India seeks investment from Singapore to meet Rs 102 trn infra target

Representative Image

India on Monday sought investment from Singapore in newly launched National Infrastructure Pipeline (NIP), under which the government aims to take up infrastructure development projects worth over Rs 102 trn.

During a meeting between Indian Finance Minister Nirmala Sitharaman and Singapore Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam, it was decided that both countries will take forward the collaboration on Networked Trade Platform Initiative of Singapore.

Both ministers agreed on intensifying expert level discussions on this issue and concretise the way forward.

The Networked Trade Platform (NTP) developed by Singapore Customs and GovTech is a one-stop trade and logistics ecosystem which supports digitalisation efforts and connects players across the trade value chain in Singapore and abroad.

"Finance Minister Smt. @nsitharaman encouraged investors from #Singapore to explore the newly launched National Infrastructure Pipeline and become partners to the big push that Government of #India is envisaging for India's infrastructure sector," the finance ministry said in a tweet.

Last week, the finance minister unveiled Rs 102 trillion of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector.

These projects are on top of Rs 51 trillion spent by the Centre and the states during the last six years. The new pipeline consists of 39 per cent projects each by the Centre and states and the balance by 22 per cent by private sector.

"FM also expressed satisfaction in the work of the Joint Working Group on Fintech set up between #India and #Singapore and encouraged the Working Group to look into the long-term opportunities which are destined to grow manifold with more digital platforms becoming operational," it said.

"#Singapore's Senior Minister and Coordinating Minister for Social Policies extended Singapore's support for India's G20 Presidency in 2022 and expressed Singapore's strong desire in partnering with #India to ensure that India hosts a successful G20 Presidency," it said.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel