Singapore is now a vassal state of India

[Narong Wongwan]

Sg is prostitute for the big boys
China US India all welcum

 

[LITTLEREDDOT]

India, South-east Asia can create new era of opportunity: President Tharman​

President Tharman Shanmugaratnam said both India and South-east Asia have the ability to strengthen multilateralism. PHOTO: LIANHE ZAOBAO

Ng Wei Kai

Jul 12, 2024

SINGAPORE – India and South-east Asia are well positioned to create a new era of opportunity, equity and sustainability, despite the resurgence of industrial policies among the major economies, said President Tharman Shanmugaratnam.
Working with other responsible middle powers, both regions have the ability to strengthen multilateralism, which, despite its imperfections, has been an arrangement that has served nations both rich and poor well for decades, he added on July 11.
Speaking at a dinner to mark the 20th anniversary of the Institute of South Asian Studies (ISAS), President Tharman also expressed optimism that Singapore-India relations will continue on an upward trajectory.
Industrial policies – such as tax breaks and subsidies to promote specific industries domestically – are returning at a rate not seen since the 1960s and 1970s, despite having largely failed then, noted Mr Tharman. For instance, the International Monetary Fund tabulated 2,500 industrial policy interventions in 2023, two-thirds of which were intended to discriminate against foreign interests.
Such interventions by governments are being made not because of any powerful new evidence or a cogent reappraisal of what brings about prosperity, but “by way of drift and tit-for-tat actions”, he told an audience of about 180 guests at The St Regis Singapore. The result is a world where competition is unstable, and the trade and investment environment is shifting and unpredictable, he said.
“In other words, it is both a reaction to heightened geopolitical contestation, and a further source of weakening of the global economic order,” said Mr Tharman.
But India and this region have the agency to respond and shape global reality in a way that secures both national interests and the global good, he told an audience that included Deputy Prime Minister Heng Swee Keat, who is ISAS’ patron, and Emeritus Senior Minister Goh Chok Tong, who helped establish the autonomous institute at the National University of Singapore.

For one thing, neither region is caught in the largest geopolitical conflicts of the times, nor are they involved in today’s major tensions.
Both also have societies where the majority of ordinary people are hopeful they can achieve major uplift in their lives – a rarity today, noted Mr Tharman.
Combined, India and South-east Asia also account for over a quarter of the global population and 15 per cent of its gross domestic product, and are the fastest-growing regions in the world, he added.

“We have to make the most of this positioning of the two regions in the decade ahead,” he urged.

President Tharman Shanmugaratnam and Institute of South Asian Studies chairman Tan Tai Yong unveiling a gift to Mr Tharman, titled Tree Of Life, during the dinner to mark ISAS’ 20th anniversary. PHOTO: LIANHE ZAOBAO
Mr Tharman made three suggestions on how they can respond to this global trend of growing industrial policy.
First, focus on policies that develop one’s own capabilities, instead of seeking to crowd out other countries.
“We have to remind ourselves that innovation remains the fundamental driver of long-term growth in every country,” Mr Tharman said. “We either spur innovation through a competition of capabilities, or stifle innovation by cutting out the competition.”
Second, recognise that developing every individual and continually upgrading skills is a complex endeavour, and deepen collaboration between government, companies, unions, community groups and training institutes.
Even as this is done, investments must be made to keep society inclusive so that the political consensus for open economic policies is maintained, Mr Tharman added.
Third, India and South-east Asia should strive to work with other responsible partners to build coalitions that can tackle complex global issues, such as energy transition to mitigate climate change.
Singapore and India should be able to build greater depth and breadth in their bilateral relations in the coming years, he said.
That Prime Minister Narendra Modi won a third term at India’s general election in June is a remarkable feat in a massive and robust democracy, Mr Tharman said. The result also spoke of how millions of Indians have seen their lives uplifted under Mr Modi’s leadership, especially by gaining basic amenities and services that had eluded them for decades.
“We can expect broad continuity in India’s domestic and foreign policies,” Mr Tharman added. “Certainly, we should expect our bilateral relations, which are deep and enduring, to remain on an upward trajectory.”
He noted that the new industrial interventionism has found favour among not only politicians, but also many economists.
Mr Tharman cited economist John Maynard Keynes, who famously observed that politicians who believed themselves exempt from intellectual influences were “usually the slaves of some defunct economist”.
“The equal danger we run today is of economists and commentators, not least those in the advanced economies, despite protestations of independence, being in the service of the political temper of the times,” he said.
“I’m sure ISAS will continue to bring outstanding minds from India, South-east Asia and others in East Asia to help advance honest thinking on our long-term interests, and to help build robust partnerships in a troubled world.”

