Prime Minister Narendra Modi will today, November 5 virtually meet with the top leaders of top global pension and sovereign wealth funds in a bid to attract foreign investment in the infrastructure sector.
Senior officials of the world’s 20 top funds including British Columbia Investment, Qatar Investment Authority, Temasek, US International Development Finance Corporation, Teachers Retirement Texas, Nippon, GIC and Japan Post Bank.
One-to-one interaction with PM
The participating funds have total assets under management of about USD 6 trillion.
According to Economic Affairs Secretary Tarun Bajaj, the funds will have one-to-one interaction with the Prime Minister post the meeting over the next two weeks.
The Virtual Global Investor Roundtable (VGIR) will also see the participation from domestic industry leaders including Tata Group’s Ratan Tata, RIL Chairman Mukesh Ambani, Sun Pharma founder Dilip Shanghvi, and Kotak Mahindra Bank MD Uday Kotak among the 20 investors, Economic Times quotes Bajaj as saying.
Ahead of the conference, the Central government on Tuesday granted Abu Dhabi’s Sovereign Wealth Fund — MIC Redwood 1 RSC — 100 per cent income tax exemption for investments in specified infrastructure sectors, reports The Telegraph India.
Pitching India as investment hub
The Prime Minister is expected to deliberate with the representatives on accelerating investment in India in form of long time capital for boosting its infrastructure and growth needs.
He is also expected to pitch India as a global investment destination and highlight major reforms in the labour sector undertaken by the government. PM Modi is likely to discuss the steps that India should undertake to boost its economic outlook, the government vision to the path of making India a USD 5 trillion worth economy, growth during the conference.
Govt working on next stimulus
The Economic Affairs Secretary said the government plans to come out with another set of stimulus measures.
“We are actually discussing that. It is difficult for me to commit a date but we have received a lot of requests and comments from various sectors and we are looking into it. Very soon it will be unveiled. The finance minister will come out and speak to you on that,” he said.
India received total Foreign Direct Investment (FDI) of USD 35.73 billion between April and August 2020, 13% higher than that in the same period last fiscal, according to the government.
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