India, Singapore discuss ways to strengthen trade ties
Singapore: Finance Arun Jaitley today called on Prime Minister Lee Hsien Loong and discussed ways to strengthen economic ties between the two countries, an official release said.
Both the leaders recalled the shared history of the countries, rooted in strong commercial, culture and people- to-people links.
"They also discussed the meeting between the two Prime Ministers and elevation of India-Singapore Partnership to a strategic level and actions taken to translate their vision," the release said.
They discussed at length the roll-out of the Goods and Services Tax in India, bilateral trade and investment, and the road map for enhancing economic and commercial ties.
Jaitley, on the last day of his two-day visit, also delivered a keynote address at Morgan Stanley 16th Annual Asia Pacific Summit on "India: Structural Reforms and Growth Path Ahead".
He talked about the current state of India's economy, outlining the key reforms being implemented by the government with a view to positioning India as an attractive global investment destination.
Jaitley re-iterated India's commitment to increasing public expenditure on infrastructure and creating an environment for private participation to boost employment and provide impetus to overall economic growth.
He also addressed senior fund managers and key financial institutional investors, and replied to their queries on various tax issues including impact of the re-capitalisation package for banks that are battling non-performing assets (NPAs) or bad loans.
Jaitley also met the Chairman and Board of Directors of Temasek, one of the largest investment companies in Asia, and discussed investment opportunities available across various sectors in India, including the National Investment and Infrastructure (NIIF).