Union Finance and Corporate Affairs Minister Nirmala Sitharaman concluded a four-day official visit to Singapore, holding talks with the country’s leadership and global investors to expand investment, strengthen financial connectivity and advance cooperation in emerging technologies.
During the October 8–11 visit, FM Sitharaman called on Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong. She also met Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Foreign Minister Vivian Balakrishnan.
The engagements reviewed progress on the outcomes of the fourth India–Singapore Ministerial Roundtable and explored ways to deepen the Comprehensive Strategic Partnership. The two sides also discussed India–ASEAN cooperation and regional economic ties ahead of Singapore’s ASEAN chairmanship in 2027.
FM Sitharaman highlighted India’s macroeconomic fundamentals, growth prospects and policy reforms, encouraging Singapore-based institutional investors and businesses to increase their participation in the Indian economy.
Select infrastructure projects from the National Investment and Infrastructure Fund (NIIF) pipeline were presented for investors’ consideration, with follow-up discussions envisaged with relevant Indian authorities.
The minister also attended a luncheon hosted by President Tharman and International Monetary Fund Managing Director Kristalina Georgieva. Senior representatives from global financial institutions, investment firms, academia and the Singapore government exchanged views on global economic and financial developments.
At a business roundtable, FM Sitharaman met representatives of JPMorgan Chase, BlackRock, Deutsche Bank, PIMCO, the Abu Dhabi Investment Authority, Carlyle, Temasek, Millennium Management, Citadel and Brevan Howard.
Discussions covered India’s economic reforms and resilience amid global uncertainty, financial market developments, the implications of rapid advances in artificial intelligence and opportunities to attract global capital into Indian assets.
Participants expressed confidence in India’s growth prospects and said they looked forward to continued fiscally prudent, predictable and growth-oriented policies, alongside sustained infrastructure development.
FM Sitharaman separately met senior leaders from Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Wellington Management, Standard Chartered Bank, GIC, DBS Bank, Skandinaviska Enskilda Banken, Temasek, TPG, HPS Investment Partners, CapitaLand Investment, Intel, British International Investment, IHH Healthcare and B Capital.
The institutions and corporations expressed investment interest in consumer markets, startups, fintech, deep technology and healthcare. Talks also explored financing for infrastructure, including AI-related facilities, semiconductors and data centres, as well as renewable energy, manufacturing, MSMEs, trade finance, financial services and food supply chains.
Aircraft leasing, treasury centres and greater participation in India’s financial markets were among other areas discussed.
Mobilising long-term institutional capital for infrastructure and development was a central theme. FM Sitharaman encouraged investors to explore opportunities through NIIF and the GIFT International Financial Services Centre. Participants expressed their intention to sustain and expand investments in India.
In meetings with Singapore’s financial authorities, including the Monetary Authority of Singapore, the two sides discussed asset tokenisation, digital money, central bank digital currencies, interoperability and trusted settlement arrangements.
Singapore expressed interest in sharing its experience in asset tokenisation, opening avenues for further cooperation between the countries’ financial authorities.
Business engagements also covered investment under the India Semiconductor Mission, skilled workforce development, industry-linked training, AI skilling and the application of AI in banking and financial services.
Other areas included renewable energy, electric mobility, aviation maintenance, repair and overhaul, food security and processing, sustainable finance and healthcare infrastructure.
Discussions with the Singapore Business Federation focused on targeted business matching and visits by Singapore business delegations to India for engagement with companies and state governments. The federation identified semiconductor supply chains, aviation maintenance, food security and food processing as potential areas for collaboration.
The visit sought to translate policy dialogue into investment and business partnerships, while strengthening channels for follow-up engagement in emerging and strategic sectors.
FM Sitharaman was accompanied by the NIIF chief executive, the chairperson of the International Financial Services Centres Authority and senior officials from the Department of Economic Affairs.
