Suresh Prabhu urges global wealth management players

New Delhi, Nov 30: Foreign direct investment (FDI) is important as India would require huge investments in the coming years to overhaul its infrastructure sector to boost growth. Commerce and Industry Minister Suresh Prabhu held a series of meetings with global sovereign wealth funds including those from Australia, Canada, Singapore, and Korea to attract investments in India.

"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 said.

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.

Over 350 delegates are expected to participate in the meeting on December 7, in Goa.

As per data available with Commerce and Industry Ministry,

Foreign Direct Investment in India increased by 1898 USD Million in August of 2018. Foreign Direct Investment in India averaged 1322.17 USD Million from 1995 until 2018, reaching an all-time high of 8579 USD Million in August of 2017 and a record low of -1336 USD Million in November of 2017.