms gave feedback regarding the implementation of a risk-based regulatory regime surveillance, intended to boost the efficiency of large conglomerates. He said that the government has undertaken several measures recently such as relaxing FDI norms in certain sectors, lowering compliance burden, and enhancing the ease of doing business to invite foreign investments into the country. 

During the April-September 2023 period, FDI into India declined by 24 per cent to $20.5 billion. Singh stated that India focused on underlining the nation’s commitment to developing a ‘global environment of trust and building confidence in ongoing economic reforms’ at the WEF meet. 

The secretary further informed that he took part in over four sessions at the meeting, two panel discussions, and four roundtable meetings, and partaken in discussions regarding various sectors like infrastructure, renewables, sustainability, AI, and manufacturing. 

“This impactful presence at the WEF 2024 solidifies India's commitment to establishing itself as a reliable and influential player on the global stage,” Singh added.