NEW DELHI :
INDIA has become an alternative investment destination for manyWestern companies, according to the latest World Economic
Situation and Prospects
report of the UN.
The report which has
increased the forecast of
India’s GDP growth by 0.7
percentage points to 6.9 per
cent identifies increased foreign investments as an
important factor that is propelling the country’s GDP
growth.“The better outlook
for India is fuelled by lower
inflation, robust exports,
and increased foreign
investments,” said Hamid
Rashid, the chief of the UN’s
Global Economic
Monitoring Branch.
“India has become an
alternative investment
source or destination for
manyWestern companies,”
he added.
Finance Minister Nirmala
Sitharaman said at the CII
annual summit on Friday
that a Capgemini report has
disclosed that 65 per cent
of top executives of multinational companies who
want to shift their supply
chains out of China, plan to
invest in India,
Aatmanirbhar Bharat. US smartphone giant
Apple and its suppliers aim
to build more than 50 million iPhones in India annually within the next two to
three years.
Its biggest supplier,
Foxconn, is already expandingmanufacturingandleading the production shift for
Apple by setting up more
plantsinIndia.OnDecember
12, the Taiwan-based tech
giantreceivedapprovalfrom
the Karnataka government
foranadditionalinvestment
of Rs 13,911 crore in its
upcoming facility in
Bengaluru Rural District. It
had already received
approval to invest Rs 8,000
crore earlier this year.