An official said that Commerce and Industry Minister Suresh Prabhu has held several meetings this week with the global sovereign wealth of Australia, Canada, Singapore and Korea to attract investment in India. "In the last two days, the Minister met with the Global Pension Fund, the sovereign wealth fund and Australia, Canada, Singapore, Korea, Japan, Norway and other major funds from the European Union and the United States. Opportunity, "said the official official. Last month, the minister met the President of Abu Dhabi Investment Authority (ADIA), which is the largest sovereign wealth fund in the world, and demanded investment in various sectors including infrastructure.
ADIA has shown interest in setting up a India Desk, and the Ministry is facilitating this initiative. The official said, "On December 7, the ministry is also holding a meeting of global wealth in Goa." More than 350 delegates are expected to participate in the meeting in Goa. According to the Department of Industrial Policy and Promotion (DIPP) data, foreign direct investment increased by 3 percent to $ 44.85 billion in 2017-18. Foreign direct investment (FDI) is important because in the coming years, India will need huge investments to overhaul its infrastructure sector to promote development. Foreign flows help balance the balance of the country and maintain pressure on the value of rupees.