Singapore business community says looks forward to working with PM Modi for better trade ties

Singapore's business community has welcomed Prime Minister Narendra Modi's victory in the general elections and said it looks forward to continue building stronger business and trade ties with India.

Prime Minister Modi Thursday led the BJP to a thumping victory for a second term in office, winning an absolute majority and on course to touch the 300-seat mark in the 543-member Lok Sabha.

Dr T Chandroo, Chairman of the Singapore Indian Chamber of Commerce and Industry (SICCI) said: "It is heartening to see Prime Minister Narendra Modi secure a landslide win from the general election.

"SICCI looks forward to continue working and building stronger businesses and trade with India".

Chandroo sees more and more small and medium enterprises from Singapore venturing into the Indian market.

"This will definitely give us more confidence in undertaking business ventures," he said.

He also expects Modi's pro-reform government to improve on "ease of doing business in India" as it has done so in the first five years of his term.

With this great endorsement, India will shine bright globally, with faster and better economic growth locally, said Dr Charles Chow, a Singapore-based business consultant with wide-ranging interests in India.

"Indeed, a great celebration for the Indian diaspora as well as friends and fans of India, too!" Chow said of the pro-business reforms government led by Prime Minister Modi.

This win will allow Prime Minister Modi to continue efforts to build infrastructure, reduce poverty and take up many hard to handle issues which only a very popular leader can do, said Girija Pande, Chairman of Apex Avlon, a global investment consultancy.

"I see a renewed importance of Foreign Direct Investment (FDI) in manufacturing and creating employment which India desperately need for its youths.

"Foreign investors are delighted at this stability and we will see increase foreign investments playing a major role in India's growth story," said Pande.

Singapore is well positioned with its close economic partnership with India and many Singaporean companies should look to build their presence in Modi's new India, he said.

Modi has delivered "India First" and implemented programmes for the poor with speed and military precision, something that India has not seen in the past few decades, said Atul Temurnikar, Co-Founder and Chairman of Global Schools Foundation, an Indian-origin education institution.

The citizens of India want a decision maker who can frame policies, imbibing governance best practices from around the world and bring direct benefits to the people, he said, calling for an end to the endemic corruption from the Indian system.

"The aspirational India sees in him a non-corrupt leader who can deliver in five years what others may take 20-25 years. Citizens want safe and secure India and a better future for their children," said Temurnikar.

Modi has returned to power with a stronger mandate which should enable him to implement policies that would create more jobs and address the many problems faced by the agriculture sector, said Ambassador Gopinath Pillai, Chairman, Institute of South Asian Studies (ISAS) at the National University of Singapore, and Ambassador-at-Large, Ministry of Foreign Affairs, Singapore.

"India can also move confidently onto the world stage both economically and politically.

"We were the first institution in South East Asia to invite him as a guest speaker. We continue to monitor his progress with a great deal of interest," Ambassador Pillai added.