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India's growth rate is nearly double that of other emerging market economies, top official says
The inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, hosted in Singapore on June 5-6, 2024, provided an ideal backdrop for India to highlight its burgeoning investment landscape. The Department of Commerce and Invest India organised a meeting on sidelines of the the forum to attract global investors by showcasing India's vast economic opportunities and the country's strategic moves towards a sustainable future.
Commerce Secretary Sunil Barthwal inaugurated the event with a powerful address underscoring India's exceptional economic growth. "India's growth rate is nearly double that of other emerging market economies," Barthwal stated, emphasizing the trend of 'reverse flipping,' where Indian startups, previously relocating abroad for capital and tax benefits, are now returning. This shift is driven by India's thriving digital economy and advancements in emerging technologies like artificial intelligence (AI) and the rise of data centers, which are pivotal to India's future growth trajectory.
A Confluence of Global Investors
The meeting drew over 60 participants, including global investors from the United States, Singapore, Japan, Australia, Korea, and other nations.
Prominent financial institutions such as Temasek, Global Infrastructure Partners, GuarantCo, Private Infrastructure Development Group (PIDG), Goldman Sachs, I Squared Capital, Mizuho Bank Ltd, Advantage Partners, Nomura, DBS Bank, and Citi Bank participated in the event. These entities engaged with Indian infrastructure and climate tech companies, exploring potential collaborations to penetrate global markets.
Indian High Commissioner to Singapore Shilpak Ambule emphasized the fundamental factors fueling India's growth. He highlighted the significant investments in both physical and digital infrastructure, which are set to generate multiplier effects across the economy. Ambule also pointed out the legislative and regulatory reforms that have fostered a pro-market environment, ensuring a predictable policy framework conducive to investment. He further remarked on how the modernization of infrastructure and global supply chain shifts position India advantageously in the global market.
Invest India presented a comprehensive overview of the nation's investment prospects, emphasizing various government flagship initiatives. These include a thriving startup ecosystem, a large pool of skilled professionals across diverse industries, substantial investments in infrastructure projects, and policy reforms aimed at enhancing transparency and improving the Ease of Doing Business.
Invest India MD and CEO Nivruti Rai expressed India's eagerness to collaborate with investors, clean economy firms, and innovative startups. "Our goal is to drive sustainable infrastructure, climate technology, and renewable energy projects to achieve Net Zero targets," Rai stated, underscoring India's commitment to sustainable development.
Insights from Industry Leaders
During a fireside chat titled "Charting India Opportunity," senior economist Radhika Rao highlighted India's strengths, encapsulated in the '4C’s': Consistency and Continuity in Policy and Reforms, Increasing Capex through government and private sector investments, a shift in trade composition towards manufacturing, and rising consumption over the next five years.
Nomura Managing Director Sonal Varma presented insights from the Nomura India report, which revealed that India is the top choice for companies considering new investments. "Our 'Bottom’s up' study of around 130 companies indicates a broad-based interest in sectors ranging from semiconductor assembly to capital goods," Varma noted.
I Squared Capital Managing Director Kunal Agarwal described India's current phase as an 'Infrastructure Supercycle,' crucial for the digital revolution. "India is perceived as a secular investment opportunity, presenting significant potential across various sectors," Agarwal added.
Industry representatives acknowledged the event as a significant milestone in fostering economic cooperation within the Indo-Pacific region. They emphasized the necessity for industries to collaborate in addressing challenges and seizing new growth opportunities. The meeting also highlighted the importance of a clean economy and resilient supply chains.
The Indo-Pacific Economic Framework for Prosperity (IPEF), launched in May 2022, includes 14 partner countries: Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam. IPEF aims to promote resilient, sustainable, and inclusive economic growth through four pillars: Trade, Supply Chain, Clean Economy, and Fair Economy.
The Clean Economy Investor Forum, a key initiative under IPEF, convened top investors, philanthropies, financial institutions, and innovative companies to mobilize investments in sustainable infrastructure, climate technology, and renewable energy projects. This inaugural forum marks a significant step in promoting conducive business environments for scaling up clean technology and infrastructure investments across the region.
