Industry Leaders Discuss India's Economic Growth at IPEF Forum

On the sidelines of the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, the Department of Commerce and Invest India organised a meeting to showcase various investment opportunities in India.

In his inaugural address Secretary, Department of Commerce, Shri Sunil Barthwal, stressed on how India's growth rate is nearly double that of other emerging market economies. He remarked on how this strong growth is also leading to a trend of 'reverse flipping', where Indian start-ups that once moved abroad for capital access and tax benefits are now returning home. He emphasised how the digital economy along with emerging technologies like AI and rise of data centres were key to future Indian growth.

The meeting held at Marina Bay Sands, Singapore, attracted over 60 participants, including global investors from the US, Singapore, Japan, Australia, Korea, and other countries, as well as India’s private sector and government officials. The event brought together investors and financial institutions from IPEF Member countries like that of Temasek, Global Infrastructure Partners, GuarantCo, Private Infrastructure Development Group (PIDG), Goldman Sachs, I Squared Capital, Mizuho Bank Ltd, Advantage Partners, Nomura, DBS Bank and Citi Bank. The   Indian infrastructure and climate tech companies showcased their solutions and engaged with international investors to tap into global markets.

Indian High Commissioner to Singapore, H.E. Dr. Shilpak Ambule, focused on the fundamentals that are driving Indian growth. He said that the investment in physical and digital infrastructure will have multiplier effects on the Indian economy, and that the legislative and regulatory changes have created a pro-market field, providing conducive and predictable policy environment. He stressed on how shifting global supply chains and Indian efforts modernization of infrastructure will enable India to participate in them.

This was followed by an India opportunity presentation in which Invest India showcased the India’s through various government flagship initiatives like a flourishing startup ecosystem, a sizable pool of skilled and talented professionals across diverse industries, a push for investments in infrastructure projects, policy reforms aimed at streamlining regulations, enhancing transparency, and improving Ease of Doing Business.

MD and CEO of Invest India, Ms Nivruti Rai highlighted that India is keen on collaborating with investors, clean economy firms, and innovative startups to drive sustainable infrastructure, climate technology, and renewable energy projects to meet Net Zero targets.

Speaking during the fireside chat titled the Charting India Opportunity, Ms Radhika Rao, Senior Economist and Executive Director, mentioned that India strength is in 4C’s – Consistency & Continuity in Policy and reforms; Increasing Capex through government, household spending and private sector; Composition of trade shifting towards manufacturing sectors; Increasing consumption over the next 5 years.

Ms Sonal Varma, Managing Director, Nomura spoke in detail about the Nomura India report. The report shows that highest number of companies are looking at India than any other geography during their “Bottom’s up” study, a survey of around 130 companies mapping their investments in sectors and country.  India is attracting investments in broad based sectors ranging from semiconductor assembly to testing, automobiles to capital goods.

Mr Kunal Agarwal, Managing Director, I Squared highlighted that India is going through Infrastructure Supercycle, which is an enabler for digital revolution and India is viewed as a secular investment opportunity.

During the event, members of the industry expressed highlighted that the inaugural forum was a significant step forward in promoting economic cooperation in the Indo-Pacific region. They emphasized the importance of industries working together to address the challenges they faced and create new opportunities for growth. The forum also underscored the crucial nature of a clean economy and supply chain resilience.