During his visit to the island nation, PM Modi acknowledged the role played by the Singaporean industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Singapore
Our Bureau
Singapore
Singaporean companies from diverse sectors committed an investment around USD 60 billion in the next few years during a roundtable with Prime Minister Narendra Modi on Thursday. PM Modi interacted on Thursday with a group of leading Singaporean CEOs from diverse sectors, including investment funds, infrastructure, manufacturing, energy, sustainability, and logistics.
Prime Minister invited Singaporean business leaders to look at investment opportunities in India and to increase their presence in the country.
PM Modi came to Singapore from Brunei in the second leg of his two-nation visit.
Deputy Prime Minister H.E. Gan Kim Yong and Minister for Home Affairs and Law K Shanmugam of Singapore participated in the event.
Appreciating their investment footprint in India, PM Modi acknowledged the role played by the Singaporean industry leaders in strengthening bilateral relations and promoting economic cooperation between India and Singapore.
To further facilitate their collaboration with India, the Prime Minister announced the setting up of an INVEST INDIA office in Singapore, a PMO release said.
He further added that the elevation of India-Singapore ties to a Comprehensive Strategic Partnership would give a major thrust to bilateral economic relations.
PM Modi noted that India had made transformative progress in the last ten years and would continue on the same path given its strengths of political stability, policy predictability, Ease of Doing Business, and its reform oriented economic agenda. It is set to become the third-largest economy in the world over the next few years.
Talking of India’s impressive growth story, its skilled talent pool, and expansive market opportunities, he highlighted that India is contributing 17 per cent to global economic growth. Prime Minister spoke about various initiatives to enhance India’s participation in global value chains through programmes such as Production Linked Incentive scheme, India Semiconductor Mission and establishment of 12 new Industrial Smart Cities. He called upon the business leaders to look at opportunities in India in the field of skill development.
For businesses looking for resilient supply chains, PM Modi noted that India is the best alternative given its strengths. He assured that India will increase the pace and scale of infrastructure development in his third term and apprised the CEOs of new opportunities in railways, roads, ports, civil aviation, industrial parks and digital connectivity.
”Banking sector will lead the march to Viksit Bharat 2047”
M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, said on Thursday, “All of us are aware that India’s robust banking system is getting ready to meet the needs of Viksit Bharat.”
Delivering the keynote at ‘FIBAC 2024’ organized jointly by FICCI, and IBA on the theme ‘Banking for Viksit Bharat’, Nagaraju added, “Viksit Bharat 2047 is the government’s ambitious vision to transform India to a developed country by 2047.”
He pointed out that realizing this vision demands dedication along with belief in the potential and talent of the Indian people. The union budget supported this vision by laying emphasis on mahila, yuva and annadaata.
Nagaraju noted that banks continue to be the major source of funding for the Indian economy. Every sector has an important role to play to achieve a GDP of USD 30 trillion by 2047. He further stated that banks help in promoting inclusive growth by reaching out to the underserved, empowering MSMEs, and facilitating initiatives in key areas such as healthcare. The government, on its part, has introduced various schemes, such as the PMJDY, to foster inclusion of all segments so that everyone can contribute to the growth of the country, noted the secretary.
Nagaraju observed that the difference between the financial sector and the fintech industry is gradually evaporating. He advised banks to leverage the potential of fintechs to reach the last mile. “India stack is a great story for all of us,” he added, calling upon banks to build on that. But with the great emphasis on technology, banks also need to be cautious of cyber threats. He advised banks to strengthen their systems to mitigate operational risks.
