India land of huge investment opportunities: Piyush Goyal
Seeking to garner investments for its power sector and infrastructure building, India on Monday apprised Singaporean investors of accelerated reforms and new initiatives of the government. “I do feel that the mood is very favourable for India.
“They (investors) can see the India story structurally improving. They can see the demand that India provide and to my mind India can look forward to good investments coming from Singapore,” said the Coal, Power and Renewable Energy Minister Piyush Goyal. Goyal updated investors, including the Government Investment Corp and state owned Temasek, of a wide ranging investment opportunities in India and the government drive towards swift economic development.
“We had a good sessions with investors during the morning,” said Goyal who addressed Deutsche Bank annual economic conference earlier on Monday. He also accepted Singapore’s invitation to India to raise more funds from the island city’s vibrant financial centre. He also called on Singapore deputy Prime Minister Tharman Shanmugaratnam.
Later in the afternoon, Goyal visited Singapore’s Institute of Technical Education (ITE) and discussed a possible collaboration with ITE in setting up 21 centres across India as part of the government’s “Skill Development” initiative. Goyal wrapped up the day by addressing some 250 investors on Indian economy and power sector investments. Goyal was on a one-day visit to Singapore, leading a high- power delegation from the Federation of Indian Chamber of Commerce and Industry (Ficci). “India needs a massive $1 trillion investment for the development of infrastructure over the next five years,” said the immediate past president of Ficci, Jyotsna Suri.
“We are looking at investments across all sectors of the economy,” said president Ficci, Harashavardhan Neotia, who along with Goyal had met with investors at the Deutsche Bank conference. “We have received a very positive feedback and support from international investors,” said Goyal after a series of meetings during the day-long visit. “We have had a wide range of discussions with investors,” the minister added.
“There is a new enthusiasm about India among international investors based in Singapore in manufacturing sector, especially in line with Make in India initiative, as well as opportunities in power and renewable energy sector,” said George Abraham, Ficci regional representative in Singapore. The enthusiasm is further demonstrated by the announcement of Singapore Manufacturing Federation sending delegations to Mumbai and Indore in October this year. Singapore manufacturing Federation will also be participating in two exhibitions in July, AMTEX in New Delhi and Last Mile Fullfilment India in Mumbai. “Coming from the manufacturing industry, this augurs well for the Make in India initiative,” Abraham said.
More aggressive reforms needed to help economic recovery: study
India needs execution and implementation of recently announced policy initiatives as well as more aggressive reforms in the year ahead for supporting economic recovery, says a report. According to the Dun & Bradstreet economy forecast, though the recent policy initiatives are expected to help "optimism levels", their execution and expenditure on the infrastructure sector are the key factors that would drive economic momentum. "While the government has taken a series of policy initiatives and measures recently, execution and implementation of these initiatives and more aggressive reforms in the year ahead will support economic recovery," Lead Economist Dun & Bradstreet India Arun Singh said.