According to the media reports, Deepak Bagla, Managing Director and CEO of Invest India, has stepped down after a Ministry of Commerce audit questioned the organization's activities.
The audit had been ongoing for a year when Bagla arrived for questioning. According to the reports, the Commerce Ministry chastised Bagla, noting that the audit discovered no significant activity had occurred on the ground.
Bagla frequently confounded India's growth as a hot favourite for FDI with the efforts of Invest India. To facilitate investments, the body was established in 2009 under Section 25 of the Companies Act 1956.
According to many media sources, a team of over 18 persons travelled to Davos for the World Economic Forum meeting this year in business class, which did not sit well with Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade, who was appointed in September 2021.
During board meetings, questions were raised about why Invest India was doing peripheral activities when it had so much to do with its primary responsibilities. There were also reports that targets were set for the number of tweets they had to send out per day. Employees' tweets were tracked using rosters. The daily target ranged from 200 to 500 tweets.
Bagla’s term ended in November 2022, however, board extended his term.