SINGAPORE companies are taking steps to expand their presence in India, driven by a desire to capitalise on the Indian government's push for economic growth.
New opportunities to do so - particularly in manufacturing and urban solutions - were discussed on Friday at the inaugural Singapore India Business Symposium, jointly organised by the Confederation of Indian Industry (CII), International Enterprise (IE) Singapore and the Singapore Business Federation (SBF).
The three organisations said in a joint statement on Friday: "Some Singapore companies are already taking steps to expand their presence in India. The Port of Singapore Authority, through a local subsidiary, was recently awarded the concession to develop and operate the fourth container terminal in Mumbai's Jawaharlal Nehru Port. Singapore Airlines and Tata Sons have entered into a joint venture to establish Vistara Airlines, set to be India's third full service carrier."
According to CII, business confidence in India has increased to 57.4 in the third quarter of 2014, from 53.7 in the second quarter - and this is expected to translate into interest among foreign investors.
Compared to the BRICS and Asean nations, India's ranking in foreign direct investment inflows is expected to improve to second place by 2018, from last year's fifth position.