Finance Minister Arun Jaitley called on the Prime Minister of Singapore, Mr
Lee Hsien Loong on the second and last day of his two day official visit to
Singapore on November 16th. They 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.
Both the leaders discussed at length the roll-out of the Goods and Services
Tax (GST), issues of common interest, such as bilateral trade and investment,
and measures to increase the engagements in these areas and the further road
map for enhancing India- Singapore Economic and Commercial ties.
Mr.Jaitley in his Keynote Address at Morgan Stanley 16th Annual Asia
Pacific Summit in Singapore on
"India: Structural Reforms and Growth Path Ahead " explained the
current state of India’s economy, outlining the key reforms being implemented
by the present Government with a view to position India as an attractive global
He specifically mentioned the roll-out of the monumental tax reform, GST;
the Bank Re-Capitalization package, Ease of Doing Business in India, crackdown
against black money, Demonetization and other follow-up measures; and reforms
in the Foreign Direct Investment (FDI) Policy regime.
The Finance Minister re-iterated his Government’s commitment for both
increasing the public expenditure on infrastructure and creating environment
for private participation in infrastructure to boost employment and provide
impetus to overall economic growth.
He also addressed the senior fund managers and the key Financial
Institutional investors and answered queries on various tax issues including
GST, Fiscal policy, impact of the Bank Re-Capitalization Package on banks'
NPAs, Insolvency and Bankruptcy Code (IBC) and so on. He also met with the
Senior Management of Morgan Stanley.
Mr. Jaitley also met the Chairman and Board of Directors of Temasek,
Singapore; one of the largest investment companies in Asia, and discussed the
investment opportunities available across various sectors in India including,
their investment in the National Investment and Infrastructure (NIIF).
He left for New Delhi late in the evening on November 16 after completing
his two day official visit to Singapore.