 

[Narong Wongwan]

Sg is international whore

 

[k1976]

 

[k1976]

 

[k1976]

 

[k1976]

We really need Good Talents and to be inclusive de woh

 

[k1976]

Singapore is the only Southeast Asian city on a ranking of centi-millionaires—and that could be good for its economy​

Lionel Lim
Wed, 18 September 2024 at 1:19 am SGT3-min read

Ore Huiying—Bloomberg/Getty Images
Singapore ranks high among cities in terms of the cost of living—and it’s also very popular with rich people.
A report by Henley & Partners, using data from New World Wealth, released Tuesday ranked the city-state 6th in a list of top 50 cities for ‘centi-millionaires,’ a term used to describe individuals with liquid investable assets of $100 million or more. Henley & Partners says there are 29,350 of such individuals globally, and Singapore is home to 336 of them.
Henley & Partners—which offers investment management services for wealthy people, especially to help individuals gain permanent residence or citizenship—points out nearly two-thirds of the top 50 cities offer investment-migration programs.
ADVERTISEMENT

Having a bigger pool of centi-millionaires could potentially be a good thing. The report, quoting New World Wealth’s head of research Andrew Amoils, said business started by centi-millionaires have “significant spillover effect on the middle-class” because of the creation of large numbers of well-paying jobs in their base country. It added that most companies on the Fortune 500 or on major stock indexes were started by individuals who subsequently became centi-millionaires.
Singapore is the only Southeast Asian city on the list that’s dominated by American and Chinese cities.
A third of the world’s centi-millionaires live in the top 50 cities. New York City is currently the top home for those people with 744 resident centi-millionaires, followed by the Bay Area (675) and Los Angeles (496) super rich residents. In total, there are 15 American cities on the list

 

[LITTLEREDDOT]

Temasek aims to invest up to $13.4 billion in India as it turns cautious over China​

Temasek had said profits from investments in the US and India were helping to cushion the impact of underperformance in China. PHOTO: REUTERS

Jul 16, 2024

MUMBAI – Singapore’s investment company, Temasek, plans to invest up to US$10 billion (S$13.4 billion) in India over three years in sectors such as financial services and healthcare, a top executive said on July 15, favouring the South Asian nation as it turns cautious over China.
India’s economy is growing sharply and its stock markets are trading near record highs amid an initial public offering (IPO) and deal-making boom. India accounts for 7 per cent of Temasek’s global exposure, which the firm wants to increase further, said Mr Mohit Bhandari, the company’s managing director for India investments.
“We are bullish in India for the long term,” Mr Bhandari said in an interview at Temasek’s Mumbai office.
“We are cognisant of the current economic and the geopolitical tensions that exist (in China) and, to that extent, we will align our portfolio accordingly,” he added.
Temasek last week said that profits from investments in the United States and India were helping to cushion the impact of underperformance in China. It also said that it is taking a cautious approach to China amid trade tensions.
About 22 per cent of Temasek’s investments are in the US, and 19 per cent in China, and its exposure to the Americas surpassed China in the last financial year for the first time in a decade.
In India, Temasek deployed US$3 billion in the fiscal year that ended March 31, its largest annual investment so far.

