Economy Current Affairs - 2019

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Invest India wins UN Award for excellence in promoting investments in sustainable development

Invest India, the country’s investment promotion body, has won United Nations (UN) Award for excellence in promoting investments in sustainable development. The award was presented by Armenian President Armen Sarkissian to CEO of Invest India Deepak Bagla at the World Investment Forum, Geneva.

Key Facts

Invest India received this award for excellence in servicing and supporting major global wind turbines company in establishment of blade manufacturing plant in India while committing to train local staff and produce 1 gigawatt (GW) of renewable energy. Implementation of this project is expected to reduce India’s wind energy cost significantly.

Apart from Invest India, agencies from Lesotho (Lesotho National Development Corporation -LNDC), Bahrain (Bahrain Economic Development Board-EDB Bahrain) and South Africa (Invest South Africa) also won top honours at UN Investment Promotion Awards for excellence in boosting investment into sectors having social and economic benefits and will help meet Sustainable Development Goals (SDGs).

UN Investment Promotion Award

The awards are given annually by United Nations Conference on Trade and Development (UNCTAD) since 2002 as part of its investment promotion and facilitation programme. It honours investment promotion agencies (IPAs) and their governments for their achievements. It also seeks to showcase best practices in attracting investment into Sustainable Development Goals (SDGs)-related projects that can inspire investment promotion practitioners in developing and developed countries. The 2017 winners were Ethiopian Investment Commission, COFIDES of Spain, and Board of Investment of Mauritius.

Invest India

It is official Investment Promotion and Facilitation Agency of Central Government. It is mandated to facilitate investments in the country. It is first stop for potential global investors in country. It has been set up as non-profit venture under Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industries.

It serves as first stop for potential global investors in India. It provides sector and state-specific inputs and other supports to investors through entire investment cycle. Moreover, all efforts like hand-holding and facilitation support are made by Invest India under Make in India programme.

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India International Silk Fair 2018 held in New Delhi

The 6th edition of India International Silk Fair (IISF) was held at Pragati Maidan in New Delhi. It was inaugurated by Union Minister of Textiles Smriti Irani. The three day event was organised by Indian Silk Export Promotion Council (ISEPC). Over 108 exhibitors of silk and blended silk products manufactured in different parts of the country displayed their produce during this event. Over 218 buyers from various countries also participated in the fair.

Background

India is the 2nd largest producer of silk in the world after China. The silk industry is agriculture based and labour intensive and provides gainful employment to around 8 million artisans and weavers in rural areas. In India, four varieties of silk are produced, viz. Mulberry, Eri, Tasar and Muga. About 80% of silk produced is of mulberry silk, majority of which is produced in three southern States of Karnataka, Andhra Pradesh and Tamil Nadu. About 97% of raw silk in India is produced in five Indian states of Karnataka, Andhra Pradesh, Tamil Nadu, West Bengal and Jammu and Kashmir.

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