Monday, April 7, 2008

India Keen to learn best practices from Singapore: Kamal Nath

by Jo Black

India’s economic engagement with the world is expected to touch US$550 billion in 2007-08, announced Mr. Kamal Nath, Indian Minister of Commerce and Industry, in Singapore. He was addressing the opening session of the Incredible India@60 campaign jointly organized in Singapore by the Government of India and the Confederation of Indian Industry.

Stating that India is keen to learn best practices from Singapore, the Minister said that the city-state’s institutions, regulatory frameworks and strong services were a role model for India. Mr. Nath complimented Singapore for embracing global connectivity as an economic model, and added that India needs to also leverage the forces of globalization in order that its growth can extend to all sections of society. India has made great progress in investing overseas, investing more and creating more jobs in the US than the US is creating in India, he continued.

Stressing that India is using knowledge in its manufacturing processes rather than adopting mass manufacturing, the Minister said that the “frenzy of economic slowdown” is bound to impact the global economy, but today’s engines of growth are China and South East Asia. Singapore is now salvaging US banks, he pointed out. The Minister added that India faces enormous challenges in inclusive growth and commended CII for setting up offices in backward regions, including his constituency.

Representing the Singapore Government at the inaugural business session of the Incredible India@60 campaign, Dr. Vivian Balakrishnan, Minister for Community Development, Youth and Sports said that India has much to be proud of, and Singapore has always been cognizant of the opportunities of an awakening India. The Tech Park by Singapore in Bangalore is now celebrating its 10th anniversary, he pointed out, adding that the Comprehensive Economic Cooperation Agreement of 2005 between the two countries had reinvigorated Singapore’s relations with India. Singapore is now the fourth largest investor in India and India is Singapore’s 11th largest trading partner. Singapore is also a base for Indian companies and is a portal for their operations in South East Asia.

The Minister added that India is a continental size country and faces monumental challenges including the transformation of agriculture, delivery of services, infrastructure and education. But India will grow, he stressed. Singapore hopes to play a part in the rise of India, concluded Dr. Balakrishnan.

High Commissioner of India to Singapore Dr. S. Jaishankar said that it was appropriate to begin the Incredible India@60 campaign with a business conference as business has powered growth in India and enjoys a special bond with Singapore. The big picture in India’s growth story is the decline in poverty, high growth in employment and good manufacturing capabilities, among others, he added.

Mr. Sunil Bharti Mittal, President, CII introduced the session, saying that the launch of the Incredible India @ 60 campaign in Singapore after the successful event in New York reflects the special warm relations of India with the country. CII organizes an annual CEOs’ visit to Singapore and there has been dramatic shift in relations in recent years. He thanked the political leaders of both countries for their encouragement of business cooperation. The combination of Singapore’s innovation and knowledge with India’s workforce and large market can together be a powerhouse for the global economy, he said.

The relationship with Singapore has been built brick by brick, said Mr Tarun Das, Chief Mentor, CII. He added that the new facet of India - Singapore relations is e engagement of the Young leaders for both countries under the aegis of the CII Young India initiative. By involving the young leaders of the two nations, who will lead the countries in future, the attempt is to tackle the common challenges with combined power of ideas, initiatives and resources.

 

 

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