Mr Bhandari also said that Temasek will look at hiring more staff in India, up from the current 20, as its portfolio grows, but declined to share specifics.
Temasek’s current India exposure includes investments in HDFC Bank, IPO-bound e-scooter maker Ola Electric and Manipal Hospitals.
In April 2023, Temasek spent US$2 billion to raise its stake in Manipal to 59 per cent from 18 per cent in India’s biggest hospital sector deal. It later sold a minority stake to Novo Nordisk’s parent Novo Holdings and Abu Dhabi’s sovereign investor Mubadala.
Indian hospital chains and healthcare groups are seeing more and more interest from foreign investors as many expand into smaller cities, where demand for private care is rising as public hospitals remain overburdened.
Temasek will continue to scout for more investment opportunities in the healthcare space as it believes the sector is a “multi-decade” growth story in India, Mr Bhandari said. REUTERS

 

[LITTLEREDDOT]

Indian trade association raises concerns about narrowed criteria of Singapore’s skilled workers visa scheme​

ByJewel Stolarchuk​

July 29, 2024

SINGAPORE: The Indian IT industry is expressing significant apprehension regarding Singapore’s upcoming changes to its skilled worker visa framework, set to be implemented in September. The industry’s trade body, Nasscom, has alerted the Indian government about the potential hurdles the new regulations could create, given the current global skills shortage in the tech sector.

Singapore’s new Complementarity Assessment Framework (COMPASS), effective September 1, 2024, will impose stricter criteria for visa renewals. Under the revised framework, applicants for the Employment Pass (EP) will need to secure a minimum of 40 points, in addition to meeting the qualifying salary requirements. Nasscom has criticized the framework for its restrictive nature, particularly its narrow criteria for earning points and its impact on business operations.


One major concern is the limited number of Indian universities that qualify for points under COMPASS. Currently, only eight Indian institutions are recognized, with prestigious universities like IIT Delhi and IIT Bombay earning 20 points, while graduates from selected faculties of five other IITs and IISc receive 10 points.

Nasscom argues that this narrow list does not reflect the broader talent pool available in India, which includes graduates from numerous other reputable institutions.


Shivendra Singh, Vice President of Global Trade Development at Nasscom, highlighted the global tech industry’s ongoing talent shortages and the necessity of addressing these gaps with skilled workers from countries like India. Singh pointed out that the equal weightage given to all nationalities in the diversity assessment may not accurately capture the real-world demand and supply situation.

Under the diversity criteria, candidates can gain 20 points if their nationality constitutes no more than 5% of the PMET (professionals, managers, executives, and technicians) employees within their company. Nasscom believes this approach may overlook the unique challenges faced by industries heavily reliant on specific talent pools.

Additionally, Nasscom is advocating for an expansion of the Shortage Occupation List, which currently grants a 20-point skill bonus for roles listed but reduces it to 10 points if the candidate’s nationality represents one-third or more of the firm’s PMETs. Singh argues that this adjustment, combined with the diversity criteria, unfairly penalizes firms that already meet diversity benchmarks.


Nasscom has also called for greater clarity regarding the “strategic economic priorities” pillar, which recognizes organizations involved in significant investment, innovation, and internationalization activities. Singh suggests that clearer guidelines are needed for companies to understand how they can qualify for points in this category.

 

[syed putra]

Historically India doesn't exist.

Ok. Let's start again. Before India there was Sri vijaya and later Raja chola

 

[syed putra]

Historically India doesn't exist.

Ok. Let's start again. Before India there was Sri vijaya and later Raja chola

 

[searcher1]

SG is excluded from 1B1R and also BRICS
Our Eagle Brother is not performing well these days
We are left with no choice but to eat more curry, better study Hindi

 

[3_M]

Ok. Let's start again. Before India there was Sri vijaya and later Raja chola

Those were extinct kingdoms that littered the subcontinent. India is just a geopolitics entity created by the British

 

[LITTLEREDDOT]

Singapore and India add semiconductors, air connectivity to high-level ministerial discussions​

Prime Minister Lawrence Wong receiving a call from India’s delegation to the second India-Singapore Ministerial Roundtable on Aug 26. PHOTO: MDDI/PRIME MINISTER’S OFFICE

