PM Lee hails rejuvenated India, but says reforms still lie ahead

Singapore

INDIA still has much to do to ensure its long-term growth, but its new government has rejuvenated confidence and sentiment within the country, Prime Minister Lee Hsien Loong said on Friday. "There is revived optimism in India, following (Indian) Prime Minister (Narendra) Modi's victory in the May elections," he said at the 90th anniversary dinner of the Singapore Indian Chamber of Commerce and Industry (SICCI).

Mr Lee added that India's business and economic indicators are showing promising signs; capital flows into the country have rebounded, stock markets are at an all-time high and consumer sentiment has improved. "The ingredients for growth are already there, with India's large domestic market and a young, expanding workforce, plus the key factor - the decisive mandate which Prime Minister Modi has got and his determination to make fundamental changes to promote growth and investments."