Global investors repose faith on Modi Government; pledge over 2,000 crore dollars in the last 3 months
Bengaluru: The COVID-19 pandemic has rattled the world markets. At the same time, it has adversely affected the lives of millions around the world. Amidst all these chaos and havoc, India seems to be the new favourite destination for global companies.
It is for this reason that global investors have announced investment of over 2,000 crore dollars (Rs. 1.50 lakh crore) in India over the last two to three months acknowledging the country’s favourable investment climate and the trust in PM Narendra Modi’s leadership.
From last April, companies including Google, Wal-Mart, Foxconn, Facebook, Qualcomm Ventures, Thompson, WeWork Global, Hitachi, Kia Motors, PIF of Saudi Arabia, Hyundai Mobis, SGS, Axtria, F5, Suzuki, Samsung and other global companies have invested over Rs. 1.50 lakh crore in India.
A number of global companies have also announced their intention to move some of the manufacturing facilities from China to India as the world eyes a dependable and secure second supply chain like India. This proves the fact that overseas investors have faith in Modi Government and Indian industrial sector.
According to reports, Google has invested 1,000 crore dollars in India, Foxconn which is a contract manufacturer that assembles Apple iPhones has invested 100 crore dollars in India, Facebook 570 crore dollars, Saudi Arabia’s PIF 160 crore dollars, Wal-Mart 120 crore dollars, Thompson 14.28 crore dollars, WeWork Global 10 crore dollars, Kia Motors 5.4 crore dollars, Hitachi 1.59 crore dollars and Qualcomm Ventures has invested 970 lakh dollars in India, all in the last three months.