Anjali Raguraman
Correspondent

Aug 27, 2024

SINGAPORE - Advanced manufacturing and semiconductors, as well as aviation and maritime connectivity, are new areas that Singapore and India have added to a high-level platform for discussing ways to enhance bilateral cooperation.
These two additions to the India-Singapore Ministerial Roundtable are areas of significant opportunity for both countries, as well as their companies, Foreign Minister Vivian Balakrishnan told reporters at Shangri-La Singapore after the roundtable concluded on Aug 26.
Calling the ministers-only meeting “productive”, Dr Balakrishnan said it also sets the stage for an official visit to Singapore by Indian Prime Minister Narendra Modi, which will “occur shortly”.
This is the second time that ministers from Singapore and India have met through the roundtable, after then Deputy Prime Minister Lawrence Wong launched the inaugural edition in September 2022 during a five-day visit to India.
Dr Balakrishnan said on Aug 26 that both countries want to collaborate on advanced manufacturing and semiconductors – a sector that India wants to expand significantly, and one where Singapore punches well above its weight.
India is also likely to see tremendous growth in aviation in the coming years, having ordered more than 1,000 planes in the past year alone.
In February, Air India ordered 470 planes from Boeing and Airbus, breaking a record for the largest-ever plane deal that had held for over a decade. The record was broken again in June when IndiGo, India’s largest carrier, placed an order for 500 Airbus jets.

This represents great opportunities for services such as maintenance and air operations in the coming years – another niche area where Singapore and its companies are globally competitive, said Dr Balakrishnan.
“A country with more than 1.4 billion people is now embarking on a major upgrade of its aviation sector,” he said. “This is a once in a two, three decade opportunity, and it’s good that we are, in a sense, in the front seat and have a chance (to collaborate).”
Besides Dr Balakrishnan, Singapore was represented at the meeting by Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong, Home Affairs and Law Minister K. Shanmugam, Digital Development and Information Minister Josephine Teo, Manpower Minister Tan See Leng and Transport Minister Chee Hong Tat.

India was represented by Finance Minister Nirmala Sitharaman, External Affairs Minister S. Jaishankar, Commerce and Industry Minister Piyush Goyal, and Electronics and Information Technology, Railways, and Information and Broadcasting Minister Ashwini Vaishnaw.
At the meeting, the ministers reaffirmed the close and longstanding relationship between Singapore and India, underpinned by strong economic and people-to-people ties, said the Republic’s Ministry of Foreign Affairs and Ministry of Trade and Industry in a joint release.
PM Wong said on Aug 26 that he was glad that new ideas for cooperation are being pursued, while progress has been made on several fronts since the 2022 meeting.
At that meeting, both sides had agreed to boost cooperation in several areas: digitalisation, the green economy, skills development, healthcare and food cooperation.

Ministers from Singapore and India at the India-Singapore Ministerial Roundtable at Shangri-La Hotel on Aug 26. ST PHOTO: JASON QUAH
More On This Topic
India, South-east Asia can create new era of opportunity: President Tharman
Beyond aviation, India has more to offer Singapore as engine of growth
Some of these have already borne fruit, such as the link-up between Singapore’s PayNow and India’s Unified Payments Interface in February 2023, which lets financial institutions from both sides transfer funds in real time. Both sides have also facilitated investments into renewable energy, such as green ammonia.
“These initiatives will pave the way for closer strategic cooperation and partnership between India and Singapore,” said PM Wong on Facebook.
Dr Balakrishnan said projects like the digital payments linkage have much more potential, such as to become part of a regional instant payments system. Such a network will facilitate trade and economic development across the region, he added.
That is why cyber security was discussed at the latest roundtable, alongside other ideas on standardising rules and increasing inter-operability so that other countries that want to be part of this network in future can do so more easily, he added.
At a dinner following the roundtable, DPM Gan said Singapore and India are natural partners, with complementary strengths that have allowed both sides to forge strong economic and investment ties.

Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong at a dinner following the India-Singapore Ministerial Roundtable at Shangri-La Singapore on Aug 26. ST PHOTO: JASON QUAH
Indian companies also form one of the largest foreign corporate contingents in Singapore, noted DPM Gan, with firms like Bharti Group headquartered here. Meanwhile, the Republic’s firms have had longstanding operations in India – such as CapitaLand, which marks the 30th anniversary of its Indian operations in 2024.
“I am confident that the discussions we had today, and those in the future, will pave the way to foster greater collaboration between Singapore and India,” he said.
Earlier in the day, the Indian delegation called on PM Wong. The Indian ministers were also hosted to lunch by President Tharman Shanmugaratnam.
The second India-Singapore Business Roundtable, which was held in parallel with the ministers’ dialogue, was attended by 12 business leaders from Singapore and India, namely Blackstone Singapore, GIC, Temasek, Singapore Airlines, DBS Bank, Sembcorp and CapitaLand from Singapore; and Bharti Enterprises, Mahindra Group, TVS Motor, National Investment and Infrastructure Fund, and Protean eGov Technologies from India.

 

[LITTLEREDDOT]

Singapore, India working to upgrade ties to comprehensive strategic partnership​

Four MOUs were exchanged on Sept 5, witnessed by PM Lawrence Wong (right) and Indian PM Narendra Modi, who is in the Republic on an official visit. PHOTO: LIANHE ZAOBAO

Anjali Raguraman
Correspondent

Sep 06, 2024


SINGAPORE – India and Singapore have strengthened ties and agreed to elevate their relationship to a comprehensive strategic partnership during Prime Minister Narendra Modi’s official visit to Singapore.
The intent to upgrade ties from the existing strategic partnership was announced in a Facebook post by Prime Minister Lawrence Wong on Sept 5.
“Singapore and India share a deep and enduring friendship built on strong economic and people-to-people ties,” said PM Wong, adding that the move is a timely one.
The countries will be marking 60 years of diplomatic relations and the 10th anniversary of the bilateral strategic partnership in 2025.
A comprehensive strategic partnership will deepen existing areas of cooperation and enable new ones. Australia is the only country with which Singapore has such a partnership. The Republic is also exploring the possibility of ones with Vietnam and France.
Signalling a greater cooperation in various sectors, India and Singapore exchanged agreements earlier in the day to help firms here tap India’s growing semiconductor industry and tighten digital links between the two countries.
They will also step up cooperation in areas such as skills development and healthcare.

Four memorandums of understanding (MOUs) were exchanged at Parliament House, witnessed by both prime ministers.
These were first signed by Singapore and India ministers on the sidelines of the second edition of the India-Singapore Ministerial Roundtable (ISMR), which was held at Shangri-La Singapore on Aug 26.
Mr Modi, who is in Singapore for two days from Sept 4, earlier received a ceremonial welcome by PM Wong at Parliament House.

Prime Minister Lawrence Wong and Indian Prime Minister Narendra Modi inspect an honour guard on Sept 5. PHOTO: MDDI

Semiconductors​

India aims to grow its semiconductor industry and become a global node for semiconductor manufacturing, while players in Singapore’s established ecosystem are looking to enter emerging markets.
The MOU in this area will see both countries support India’s growth plans and facilitate the entry of Singapore companies and supply chains in the Indian market.
It was signed between Singapore’s Ministry of Trade and Industry and India’s Ministry of Electronics and Information Technology.
The partnership includes government-led policy exchanges on ecosystem development, supply chain resilience and workforce development.
Semiconductors and advanced manufacturing were identified as new areas for bilateral collaboration at the second ISMR dialogue between ministers.

Digital technologies​

To encourage greater interoperability between Singapore and India’s digital economies, an agreement was inked for digital technologies.
The deal includes the exchange of knowledge and expertise on digital public infrastructure such as digital IDs, payments and data exchange.
The MOU was signed between Singapore’s Ministry of Digital Development and Information and India’s Ministry of Electronics and Information Technology.
This builds on existing cooperation efforts such as the real-time payment systems linkage between Singapore’s PayNow and India’s Unified Payments Interface launched in February 2023.
The link allows bank customers in Singapore and India to send and receive funds via their bank accounts and e-wallets instantly across the two countries.
Singapore and India banks and companies also pioneered a fully paperless transaction process involving traders, shippers and banks in August 2023. It showcased the digitalisation of cross-border trade financing documentation using the TradeTrust framework.
Both countries are working to update and renew a 2015 agreement on cyber-security cooperation between the Singapore Cyber Emergency Response Team and India’s Computer Emergency Response Team.

