PM Modi in Singapore: Woos Top VCs and CEOs for Investment in India

Prime Minister Narendra Modi today engaged with top CEOs from Singapore, discussing India’s economic growth story and emerging business opportunities. The interaction, held in the presence of Singapore’s Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and Law K. Shanmugam, brought together leaders from sectors such as investment funds, infrastructure, manufacturing, energy, sustainability, and logistics.

Strengthening Bilateral Relations

Prime Minister Modi expressed his appreciation for Singaporean businesses' contributions to India’s economy, highlighting their role in strengthening bilateral ties. He praised the existing investment footprint of Singaporean companies in India and announced a strategic move to further boost collaboration by establishing an Invest India office in Singapore. The office will streamline investment processes and act as a bridge between the two nations, enhancing economic cooperation.

Modi emphasized the elevation of India-Singapore relations to a Comprehensive Strategic Partnership, which would significantly enhance economic engagements across various sectors. This development aligns with India’s broader goal of becoming a major global economic hub.

India’s Economic Transformation

During the meeting, Prime Minister Modi outlined India's impressive economic progress over the last decade, driven by political stability, policy predictability, and ongoing economic reforms. He projected India to become the third-largest economy in the world in the coming years.

Modi showcased India's growth as contributing to 17% of global economic expansion, emphasizing its skilled workforce and vast market potential. He also highlighted initiatives such as the Production Linked Incentive (PLI) Scheme, the India Semiconductor Mission, and the establishment of 12 new Industrial Smart Cities, which are designed to integrate India into global value chains.

Infrastructure Development and Future Prospects

Prime Minister Modi assured Singaporean business leaders that India is on a path of rapid infrastructure development. In his third term, he aims to accelerate projects in railways, roads, ports, civil aviation, industrial parks, and digital connectivity. He invited the CEOs to explore opportunities within these sectors, which are vital to India's expanding economy.

As global businesses seek resilient supply chains post-pandemic, Modi pitched India as the most reliable alternative, citing the country’s strengths in manufacturing and logistics. He also urged Singaporean companies to invest in India's skill development sector, which is critical to sustaining the country's growth momentum.

Future Collaborations

The business roundtable concluded with Prime Minister Modi extending a formal invitation to the Singaporean business community to increase their investments in India, further solidifying the economic partnership between the two nations.

The discussions reflect India’s commitment to fostering international business collaborations, reinforcing its position as an emerging leader in the global economy.