According to sources, Nanda will continue to serve as Joint Secretary, DPIIT, in addition to her new job. Invest India named Manmeet Nanda as its new Managing Director and CEO (CMD) on March 21 after Deepak Bagla resigned, according to CNBC TV-18.
The decision was made at the company’s 32nd Board of Directors meeting.
It was also claimed that Manmeet Nanda will continue to serve as Joint Secretary, DPIIT, in addition to her new job.
Deepak Bagla, Managing Director and CEO of Invest India stood down on March 17 after a Ministry of Commerce audit questioned the organization’s functioning and Invest India selects Manmeet Nanda as CEO.
Bagla was called in for questioning after the audit had been ongoing for a year. According to sources familiar with the situation, Bagla was chastised by the Commerce Ministry after an assessment revealed that no significant work had been done on the ground.
Deepak Bagla, Managing Director and CEO of Invest India and Mahas stepped down after a Ministry of Commerce audit questioned the investment promotion body’s operations, according to persons familiar with the situation.
Bagla, a frequent at media gatherings, was a prominent figure among those presenting the India narrative to investors earlier this year at the World Economic Forum in Davos. He pulled together a team of young professionals who created the stunning India Lounge on the Davos promenade, which became a regular stop for Indian Executives visiting the Swiss city.
Bagla frequently confounded India’s growth as a hot favorite for FDI with the efforts of Invest India. To facilitate investments, the organization was established in 2009 under Section 25 of the Companies Act 1956.
According to a senior official at Invest India, a contingent of over 18 people traveled to Davos for the World Economic Forum meeting this year in business class, which did not sit well with Anurag Jain, Secretary, of the Department of Promotion of Industry and Internal Trade, who was appointed in September 2021. “That’s when Invest India was cleaned up,” the official explained. “The secretary was very clear that such a large contingent from Invest India was not required, but since approvals had come in, he let the contingent travel in 2023.”
At board meetings, questions were raised about why Invest India was doing peripheral activities when it had so much to do with its primary responsibilities. According to Invest India insiders, objectives were established for the number of tweets they had to send out every day. Employees’ tweets were tracked using rosters. The daily target ranged from 200 to 500 tweets.
