Davos – India moved up a notch to overtake Japan and become the fifth-most attractive investment destination in a global CEOs’ survey. The International Monetary Fund said that India will once again emerge as the fastest-growing major economy in 2018 amid signs of an improvement in the overall economic environment.
In a survey conducted by “consulting firm PricewaterhouseCoopers”, chief executives said that excluding their home market they are most likely to invest in the US, followed by China with the world’s largest economy expanding its gap as corporate chiefs expect more rapid growth in America. While China held on to its popularity, India moved an up slightly but still trailed Germany and the UK as an investment destination.
The survey will come as a booster for Prime Minister Narendra Modi who will court international investors on Monday and Tuesday in a bid to get more investment into the country, especially in the manufacturing sector, which has remained sluggish and is crucial to job creation.