India benefiting from growing interest from multinationals, says UN
- IBEF
- April 12, 2024
The 2024 Financing for Sustainable Development Report highlights India's attractiveness to multinational corporations as an alternative manufacturing base amidst supply chain diversification efforts by developed economies. Despite global investment remaining subdued, India continues to experience strong investment, backed by growing interest from multinationals. However, the report also underscores challenges such as rising geopolitical tensions, climate disasters, and a global cost-of-living crisis, which have hindered progress on development targets worldwide. Urgent steps are needed to mobilize financing at scale to close the development financing gap, now estimated at US$ 4.2 trillion annually.
The report stresses the urgent need for action to address the sustainable development crisis, aggravated by inequalities, inflation, debt burdens, conflicts, and climate disasters. It warns that the Sustainable Development Goals (SDGs) for 2030 cannot be achieved without adequate financing. Despite resources being available, including funds lost to tax avoidance and evasion and massive fossil fuel subsidies, there is a global shortage of will and commitment to tackle these pressing issues. The report calls for leaders to move beyond rhetoric and deliver on their promises to ensure a sustainable future for all.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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