Speaking at an event in Singapore organised to showcase investment opportunities in India, Commerce Secretary Sunil Barthwal on Friday (June 7) said strong economic growth in the world's largest democracy is leading to a trend of 'reverse flipping', where Indian start-ups that had once moved abroad for capital access and tax benefits are now returning home.
Stating that India's growth rate is nearly double that of other emerging market economies, Barthwal pointed out that the digital economy, along with emerging technologies like Artificial Intelligence (AI) and the rise of data centres were key to future growth in the country.
The Indian economy had grown by 8.2% in the fiscal year FY 2023-24, which ended in March this year. The investment facilitation event was organised on the sidelines of the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum in Singapore.
Also Read: IPEF nations sign Clean and Fair Economy pacts, unlock $23 billion in investment opportunities The event included global investors from the US, Singapore, Japan, Australia, South Korea, and other countries, as well as India’s private sector and government officials. Financial institutions from IPEF member countries also participated in the event, including Temasek, Global Infrastructure Partners, GuarantCo, Private Infrastructure Development Group (PIDG), Goldman Sachs, I Squared Capital, Mizuho Bank Ltd, Advantage Partners, Nomura, DBS Bank and Citi Bank.
