India is Asia's Bright Spot: Singapore Daily

SINGAPORE: Corporates here see a bright spot in India with Singapore's direct investments in the country crossing SGD 15.24 billion, despite a generally weak economic outlook for most of Asia, a media report said today.

Investment by firms in India is on the rise, and companies with a presence there say the region's second-largest economy is a challenging market to break into but offers rich rewards.

India's gross domestic product exceeded USD 2 trillion in 2014, according to World Bank data.

After taking 60 years to reach the USD 1 trillion mark, the Indian economy added the next trillion in just seven years, the Straits Times reported.

Singapore's direct investments in India have been rising steadily every year, going up from SGD 9.56 billion in 2009 to SGD 15.24 billion in 2013.

Firms in the construction and wholesale and retail trade sectors contributed most to the increase, said national trade promotion agency International Enterprise Singapore.

Manufacturing, financial and insurance services, as well as professional, scientific and technical administrative and support services firms, have also been taking big strides into the Indian market.

Singapore and India have been strengthening their economic links in recent years.

Small and medium-sized enterprises (SMEs) with operations in India are optimistic that its economy is on the brink of lift-off, even as Asia remains mired in a slowdown.

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