Singapore chamber says pro-SME budget offers opportunities in India

Describing India's budget for the financial year 2023-24 as a pro-business and pro-SME friendly, the Singapore Indian Chamber of Commerce and Industry (SICCI) on Friday said it provides many collaborative opportunities in developing close business ties with the small and medium enterprises of both Singapore and India.

SICCI chairman Neil Parekh said he was particularly encouraged by Finance Minister Nirmala Sitharaman's announcement of the target of Saptarishi' unleashing the potential, green growth, youth power and growth of the financial sector.

My team at the Singapore Indian Chamber of Commerce and Industry intend to build on these announcements and work closely with our counterparts in India to grow the opportunities between the SMEs of both countries, Parekh said on the Budget 2023-24.

Describing the budget as A pro-business and a pro-SME friendly Budget, Parekh said: As an immediate step, we will be contacting the leadership of ASSOCHAM (The Associated Chambers of Commerce and Industry of India), with whom we have signed an MoU to expand on our areas of cooperation which have been spelt out in the Indian Budget 2023-2024.

Parekh noted that the proposed 30 international skill centres announced in the budget for setting up across different States to skill the youth for international opportunities.

The SICCI believes this is one area we can collaborate closely with our Indian counterparts in the transfer of technology and knowhow and talent expertise to equip the younger generation in India to seize global opportunities and consider employment opportunities abroad in the much-needed sectors like green technology IT and digital technology and healthcare where skilled healthcare professionals are in demand, he said.

He also sees opportunities in tourism development in India, adding that SICCI will be happy to link up the state governments with officials from the Singapore Tourism Board and Enterprise Singapore to share best practices in developing the sector which will benefit citizens of both Indian and global tourists.

India is poised to grow by 7 per cent in 2023, as announced in Budget 2023, and the Singapore Indian Chamber of Commerce and Industry and its members look forward to the slew of opportunities that await us, stressed Parekh, who leads the 99-year old Indian business group with 550 members.