Modi Urges Singapore Investors to Explore Opportunities in India

Prime Minister Narendra Modi on Thursday encouraged Singaporean business leaders to explore investment opportunities in India, particularly in aviation, energy, and skill development sectors. During a meeting with top CEOs from Singapore, Modi highlighted India's significant progress over the past decade and its commitment to continuing this trajectory due to political stability, predictable policies, ease of doing business, and a reform-focused economic agenda.

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Investment Opportunities in Aviation

Modi emphasised the potential in India's aviation sector, noting the need for over 100 new airports and additional airline companies to accommodate increasing domestic traffic. He stated, "If there is any fastest growing aviation market in the world, it is in India...the entire sky open," inviting investments in this rapidly expanding market.

Economic Growth and Infrastructure Development

India is poised to become the world's third-largest economy in the coming years, Modi informed the CEOs from various sectors including investment funds, infrastructure, manufacturing, energy, sustainability, and logistics. He assured that India will accelerate infrastructure development during his third term, highlighting opportunities in railways, roads, ports, civil aviation, industrial parks, and digital connectivity.

Scrapping Business and Skill Development

Modi also pointed out investment prospects in the scrapping business, mentioning plans to scrap all old government vehicles. He urged business leaders to consider opportunities in skill development as well. "India's skilled talent pool and expansive market present vast opportunities," he said.

Strengthening Bilateral Relations

The prime minister acknowledged the contributions of Singaporean industry leaders in enhancing bilateral relations and economic cooperation between India and Singapore. To further support their collaboration with India, he announced the establishment of an INVEST INDIA office in Singapore. This move aims to elevate India-Singapore ties to a Comprehensive Strategic Partnership.

Deputy Prime Minister Gan Kim Yong and Minister for Home Affairs and Law K Shanmugam of Singapore were also present at the event. Prominent corporate leaders such as Lim Boon Heng (Chairman of Temasek Holdings), Lim Chow Kiat (CEO of GIC Private Limited), Goh Choon Phong (CEO of Singapore Airlines), Yam Kum Weng (CEO of Changi Airport Group), Yuen Kuan Moon (CEO of SingTel), and Piyush Gupta (CEO and Director of DBS Group) attended the business round table.

Global Economic Contribution

Modi highlighted India's impressive growth story, stating that the country contributes 17% to global economic growth. He discussed initiatives like the Production Linked Incentive scheme, India Semiconductor Mission, and the creation of 12 new Industrial Smart Cities aimed at enhancing India's role in global value chains.

In a social media post on platform X, Simon Wong, High Commissioner of Singapore in India, mentioned that all 18 key business leaders from Singapore praised Modi's leadership and committed to doubling their investments in India over the next three years. This endorsement reflects strong confidence in India's growth trajectory.

The prime minister assured participants that India offers resilient supply chains and is an ideal alternative for businesses seeking stability. He reiterated that India's strengths make it a favourable destination for investment across various sectors.