Deepak Bagla, the managing director (MD) and chief executive officer (CEO) of Invest India stepped down after the investment promotion platform came under an audit initiated by the Ministry of Commerce on the works it had done. 

As per reports by Moneycontrol, the audit found no substantial groundwork had been done by the body after one year of scrutinising. Bagla came under question and was revoked by the authorities later. 

Bagla did not comment anything on this issue. The Ministry has also not announced its replacement till now. 

An alumnus of St Stephens College in Delhi and Georgetown University in the United States (US), Bagla started his career in the World Bank. He also served CitiBank and other high-level government committees. He was associated with the government’s Fund-of-Fund scheme (FFS) for start-ups and also worked as an advisory board member of centre’s Fund-of-Fund for MSMEs. He joined Invest India in 2015. 

Recently, Bagla said that India will overtake Germany and become the fourth-largest economy at the end of the year. He also added that India has become the fastest-growing economy after the pandemic. 

“We are now knocking at Germany for the fourth position. Before the pandemic, India was the fastest-growing large economy. After the pandemic, India is the fastest-growing large economy. The story has just begun,” he claimed.