India fast becoming most preferred investment destination: Puri

New Delhi, Feb 23 (UNI) in the midst of global challenges, India’s approach to achieve sustainable development has paid off as it is fast becoming the most preferred investment destination.

Addressing the UN Global Compact Network India, Union minister of Petroleum and Natural Gas Hardeep Singh Puri said India is the most populous nation in the world, has the fifth-largest and fastest-growing economy, and is fast becoming the most preferred investment destination.

“Outcomes in India will determine the outcomes of the world.”, he noted.

Highlighting remarkable progress made by India in achieving Sustainable Development Goals (SDGs), the minister said that Indian government has worked tirelessly over the last decade and over 250 millon people have been lifted out of multidimensional poverty, a testament to the nation’s commitment to inclusive growth.

In the midst of global challenges, India’s approach to Sustainable Development has been remarkable. While major part of the world struggle with access to clean water and sanitation, India has made remarkable strides in this.

Despite the vast financing gap in achieving sustainability goals, he said, India has been proactive in mobilising resources and implementing impactful initiatives.

The Minister also spoke about India’s progress on its sustainability targets.

Referring to the outstanding journey of ethanol blending in country, he said that in case of ethanol blending in petrol and diesel, India had set a target of 20 per cent blending by 2030, but we had to bring it forward to 2025-26 because of the outstanding progress made.

He also mentioned about the efforts of Government towards building an enabling ecosystem for emerging technologies such as battery energy storage systems, green hydrogen electrolysers, e-mobility, and waste-to-energy through manufacturing incentives and innovative financing policies.

Puri said that India’s net zero target of 2070 will be achieved before the deadline.

Along with Government, the Minister acknowledged the role of private sector including businesses and industries in achieving SDGs.

Combining purpose with profit can generate a unique competitive advantage to meet the expectations of consumers, investors, and employees.

The Minister said that the reputations of businesses are now linked to their public commitment to the SDGs, both for investors as well as for consumers.

Not just consumers, even investors are increasingly paying attention to environmental, social and governance (ESG) risks when making decisions, he noted.

Puri acknowledged the contribution of impactful Corporate Social Responsibility (CSR) initiatives in pushing the SDG agenda forward.

However, he said that CSR is not enough by itself. It is just the beginning. If companies and businesses are to create meaningful change, they must look at incorporating sustainability in their operations as well, he emphasised.

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