New Delhi: Ahead of Prime Minister Narendra Modi’s visit to Singapore, CapitaLand, one of Asia’s largest diversified real estate groups, plans to more than double its funds under management in India to more than S$14.8 billion (>Rs 90,280 crore) by 2028.
PM Modi is travelling to Singapore at the invitation of Lawrence Wong, Prime Minister of Singapore. Besides meeting his Singapore counterpart Wong, PM Modi will be meeting Singapore President Tharman Shanmugaratnam, and other ministers includimg Lee Hsien Loong, and Goh Chok Tong.
Notably, Singapore is India’s sixth largest trading partner. The Southeast Asian country is a major source of Foreign Direct Investment (FDI) for India. The Union Ministry of Commerce & Industry, reported that in 2023-24 financial year, $11.77 billion inflows was recorded from Singapore into India. The FDI inflow from Singapore from April 2000-March 2024 stood at $159.94 billion, the Indian government data showed.
As per the bilateral trade is concerned, Singapore was the 6th largest global trade partner of India in 2023-24. Both the countries’ trade was of $35.61 billion which accounts approximately 29 per cent of India’s total trade with ASEAN.
In August 2024, Indian ministers including Finance Minister Nirmala Sitharaman and Minister of External Affairs S Jaishankar held a meeting with Singapore leaders, Wong and Vivian Balakrishnan.
The 2nd India Singapore Ministerial Roundtable (ISMR) was held on August 26, 2024 in Singapore. Sitharaman, Jaishankar, Union Commerce Minister Goyal and Minister for Railways, Information and Broadcasting, and Electronics and Information Technology, Ashwini Vaishnaw attended the meet and interacted with their Singaporean counterparts and leadership.
“ISMR is a unique mechanism established to set a new agenda for India–Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022. The second meeting enabled both sides to review various aspects of their Strategic Partnership and identify new avenues to further elevate and broaden it,” the Ministry of Commerce & Industry stated.
Singapore’s real estate major, CapitaLand, has announced to double its funds under management in India by 2028. The announcement comes ahead of PM Narendra Modi’s visit to Singapore. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
