Fri, 20 September 2024 03:02:43am
Related Tags: India-Singapore relations, Narendra Modi Singapore CEOs, India investment opportunities, global supply chains India, India growth economy
Modi asks Singapore business leaders to look for investment opportunities in India
PM Modi Woos Singapore’s Top CEOs with Bold Investment Plans for India’s Future Growth
In a move set to strengthen economic ties, Prime Minister Narendra Modi addressed top Singaporean CEOs, laying out India’s ambitious growth agenda. From new smart cities to cutting-edge semiconductor missions, the Prime Minister invited Singapore’s business leaders to be a part of India’s transformative economic journey.
What opportunities lie ahead for these visionary investors?
Prime Minister Narendra Modi engaged with Singapore's leading business leaders, spanning diverse sectors like infrastructure, energy, logistics, and investment funds, in a significant effort to bolster economic collaboration between the two nations. With Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and Law K Shanmugam participating in the event, the focus was clear—boosting Singapore's investment footprint in India's burgeoning economy.
During the meeting, PM Modi praised Singaporean companies for their crucial role in strengthening bilateral relations and driving economic growth. To further enhance this collaboration, the Prime Minister made a landmark announcement—India will establish an INVEST INDIA office in Singapore. This move is expected to streamline investments and offer greater ease for Singaporean businesses seeking opportunities in India. Modi emphasized that the elevation of the India-Singapore relationship to a Comprehensive Strategic Partnership will provide significant momentum to economic ties, opening the door to expanded cooperation in multiple sectors.
PM Modi highlighted India’s impressive progress over the past decade, driven by political stability, clear policy direction, and reforms aimed at making it easier to do business in the country. These factors, he stressed, have positioned India to become the third-largest economy globally within the next few years. India currently contributes a staggering 17% to global economic growth, showcasing its rising importance on the world stage.
The Prime Minister also underscored various government initiatives designed to enhance India's participation in global value chains, such as the Production Linked Incentive (PLI) scheme, the India Semiconductor Mission, and the establishment of 12 new Industrial Smart Cities. These programs, he stated, will significantly boost sectors like manufacturing, technology, and infrastructure.
Addressing concerns about global supply chains, PM Modi made a strong case for India as the best alternative for businesses seeking resilient supply chains, citing the country's strengths in political stability, skilled workforce, and market opportunities. He assured Singaporean CEOs that infrastructure development in India will accelerate even further during his third term, with fresh opportunities arising in the fields of Railways, Roads, Ports, Civil Aviation, and Digital Connectivity.
Modi concluded by inviting Singaporean businesses to increase their presence in India and explore the untapped potential of sectors such as skill development. He expressed confidence that India’s growing economy offers the perfect platform for sustained partnership and mutual benefit.
Key Points:
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New INVEST INDIA Office: India is setting up an INVEST INDIA office in Singapore to facilitate investment and collaboration between the two countries.
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India’s Growth Story: PM Modi highlighted India’s political stability, policy reforms, and its progress toward becoming the third-largest economy globally in the next few years.
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Global Supply Chains: India presents itself as the best alternative for businesses looking for resilient supply chains, thanks to its infrastructure, skilled talent, and favorable business environment.
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Major Initiatives: Programs like the Production Linked Incentive scheme, India Semiconductor Mission, and 12 new Industrial Smart Cities are set to propel India’s participation in global value chains.
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Invitation to Singaporean Investors: PM Modi urged Singaporean business leaders to explore new opportunities in India, particularly in infrastructure development, skill-building, and tech sectors.
