Union minister for commerce and industry Suresh Prabhu on Friday said that the Abu Dhabi Investment Authority, a sovereign wealth fund owned by Emirate of Abu Dhabi, will invest USD 50 billion in India, especially into infrastructure and food processing capacity, according to a Times of India report.
Speaking at the inaugural function of the annual venture capital summit in Panaji, Prabhu announced that the agreement has been signed on Thursday. Abu Dhabi-based sovereign wealth fund is interested in investing in India in a big way, he added.
According to the agency, Prabhu had also asked the International Finance Corporation to help attract other sovereign funds and pension funds to invest into India.
The Commerce Minister said that India is a top investment destination in the world today. Twenty states have their Startup policy. Suresh Prabhu stated that infrastructure is the sector where India is developing at a faster rate and this is creating lots of opportunities for investors.
He further remarked that India is one country where almost every citizen is an entrepreneur and where 600 million farmers and retailers take enormous risks. The fragmented Indian agricultural holdings provides great opportunity for startups to bridge the productivity gap by providing solutions using cutting edge technology like AI and drones.
Suresh Prabhu also declared Goa as the permanent venue for the Annual Global Venture Capital Summit. The Summit will take place in Goa on the first Friday of December every year.
Edited by Chitranjan Kumar