Deepak Bagla, Managing Director and CEO of Invest India, an investment promotion and facilitation body under the commerce and industry ministry, has resigned from his post citing “personal reasons” sources told PTI.
After returning from World Economic Forum meet in Davos earlier in the year, Bagla was under intense scrutiny and was recently questioned about the work of the investment promotion body by a Ministry of Commerce audit, according to Moneycontrol report.
Moneycontrol has learned that the audit had been going on for a year and Bagla came in for intense questioning. The people cited above also said the Commerce Ministry had reprimanded Bagla, stating that the audit had found no substantial work had happened on ground.
Who is Deepak Bagla?
1. Deepak Bagla in the present role was Managing Director and CEO of Invest India, the Indian government’s National Investment Promotion and Facilitation Agency setup in 2009 under section 25 of the Companies Act.
2. Bagla has worked for the World Bank and Citibank for over three decades and is a member of several high-level government committees, including Fintech and Innovation, his profile on Invest India website reads.
3. He is the President of the Geneva based World Association of Investment Promotion Agencies with membership of 105 countries. He is also a special invitee of the Prime Minister’s Science Technology & Innovation Advisory Council.
4. Bagla was bestowed the “Grande Ufficiale della Stella d’Italia” by the President of the Republic of Italy.
5. Bagla holds a bachelor’s degree with Honors in economics from St Stephens College in New Delhi, as well as a dual master’s degree in international diplomacy and international trade and finance from Georgetown University’s School of Foreign Service in Washington, DC.
What is Invest India?
Invest India is the country’s investment promotion agency. The team of about 400 business professionals serve as investors’ guide invest in India. It assists with land acquisition to highlighting infrastructure projects for investment, showcasing innovation and startups, and research.
“Invest India is the advisor, guide, and facilitator to every investor looking to make a home in India,” the agency’s website says.