Commerce Minister Suresh Prabhu met several sovereign wealth funds to attract investments

By: |
New Delhi | November 30, 2018 3:18 PM

ADIA has shown interest in setting up an India desk, and the ministry is facilitating this initiative.

Over 350 delegates are expected to participate in the meeting in Goa. According to the data of the Department of Industrial Policy and Promotion (DIPP), foreign direct investment in 2017-18 grew by 3 per cent to USD 44.85 billion.

Commerce and Industry Minister Suresh Prabhu has held a series of meetings this week with global sovereign wealth funds including those from Australia, Canada, Singapore, and Korea to attract investments in India, an official said. “In the last two days, the minister separately met global pension funds, sovereign wealth funds and other large funds from Australia, Canada, Singapore, Korea, Japan, Norway and the European Union and the US.

All are looking at India for good investment opportunities,” the government official added. Last month, the minister met the chairman of Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the world, and sought investments in various sectors including infrastructure. ADIA has shown interest in setting up an India desk, and the ministry is facilitating this initiative. “On December 7, the ministry is also organising a meeting of global funds in Goa,” the official added.

Over 350 delegates are expected to participate in the meeting in Goa. According to the data of the Department of Industrial Policy and Promotion (DIPP), foreign direct investment in 2017-18 grew by 3 per cent to USD 44.85 billion. Foreign direct investment (FDI) is important as India would require huge investments in the coming years to overhaul its infrastructure sector to boost growth. Overseas inflows help maintain pressure on the country’s balance of payments and value of the rupee.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Indian economy is bouncing back strongly: MoS for External Affairs V Muraleedharan
2Gati Shakti, digitisation, ‘Make in India’ discussed as Finance Minister Nirmala Sitharaman meets top CEOs in New York
3Too early to conclude on lessons learnt from COVID-19 crisis: Nirmala Sitharaman