Cooperation in education, healthcare​

Technical education, alongside training and skills development, was among the areas of collaboration agreed upon between Singapore’s Ministry of Education and India’s Ministry of Skill Development and Entrepreneurship.
The higher education institutes of both countries will cooperate in areas such as reskilling and upskilling of workforces, student and staff exchanges, and the training of teachers. They will also include student internships and faculty industrial attachments.
On the medical front, an MOU was signed between Singapore’s Ministry of Health and India’s Ministry of Health and Family Welfare.
The two countries will strengthen cooperation in healthcare, medical education, research, and human resources development, including in areas such as disease surveillance, maternal and child health, prevention of communicable and non-communicable diseases, and pandemic preparedness.
The four MOUs were exchanged between India’s Minister of External Affairs S. Jaishankar and Singapore’s Foreign Minister Vivian Balakrishnan.

India’s Minister of External Affairs S. Jaishankar (centre, left) and Foreign Minister Vivian Balakrishnan (centre, right) at the exchange of the MOUs. PHOTO: LIANHE ZAOBAO

India as a ‘leading centre of growth’​

Both prime ministers met on Sept 5 to discuss India’s potential as a leading centre of growth over the next decade, driven by both social and digital investments across its population, as well as its new economic linkages, Singapore’s Ministry of Foreign Affairs (MFA) said in a statement.
Areas of potential collaboration include cross-border electricity trade and green ammonia supply chains, enhancing cross-border data flows via the finance hub of Gujarat International Finance Tec-City or Gift City, and cooperation in developing industrial parks in India.
Both countries are also looking into an agreement on the bilateral trade of carbon credits.
MFA added that Mr Modi had thanked PM Wong for extending support for India’s candidature as a non-permanent member of the United Nations Security Council for the 2028–2029 term, along with reaffirming Singapore’s continuing support for the country as a permanent member of the reformed council.
During opening remarks at his meeting with PM Wong, Mr Modi revealed that the first Thiruvalluvar Cultural Centre will open in Singapore.
Named after a Tamil poet and philosopher, such centres, first announced by Mr Modi in April, are a way to “enhance the global reputation of the Tamil language”, according to Indian media reports.
As part of his official visit, Mr Modi called on President Tharman Shanmugaratnam and met Senior Minister Lee Hsien Loong and Emeritus Senior Minister Goh Chok Tong. He was hosted to lunch by SM Lee.

He toured the facilities of semiconductor and electronics Singapore-based company AEM with PM Wong, where they were briefed about the company’s role in the global semiconductor value chain, its operations and opportunities for collaborations with India, India’s Ministry of External Affairs said in a statement.
He then met students from Singapore who did internships in India as part of the India Ready Talent Programme, which offers university and polytechnic students overseas internship opportunities in Indian and Singapore companies in India.

Prime Minister Lawrence Wong (left) and Indian Prime Minister Narendra Modi touring the semiconductor facility of Singapore-based company AEM on Sept 5. PHOTO: MDDI
Mr Modi met interns from India’s technical skills institute World Skill Centre, which is in the city of Odisha, who are working in companies here.
He also attended a business roundtable at Shangri-La hosted by the Singapore Business Federation and attended by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, where he interacted with chief executives of leading Singaporean companies.
Encouraging more Singaporeans to get to know India, Mr Tharman said in a Facebook post later on Sept 5 that Singapore-India relations are revving up, “and both countries will be better for it”.
He noted India’s dramatic story of human development, having uplifted hundreds of millions of people over the last decade through everything from better maternal and child health, access to electricity, water and sanitation, and gaining digital identities via which they conduct banking activities – sans middlemen.
“A dramatic story of human development, with more to come,” Mr Tharman wrote.

