Investment Promotion Award 2020 | UPSC

Indian Wins Investment Promotion Award 2020 | UPSC

      HEADLINES:

United Nations Declares Invest India The Winner of the Investment Promotion Award 2020

      WHY IN NEWS:

Hot from PIB !

MINISTRY? :- Ministry of Commerce & Industry
SYLLABUS COVERED: GS 1 : Awards

      LEARNING: 

For PRELIMS go through the aim , best practises followed by Invest India and basics of UNCTAD .

For MAINS go through UNCTAD and its impact on global trade . Let us dive in !

      ISSUE: 

The United Nations (UNCTAD) has declared Invest India- the National Investment Promotion Agency of India– as a winner of the 2020 United Nations Investment Promotion Award.

INVESTMENT PROMOTION AWARD 2020

  • The COVID-19 pandemic has led to numerous challenges for Investment Promotion Agencies.

The evaluation was based on UNCTAD’s assessment of work undertaken by 180 Investment Promotion Agencies.

BACKGROUND

The Pandemic is forcing agencies to shift focus from :

  • Routine investment promotion and facilitation towards crisis management
  • Notification of government emergency
  • Economic relief measures
  • Provision of crisis support services
  • Contribution to national COVID-19 business response efforts.

All this was being done while agencies had closed offices, moved functions online and asked staff to work from home. 

  • In March 2020, UNCTAD constituted a team to monitor the response of IPAs to the pandemic.
  • UNCTAD reported best practices from Investment Promotion Agencies in the IPA Observer publications in April and July 2020.

AIM

  • The award ceremony took place on 7th December 2020 at UNCTAD Headquarters in Geneva.

The award recognizes and celebrates the outstanding achievements and best practices of Investment Promotion Agencies (IPAs) across the globe. 

  • The response of IPAs to the pandemic became the basis for the evaluation of the 2020 United Nations Investment Promotion Award.
  • UNCTAD highlighted good practices followed by Invest India.

Investment Promotion Award 2020 | UPSC
BEST PRACTICES

  • The Business Immunity Platform
  • Exclusive Investment Forum webinar series
  • Social media engagement
  • Focus on COVID response teams (such as business reconstruction, stakeholder outreach and supplier outreach) created as a response to the pandemic, in its publications.

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SIGNIFICANCE

  • Invest India has also shared long-term strategies and practices being followed for investment promotion, facilitation and retention at UNCTAD’s high-level brainstorming sessions.

This United Nations Investment Promotion Award is the most coveted award for Investment Promotion Agencies.

  • UNCTAD is a central agency that monitors performance of IPAs and identifies global best practices.
  • Germany, South Korea and Singapore have been some of the past winners of the award.

ABOUT UNCTAD

  • Globalization, including a phenomenal expansion of trade, has helped lift millions out of poverty.
  • There are tremendous challenges which still remain.

UNCTAD supports developing countries to access the benefits of a globalized economy more fairly and effectively.

  • It also helps them to deal with the potential drawbacks of greater economic integration.

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GLOBAL AGENDA

Working at the national, regional, and global level, UNCTAD helps countries to:

  • Comprehend options to address macro-level development challenges
  • Achieve beneficial integration into the international trading system
  • Diversify economies to make them less dependent on commodities
  • Limit their exposure to financial volatility and debt
  • Attract investment and make it more development friendly
  • Increase access to digital technologies
  • Promote entrepreneurship and innovation
  • Help local firms move up value chains
  • Speed up the flow of goods across borders
  • Protect consumers from abuse
  • Curb regulations that stifle competition
  • Adapt to climate change and use natural resources more effectively

Together with other UN departments and agencies, UNCTAD measure progress by the Sustainable Development Goals, as set out in Agenda 2030.
 

      IASbhai WINDUP: 

  • The award is a testament to the Hon’ble Prime Minister’s vision of making India a preferred investment destination.
  • It bears testimony to his focus on Ease of Living, Ease of Doing Business and creating an Aatmanirbhar Bharat”.
     SOURCES:  PIB  | Investment Promotion Award 2020 | UPSC

 

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