The Prime Minister’s speech and interaction with CEOs come at a time when the Indian and the world economies are going through an extraordinary period of slowdown due to the Covid-19 pandemic.
Prime Minister Narendra Modi will address the World Economic Forum’s Davos Dialogue on Thursday and interact with global CEOs.
Over 400 industry leaders from across the globe will attend the session, wherein the Prime Minister will be speaking, through video conferencing, on the Fourth Industrial Revolution — using technology for the good of humanity. The Prime Minister’s speech and interaction with CEOs come at a time when the Indian and the world economies are going through an extraordinary period of slowdown due to the Covid-19 pandemic.
Investments remain critical to India’s resurgence story, as private consumption has been badly bruised by income losses in the aftermath of the pandemic.
Beating the Covid blues, India’s gross FDI inflows between April and November, 2020, hit a record $58.37 billion, up 22% from a year before. Of these, FDI inflows into equity stood at $43.85 billion during these eight months, which was 37% higher than the same period in FY20, the commerce and industry ministry said in a separate statement.
Gross FDI includes FDI equity inflows, reinvested earnings, equity capital of unincorporated bodies and other capital.
Addressing a virtual round-table of mostly foreign investors in November, Modi had promised “whatever it takes” to make India the engine of global growth. He had invited the top executives of 20 global pension and sovereign wealth funds that together manage about $6 trillion in assets to be part of the country’s “exciting progress ahead”.
The strong FDI inflows into India in trying times were also emphasised by UNCTAD in a report earlier this week. India and China were two major “outliers” in a gloomy year for FDI , as global inflows plunged 42% on year in 2020 to $859 billion, the lowest level since the 1990s, the UNCTAD report said.
While India witnessed a 13% year-on-year rise, the highest among key nations, in FDI inflows in 2020, China’s rose 4%, said UNCTAD. Of course, in absolute term, China, being a much larger economy, remained way ahead, with an inflow of as much as $163 billion, while India’s stood at $57 billion, it added.