Global corporations at WEF view India as attractive investment destination: DPIIT Secy

India was viewed favourably by major global corporations attending the recently concluded World Economic Forum (WEF) meet at Davos (Switzerland), a top government official has said.

Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh, who was part of the Indian delegation to WEF, also said that he met several CEOs at Davos and discussed ways to facilitate investments in the country.

"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," Singh told PTI.

He met Martin Lundstedt, President and Chief Executive Officer of Volvo; Gernot Doellner, Chairman and CEO, Audi; and Darrell Brown, President and CEO, Ecolab; among other high-level officials. "At WEF, India's investment landscape was being viewed favourably," he said.

Singh added that some of the global companies at Davos provided feedback on the implementation of a risk-based regulatory regime surveillance, aimed at enhancing the operational efficiency of large multinational corporations with diverse business operations.

The government has taken a series of measures over the years such as easing FDI norms in certain sectors, reducing compliance burden and improving ease of doing business to attract foreign investments.

During April-September 2023, foreign direct investments into India has dipped by 24% to $20.5 billion.

Singh said that India's presence at WEF focused on emphasizing the country's commitment to fostering a global environment of trust and building confidence in ongoing economic reforms. Key reforms such as the PM Gati Shakti programme and the Unified Logistics Interface Platform were showcased, highlighting India's dedication to sustainable development and robust infrastructure growth.

The secretary participated in over four WEF sessions, two panel discussions, and four roundtable meets and the discussions were held across diverse subjects including 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," he added.