India’s massive market offers ample opportunities for economic development, said India’s Minister of Commerce and Industry, Piyush Goyal, to investors based in Singapore.
“I would urge each one of you to look at the scale of opportunity that India offers,” Goyal said at a meeting with investors on the theme, ‘India Singapore @ 60: Partnership for Growth’, on Saturday.
Emphasising on the “three singular definitions” that form the basis for rapid economic growth, the minister said India’s market size, opportunities, and its workforces’ skill, all work in its favour.
“We are looking at working together, fast-tracking various initiatives that the ‘India-Singapore Business Roundtable’ initiated,” he said, pointing out that officials from both public and private sectors are putting in relentless hours to try and create those models which will help the two countries’ relationship grow on a faster track.
“I think, together, there are many new frontiers to scale,” said Goyal, who is currently visiting Singapore.
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“Whether it’s in the world of capital, whether it’s in the world of research and development, whether it’s in the world of people development, skills, skill sets, talent, the world of education, our effort to look at sustainability going forward, something which both Singapore and India, people of both countries, the leaders of both countries recognise for the future,” he noted.
All these efforts put together define Singapore and India’s relationship, he further said.
All chambers of commerce and industry in India came together with Singaporean chambers, along with European, American and Japanese companies, on one platform on Friday to explore opportunities in India.
“I think the time is now, the time is right,” the minister said to about 250 potential investors about investing in India.
“If we lose this opportunity, if we fail to capture the momentum that this relationship has gained, we will really miss out on a very defining moment, which can take the Singapore-India partnership to newer levels,” he added.
Asking them for their support, Goyal said India looked forward to working with “well-wishers from the world of business”.
He said he is confident that driven by the collective abilities of both governments and investors, the India-Singapore partnership will enter a “fast-track mode” that transforms the relationship between the Asian financial hub and the Indian market.
“We value and trust your friendship, and I can assure you the delta of opportunity that India offers will truly provide your businesses and your technologies a very large market,” the minister said.
“We will not fail to catch this huge opportunity that this partnership provides,” he promised potential investors and current stakeholders, saying prospects and shared goal for the progress of Singapore and India look bright.
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