Singaporean firms have an important role to play in the massive infrastructure development taking place in India, particularly in transportation sector with a focus on railways and highways, the Indian envoy here today said.
At an economic forum titled 'India's Economy: Outlook & Strategy-and the Impact of Budget 2017-18', High Commissioner to Singapore Jawed Ashraf said a number of projects were being undertaken by the government, and bidding process to develop 23 railway stations were announced in New Delhi yesterday.
"There are opportunities for Singapore enterprises, funds, banks, technologies, technological and innovation firms, to be a partner in India's development," he said, pointing to the billions of dollars of infrastructure budget announced in the Budget on February 1.
Infrastructure spending particularly in the transportation sector will focus on the railways and highways, he said.
"For Singapore companies, this should be something to seriously look at. The vision is to turn these railway stations into economic hubs. And no one can do better than our friends here in Singapore," he told the nearly 300 delegates attending the forum.
Singapore is noted for having built satellite commercial and residential hubs around its metro-subway stations.
He said other mega projects would include airport projects in Tier-II cities through public and private participation, and a model land pooling system has been worked out for a new smart city, Amaravati, which would likely be done for securing land for other similar smart cities in the country.
There is going to be a new Metro Rail Policy and Act to allow and enable private participation and investment.
He said the government recognises the complexity of infrastructure-related contracts. Proposals are being considered to introduce amendment for resolution of dispute relating to infrastructure-construction contracts, PPP projects and Public Utilities Contracts.
"This is something that Singapore should look at as a very positive development," he said.
The forum also heard more and more Singapore companies were expressing interests in venturing into doing business in India, especially in the manufacturing sector under the 'Make in India' initiative.
"More Singapore companies are considering manufacturing in India, encourage by the Made in India initiative," said Tan Soon Kim, assistant chief executive officer at International Enterprise Singapore (IE Singapore).
He listed out a number of Singapore investors projects in India, ranging from power and port to logistics.
The forum was jointly organised by India's High Commission in Singapore and IE Singapore, which leads internationalisation of businesses from the city-state.
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