Committed to getting more investments from Singapore into India: Envoy Shilpak Ambule

Singapore, Mar 13 (PTI) The Indian High Commission here is working to get more and more investments into India’s burgeoning economy led by aggressive progress being made in infrastructure, renewable energy and advanced technology space, envoy Shilpak Ambule has said.

The High Commissioner listed three factors driving the growth saying for India, it will be a green growth with the development of renewable energy, while digital infrastructure has been put in place for smoother flow of economic activities and thirdly it will be sustainable growth.

“We are very much committed to getting more investments from Singapore into India which is a growth story,” the High Commissioner said at the ‘2024 Budget Analysis Singapore and India’ event here on Tuesday evening.

He also highlighted the wide range of economic activities driving the India growth story like continuing efforts on skilling youths, development of advanced technologies like semiconductors and efforts towards the growth of rural economy and empowering women.

“The commitment from the Indian government is there and it has been delivered on the ground. We hope this continues for the next 10-15 years,” the envoy told financial sector executives and members of the Singapore chapter of Institution of Chartered Accountants of India (ICAI Singapore).

Somnath Adak, chairman of ICAI Singapore chapter, said “the investment in the Indian infrastructure is going to be really strong and that brings a very good opportunity for India to tap on to domestic and foreign investments.”

He noted a new opportunity for foreign investments into India following the amendments by the Securities Exchange Board of India (SEBI) to the REIT Regulations 2014, outlining provisions for the formation of Small and Medium Real Estate Investment Trusts (SM REITs).

According to Adak, investors are familiar with the peculiarity and performances of Singapore-listed REITs, and will definitely be drawn to those being listed on the Indian stock exchanges.

Singapore-based investors have been bullish on India and the latest REITs initiative increases opportunities to invest in India, said Adak, as he pointed out that the Indian stock markets have touched new highs and highlighted the strong growth in the real estate sector among others.