Summary:
- PM Modi’s Pitch: Prime Minister Narendra Modi promotes India as the “best alternative” for resilient supply chains during an interaction with Singapore’s top CEOs.
- Key Sectors: Modi highlights opportunities in roads, railways, ports, civil aviation, and infrastructure as India ramps up development.
- Strategic Relations: India’s growing economic partnership with Singapore, a major source of FDI, is a key component of Modi’s Act East policy.
- Future Initiatives: India to set up an Invest India office in Singapore and further boost infrastructure development, policy reforms, and global value chain participation.
Full Article:
Prime Minister Narendra Modi on Thursday addressed Singapore’s business leaders, positioning India as the “best alternative” for creating resilient supply chains amid growing global uncertainties. Modi emphasized India’s robust infrastructure plans, encouraging leaders from sectors such as investment funds, infrastructure, energy, sustainability, and logistics to explore opportunities in India.
During his interaction, Modi pointed to key sectors like railways, roads, ports, and civil aviation as areas where Singapore’s businesses could invest and expand. His meeting with top Singaporean CEOs was also attended by Singapore’s deputy prime minister Gan Kim Yong and home minister K Shanmugam.
India’s push for resilient supply chains comes at a time when many countries, including India, are moving away from dependency on China, especially after a prolonged military standoff on the Line of Actual Control (LAC). Modi reiterated that Singapore remains an “important anchor” for India’s Act East policy and urged business leaders to consider the subcontinent’s potential for growth.
Highlighting Singapore’s role as the largest foreign direct investor in India, with cumulative investments amounting to $160 billion since 2000, Modi outlined the government’s ongoing efforts to enhance infrastructure development. He also announced the establishment of an Invest India office in Singapore to facilitate greater collaboration between the two nations.
Modi underscored India’s political stability, policy predictability, and ease of doing business as key reasons behind the country’s ability to make transformative economic progress. The elevation of bilateral ties to a comprehensive strategic partnership between the two nations promises to further boost economic relations.
To attract global businesses, Modi pointed out key initiatives such as the Production Linked Incentive (PLI) scheme, the India Semiconductor Mission, and the creation of 12 new industrial smart cities. These steps aim to enhance India’s participation in global value chains, making the country an attractive hub for manufacturing and logistics.
With India’s infrastructure development in full swing and its efforts to build resilient supply chains gaining momentum, the prime minister’s call to Singaporean businesses is part of a larger strategy to position India as a global economic leader in the coming years.
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