From EVs to Semiconductors, PM Modi pitches India’s policy stability to Singapore's top businesses

PM at Singapore Business LeaderSummit: On Thursday, Prime Minister Narendra Modi invited investors and businesses to India’s booming markets across sectors, promising political stability, supportive policies, and efficient governance while addressing the Singapore Business Summit 2024. 

Summit’s discussions centred around fostering innovation across diverse sectors and exploring new avenues for collaboration and growth.

“There is political stability in India, and we are not only moving forward with predictable policies but also with progressive ones. We are very open to the possibilities that exist globally, and we do not shift our direction midway. I want to assure you, with full commitment and transparency, that India is progressing steadily,” the Prime Minister asserted. 

Moving aggressively towards semiconductors

Prime Minister talked extensively about India's plans of developing the semiconductor ecosystem. In his address to the business leaders of the country, he also talked about the growth of startups in smaller towns and cities in the country.

"We are moving ahead aggressively in the area of semiconductors. We are going to make a whole ecosystem in this sector," PM Modi said. 

"Startups are growing very fast in tier 2 & tier 3 cities in India," he added. 

EV market in India is booming: PM Modi

PM Modi also talked about India’s booming electric vehicles (EVs), the scrappage business of old vehicles, and improving the infrastructure of ambulances in India at the Singapore Business Summit. 

“We should also address environmental concerns in other ways, such as by implementing a scrapping policy. In this regard, I am moving towards scrapping all old government vehicles. Removing these outdated vehicles is a significant task in a large country like ours,” said PM Modi while addressing the Singapore Business Summit. 

“If your companies choose to invest in this direction, it will help create a substantial new market for electric vehicles. For instance, my top priority is to replace all the old ambulances in the country with new ones, focusing on hybrid electric vehicles. This would ensure that our ambulances never have to stop due to fuel issues,” PM Modi added. 

Assuring the stability of the government in India, PM Modi asserted that in the next five years, the government aims to accomplish new and higher targets.  

“While addressing such an important platform here in Singapore, I want to highlight that the Indian government is working with the intent of achieving three times more in the next five years than what was accomplished in the last ten. We are moving ahead with confidence. My government has now firmly established itself,” the PM said.