India is Asia's Bright Spot: Singapore Daily

Oil and gas equipment supplier Chase Resource Management sees India as a bright spot amid the downbeat oil market.

Its operations have since expanded substantially, and 60 per cent to 70 per cent of the company's business is now generated through India.

"There is still a lot of (oil and gas) work happening on the east coast, and a lot of tenders that we have been bidding for and winning," said director Jayanthi Manian, an Indian origin businesswoman here.

"It is not as bad as other markets in Asia," she added.

"India is an interesting market and shaping up well for us. We are open to teaming up with other Singapore companies keen on the infrastructure sector there," said Manian.

However, she noted that Singapore firms tend to hesitate over venturing into India.

"A lot of Singapore companies are scared of moving into India. It is a totally different working culture, and it takes a lot of patience to work there," she said.

Vivian Singh, president and chief executive of PC and flash memory manufacturer Strontium Technology, said despite the hurdles, the payoffs can be significant.

"In the past, it was important to have a warehouse in every state, but e-commerce is growing fast in India and this helps companies like us," said Singh.

India contributes about 30 to 35 per cent of the company's sales which came in at about SGD 350 million last year.

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