"Many thought this was not possible in India, but you have made it possible," says Temasek Chairman Teo Chee Hean on country's reform progress

New Delhi [India], December 10 : Teo Chee Hean, Chairman of Temasek and Senior Advisor to the Prime Minister of Singapore, lauded India's economic and administrative reforms while delivering the 5th Atal Bihari Vajpayee Memorial Lecture in the national capital.

Teo highlighted India's efforts to streamline the business environment, pointing to key reforms that have reshaped regulatory processes and improved efficiency. His remarks reflected growing international recognition of India's reform momentum.

He said, "To improve the ease of doing business, the GST has been simplified to create a unified national market. I congratulated the Finance Secretary on this earlier today. 29 Labour laws have also been consolidated into 4 codes to improve compliance. Many thought this was not possible in India, but you have made it possible."

Building on this acknowledgement of India's reform progress, Union Finance Minister Nirmala Sitharaman held a meeting with Temasek Chairman Teo Chee Hean to assess India's investment climate and discuss the Singapore sovereign wealth fund's exposure in the country, along with its plans to scale up investments across priority sectors.

Hean noted that the reforms undertaken over the past decade have strengthened economic stability and boosted investor sentiment, shaping Temasek's long-term view of India.

During their discussions, both sides reviewed opportunities for deeper investment in sectors such as financial services, consumer markets, healthcare innovation, technology, manufacturing and renewable energy.

According to a post by the Ministry of Finance on X, "Mr. Hean informed the Union Finance Minister that while Temasek's cumulative exposure to India stands at $50 billion, they look forward to expanding their India footprint over the next few years, as a win-win opportunity for both, with focus on #FinancialServices, consumer markets, healthcare innovation, #technology, #manufacturing, and #RenewableEnergy among others."

Temasek serves as Singapore's state-owned global investment entity.

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