‘Invest India’ is India’s official agency dedicated to investment promotion and facilitation. It is a not-for-profit, single window facilitator, set up in 2010 for prospective overseas investors and to those aspiring Indian investors desiring to invest in foreign locations, and acts as a structured mechanism to attract investment. Invest India is essentially an Investment Promotion Agency in India.
Structure & Mandate
Operationalized in early 2010, Invest India is set up as a joint venture company between the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry (35% equity), Federation of Indian Chambers of Commerce and Industry (FICCI) (51% equity), and State Governments of India (0.5% each).
Thus, essentially, Invest India is a private company, unlike India Brand Equity Foundation - another investment promotion agency in India set up by the same Ministry – Ministry of Commerce & Industry.
The core mandate of Invest India is investment promotion and facilitation. It provides sector-specific and state-specific information to a foreign investor, assists in expediting regulatory approvals, and offers hand-holding services. Its mandate also includes assisting Indian investors to make informed choices about investment opportunities overseas.
It facilitates meetings with relevant government and corporate officials and organizes investment road shows and roundtables. Invest India also provides aftercare services that include initiating remedial action on problems faced by investors by involving the Government Departments concerned.
Invest India regularly partners with similar agencies across the world in an endeavour to enhance bilateral investment and economic engagement. As in August 2013, it has signed MoUs with Investment promotion agencies of Italy, France, USA, UK, Japan, South Korea and Mauritius. It also contributes to the Government of India’s Investment related engagements with Africa. (To elaborate on its functioning further, for eg. an MOU for establishing 'Korea Plus' was signed between the Ministry of Trade, Industry and Energy, Govt. of the Republic of Korea and Invest India in January 2016. Korea Plus, operationalized on June 18, 2016 comprises of a representative from the Ministry of Industry, Trade and Energy, Government of the Republic of Korea and representative from Korea Trade Investment and Promotion Agency (KOTRA) and three representatives from Invest India. The mandate of Korea Plus covers the entire investment spectrum including supporting Korean enterprises entering the Indian market for the first time, looking into issues faced by Korean companies doing business in India and policy advocacy to the Indian Government on their behalf. Korea Plus will act as a mediator in arranging meetings, assisting in public relations and research/evaluation and provide information and counselling in regard to Korean companies’ investing in India.)
What makes Invest India unique is its close interaction with state governments (who is also a stakeholder in the organisation) and private industry organisations. However, no Investor Facilitation Cell has been set up under Invest India in the States. Several States have set up their own one-stop facilitation centres to extend assistance and provide guidelines and cooperation to the investors.
Invest India is intended to become the first reference point for the global investment community – both domestic and foreign.
Make in India campaign / programme is managed by Invest India.
Similar to Invest India there is another business portal of the Government which provides a single window access to all possible business related information vital for an entrepreneur, particularly for those of small and medium firms. The information is provided in the form of a well-developed content framework supported by hyper links, online services, frequently asked questions, economic news and latest updates in the national and global business scenario. Thus, it provides an easy access to diverse aspects of business in a user-friendly manner. In a nutshell, the Business Portal of India endows the readers with a step-by-step guide for starting, developing and sustaining a business in India.
Investment Promotion Agencies (IPA) are created most often by a government agency. These are generally non-profit organizations functioning similar to a chamber of commerce. Their mission is to attract investment into their particular country /region. The agency does this by providing consultancy and advisory services. Monetary assistance is generally not involved.
There are several such investment promotion agencies functioning in various countries. The information on the same can be accessed from the website of World Association of Investment Promotion Agencies (WAIPA)
The WAIPA was established in 1995 and is registered as a non-governmental organization (NGO) in Geneva, Switzerland. WAIPA acts as a forum for investment promotion agencies (IPAs) to provide networking opportunities and facilitate the exchange of best practices in capacity-building and investment promotion. Membership is open to all agencies whose prime function is to promote any country or territory for investment. WAIPA Members include 244 national and sub-national agencies from 162 different countries.
From India, the trust established by Department of Commerce – the India Brand Equity Foundation – has been registered as a member of WAIPA as in August 2013. However, actual consultancy and advisory services are provided by Invest India.