Global chief executive officers (CEOs) believe India is the fifth most attractive place for investments, overtaking Japan, according to the PricewaterhouseCoopers (PwC) 21st CEO Survey that was unveiled at the World Economic Forum (WEF) in Davos on Monday.
The report came right after the International Monetary Fund (IMF) projected India to grow at 7.4 percent in 2018 against China's 6.8 percent — snatching back its tag of the fastest-growing major economy in the world this year.
However, in PwC's global CEO survey, China still held on to its popularity and was a top destination for investment after the United States (US). The top five investment destination picked by the CEOs are — in decreasing order of preference — the US, China, Germany, the United Kingdom (UK) and India.
The survey should boost Prime Minister Narendra Modi's confidence as he addresses international investors at the WEF Summit on Monday and Tuesday in an attempt to get more investment into the country, especially in the manufacturing sector, to push the Make in India campaign, which has remained sluggish and is crucial to creating more jobs.
"We are looking forward to the prime minister's interaction with the CEOs of such scale and stature because of the opportunities that India provides today," said Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion.
The four-day event at Davos with the theme of "Creating a Shared Future in a Fractured World" will open on Tuesday with Modi addressing the plenary session. It closes on Friday with US President Donald Trump's address.
On Tuesday, Modi is set to interact with another set of 120 international business leaders who are members of the International Business Council, which is part of the WEF. "Key names expected to be present at this event include top executives of General Motors, Salesforce.com, Royal Dutch Shell, BASF, Nestle and JPMorgan Chase," said Abhishek.
Besides addressing the WEF, Modi will also lead a round-table dinner organised for the interaction with 60 CEOs, including some from India.
Other world leaders who will be at the WEF are German Chancellor Angela Merkel, Italian Prime Minister Paolo Gentiloni, European Commission President Jean-Claude Juncker, French President Emmanuel Macron, UK Prime Miniter Theresa May and Canadian Prime Minister Justin Trudeau.