As the IPEF partners proceed with their respective domestic processes to formalize the agreements, the collaborative efforts showcased at the forum are poised to drive economic growth and sustainability in the Indo-Pacific region
Commerce Secretary Sunil Barthwal inaugurated the event with a powerful address underscoring India's exceptional economic growth. "India's growth rate is nearly double that of other emerging market economies," Barthwal stated, emphasizing the trend of 'reverse flipping,' where Indian startups, previously relocating abroad for capital and tax benefits, are now returning. This shift is driven by India's thriving digital economy and advancements in emerging technologies like artificial intelligence (AI) and the rise of data centers, which are pivotal to India's future growth trajectory.
A Confluence of Global Investors
The meeting drew over 60 participants, including global investors from the United States, Singapore, Japan, Australia, Korea, and other nations.
Prominent financial institutions such as Temasek, Global Infrastructure Partners, GuarantCo, Private Infrastructure Development Group (PIDG), Goldman Sachs, I Squared Capital, Mizuho Bank Ltd, Advantage Partners, Nomura, DBS Bank, and Citi Bank participated in the event. These entities engaged with Indian infrastructure and climate tech companies, exploring potential collaborations to penetrate global markets.
Indian High Commissioner to Singapore Shilpak Ambule emphasized the fundamental factors fueling India's growth. He highlighted the significant investments in both physical and digital infrastructure, which are set to generate multiplier effects across the economy. Ambule also pointed out the legislative and regulatory reforms that have fostered a pro-market environment, ensuring a predictable policy framework conducive to investment. He further remarked on how the modernization of infrastructure and global supply chain shifts position India advantageously in the global market.
Invest India presented a comprehensive overview of the nation's investment prospects, emphasizing various government flagship initiatives. These include a thriving startup ecosystem, a large pool of skilled professionals across diverse industries, substantial investments in infrastructure projects, and policy reforms aimed at enhancing transparency and improving the Ease of Doing Business.
Invest India MD and CEO Nivruti Rai expressed India's eagerness to collaborate with investors, clean economy firms, and innovative startups. "Our goal is to drive sustainable infrastructure, climate technology, and renewable energy projects to achieve Net Zero targets," Rai stated, underscoring India's commitment to sustainable development.
Insights from Industry Leaders
During a fireside chat titled "Charting India Opportunity," senior economist Radhika Rao highlighted India's strengths, encapsulated in the '4C’s': Consistency and Continuity in Policy and Reforms, Increasing Capex through government and private sector investments, a shift in trade composition towards manufacturing, and rising consumption over the next five years.
Nomura Managing Director Sonal Varma presented insights from the Nomura India report, which revealed that India is the top choice for companies considering new investments. "Our 'Bottom’s up' study of around 130 companies indicates a broad-based interest in sectors ranging from semiconductor assembly to capital goods," Varma noted.
I Squared Capital Managing Director Kunal Agarwal described India's current phase as an 'Infrastructure Supercycle,' crucial for the digital revolution. "India is perceived as a secular investment opportunity, presenting significant potential across various sectors," Agarwal added.
Industry representatives acknowledged the event as a significant milestone in fostering economic cooperation within the Indo-Pacific region. They emphasized the necessity for industries to collaborate in addressing challenges and seizing new growth opportunities. The meeting also highlighted the importance of a clean economy and resilient supply chains.
The Indo-Pacific Economic Framework for Prosperity (IPEF), launched in May 2022, includes 14 partner countries: Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam. IPEF aims to promote resilient, sustainable, and inclusive economic growth through four pillars: Trade, Supply Chain, Clean Economy, and Fair Economy.
The Clean Economy Investor Forum, a key initiative under IPEF, convened top investors, philanthropies, financial institutions, and innovative companies to mobilize investments in sustainable infrastructure, climate technology, and renewable energy projects. This inaugural forum marks a significant step in promoting conducive business environments for scaling up clean technology and infrastructure investments across the region.
As the IPEF partners proceed with their respective domestic processes to formalize the agreements, the collaborative efforts showcased at the forum are poised to drive economic growth and sustainability in the Indo-Pacific region
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