Deepak Bagla resigns as MD & CEO of Invest India: Report

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. They said that Bagla has cited “personal reasons” for stepping down from the post, PTI further reported. 

Bagla came under under observation after returning from the World Economic Forum meeting in Davos earlier this year, and a Ministry of Commerce audit recently questioned him about the operations of the investment promotion group, 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.

In his previous position, Deepak Bagla served as the CEO and Managing Director of Invest India, the National Investment Promotion and Facilitation Agency established by the Indian government in 2009 under Section 25 of the Companies Act.

According to his biography on the Invest India website, Bagla has spent more than three decades working for the World Bank and Citibank and is a member of a number of important government committees, including Fintech and Innovation.

He is the leader of the 105-nation World Association of Investment Promotion Agencies, which has its headquarters in Geneva. Also, he is a member of the Science, Technology, and Innovation Advisory Council for the Prime Minister. The “Grande Ufficiale della Stella d’Italia” was awarded to Bagla by the Italian president. Bagla has a bachelor’s degree in economics with honours from St. Stephen’s College in New Delhi and a dual master’s from Georgetown University’s School of Foreign Service in Washington, DC, in international diplomacy and international trade and finance.

Invest India is investment promotion agency having 00 business experts work as a team to assist foreign investors in India. “Invest India is the advisor, guide, and facilitator to every investor looking to make a home in India,” the agency’s website reads.