India's investment promotion agency Invest India has been conferred with United Nations Investment Promotion Award for mobilising investment in the wind energy sector that will bring down power tariff and generate one Gigawatt of renewable energy.
The award was presented by Armen Sarkissian, President of the Republic of Armenia, at a high-profile ceremony in the Assembly Hall of the Palais des Nations, Geneva, Switzerland, immediately after the grand opening of the World Investment Forum.
India was one of the four countries picked for the top honour this year besides Bahrain Economic Development Board, Bahrain, Lesotho National Development Corporation, Losetho, and InvestSA, South Africa.
"Invest India received the award for excellence in servicing and supporting a major global wind turbines company in the establishment of a blade manufacturing plant in India while committing to train local staff and produce 1 gigawatt of renewable energy. Implementation of the project is expected to reduce India’s wind energy cost significantly," the judges said.
The news brought loud cheers from India Inc.
"It’s widely believed that the Govt is too bureaucratic and change-resistant to allow a nimble, youthful & meritocratic organization to flourish in its midst. Well think again. Meet Invest India, A big shoutout to you all from a proud director!" Anand Mahindra, Executive Director Mahindra Group, said in a tweet.
"Congratulations! We invite the world to invest in India and explore the several opportunities available here," Prime Minister Narendra Modi said, reacting to the news.
Petroleum minister Dharmenra Pradhan hailed it as "another testament of PM Narendra Modi’s good governance and transformative policy reforms which has enabled India to evolve as a global investment hub."
The awards, organized by UNCTAD, honour IPAs and their governments for their achievements, but also showcase best practices in attracting investment into SDG-related projects that can inspire investment promotion practitioners in developing and developed countries.
"IPAs have a critical role to play in mobilizing investment to achieve the SDGs," UNCTAD’s director of investment and enterprise James Zhan said. "The award-winning agencies show that by mainstreaming the SDGs, IPAs can make a valuable contribution to social and economic development."
Since 2002, these awards are given t for excellence in boosting investment into sectors that will have social and economic benefits and help countries meet the Sustainable Development Goals(SDGs).
Three more investment promotion agencies (IPAs) – Apex-Brasil, Brazil, Invest Pacific, Colombia, and Tatarstan Investment Development Agency (TIDA) from the Russian Federation – were honoured with special recognition awards during the ceremony.