Economy

Invest India — An initiative to facilitate more foreign funds flow

Preeti Mehra New Delhi | Updated on August 15, 2011

dollar   -  Business Line

Turbulences in the global markets notwithstanding, the India growth story is intact. This seems to be the message that Invest India, a unique Government-corporate sector partnership, is driving at to garner more FDI into the country at a time when the Centre is desperately trying to infuse a fresh dose of reforms to reinvigorate the economy.

In its endeavour to find the perfect match between Indian and overseas companies, it has roped in State Governments as equity partners and is collaborating with missions abroad to spread the word.

Invest India's new Managing Director, Dr Anupam Srivastava, who is also the Assistant Secretary-General of FICCI, has lined up a calendar-full of interactions at destinations that it hopes will bring in the desired results.

Topping the list is the Chinese trade fair from September 5-9. Here, through government mediated sessions, Chinese state-owned enterprises are to be given a lowdown on investing in India, while at the same time opportunities are to be opened up for Indian companies in China. Next on the agenda are Berlin and Chicago where queries from overseas businesses will be addressed through missions abroad. October and November will see Invest India make its presence felt in Malaysia through the Indian High Commission and the Malaysian trade fair from November 22-24.

Query management system

“By 2012, we plan to have a query management system in place with a large pool of research on India. It will also be a repository of sector- specific information on some regions in the world that want to invest in India. We will take care of everything — from pre-consultation, to contract-negotiation, to after-care. At zero cost to State Governments, it is an attractive proposition,” says Dr Srivastava.

The joint partnership body, as a part of its investment facilitation service to foreign investors, also assists them in finding partners based in India on the basis of requests received. Projects currently on offer are a UAE company seeking partnership with Indian companies for infrastructure projects in Oman. A Korean company seeking joint venture for plastic foam manufacturing with an investment of $2.4 million in India and a Omani company seeking joint venture/partnership for civil construction projects in that country.

Invest India is a joint venture company between Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce and Industry, Federation of Indian Chambers of Commerce and Industry and various State Governments. Set up as a not-for-profit venture, its prime aim is to promote and facilitate investments into India. The shareholding currently is 51per cent FICCI and 49 per cent DIPP. Subsequently, DIPP will dilute its equity to include all State Governments. It has signed MoUs with Invest France, UK Trade and Investment, Invest In America, Japan's Jetro, Korea's Kotra and Italy's Invitalia. For last mile connectivity for its clients, it has tied up with knowledge partners Ernst & Young, KPMG and PricewaterhouseCoopers.

The organisation hopes to act as a first reference point for investors and offer handholding services to investors to help them to speedily fructify their investment plans. Though the body was conceived in December 2009, its leadership has changed over the years. Dr Srivastava took over the reins two months ago. “Invest India wants to launch an incredible India programme that has teeth and will go beyond all kinds of fiscal fluctuations,” says Mr Srivastava .

Published on August 15, 2011

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