 

[LITTLEREDDOT]

Temasek in talks for $1.3 billion-plus stake in India’s biggest snack maker​

Temasek has deployed nearly US$37 billion in India over the past two decades. ST FILE PHOTO

Oct 04, 2024

MUMBAI - Temasek is in talks to buy a minority stake in Haldiram Snacks, people familiar with the matter said, a transaction that may value India’s biggest snack maker at about US$11 billion (S$14.3 billion).
The Singapore state investor is holding preliminary talks to buy a 10 per cent to 15 per cent stake in Haldiram, the people said, asking not to be identified because the matter is private.
This works out to a possible US$1 billion-plus stake in the Indian company.
The investment may serve as a stepping stone towards a potential initial public offering (IPO) of the company, the people said.
Talks are ongoing and may not lead to a transaction, the people said, adding that the company has drawn interest from other prospective bidders.
A representative for Temasek declined to comment, while Haldiram did not have an immediate comment.
Founded by Ganga Bishan Agarwal in the 1930s in north India, Haldiram sells a range of foods from sweet and savoury snacks to frozen meals and breads.

It also runs 43 restaurants in and around Delhi, according to its website.
The Agarwal family has been exploring options including a sale of the business and a potential IPO, Bloomberg News has reported.
Global investors have been increasing their focus on India, lured by its rapid economic growth. That has turned the country into a hotspot for deal-making.
Temasek has deployed nearly US$37 billion in India over the past two decades, according to Mr Vishesh Shrivastav, its managing director for India investments. That figure is set to rise sharply, with the company saying last year it planned to commit billions more.
Temasek has been targeting minority stakes and helping Indian companies to grow, largely eschewing the trend of taking majority holdings in firms based in the world’s most populous country. Core areas include digitalisation, consumption and sustainable living, according to Mr Shrivastav.
Those potential minority investments include VFS Global, in a transaction valuing the visa outsourcing and technology services firm at about US$7 billion including debt, Bloomberg News has reported. BLOOMBERG

 

[LITTLEREDDOT]

Super-rich Indian families join Ambanis in setting up family offices in Singapore​

Singapore is now home to almost 60 per cent of Asia’s family offices. ST PHOTO: JASON QUAH

Angela Tan
Senior Business Correspondent

Nov 07, 2024

SINGAPORE – A new cohort of young, successful Indian business elites are joining the Ambanis, the family behind Indian conglomerate Reliance Industries, in setting up their family offices in Singapore to preserve and grow their wealth.
The Ambanis, one of India’s wealthiest and most influential families, set up a family office here in 2022.
Many of these families come from humble beginnings and now want to ensure their prosperity is passed down to the next generation, along with the values that helped grow it.
To avoid family feuds, they are setting up family offices here for effective governance, communication and decision-making. An estimated US$4 trillion (S$5.3 trillion) of wealth among the Indian diaspora will transfer from one generation to the next in the coming decade, according to DBS Bank.
Mr Shee Tse Koon, head of consumer banking and wealth management at DBS, said: “Singapore is a top destination for ultra-high-net-worth individual Indian families looking to establish a family office outside of India, thanks to its stable political and economic climate, favourable business environment and tax regime.”
Mr Arvind Tiku, founder and group chairman of investment firm AT Capital, said Singapore’s regulatory environment, as well as its credibility and transparency, places it ahead of other destinations.
Singapore is now home to almost 60 per cent of Asia’s family offices. The number of wealthy families coming here is projected to have risen from 2,800 in 2022 to 3,200 in 2023, DBS said.

The bank on Nov 5 launched its sixth annual family office report, with the 2024 edition examining the Indian family offices.
It estimated that there are more than 13,200 Indians with a net worth greater than US$30 million, and this number is expected to increase rapidly.
In 2023, around 6,500 high-net-worth Indians were estimated to have left India for destinations such as Dubai, Singapore, Europe and the US.

As their wealth increases, many wealthy Indians seek a formal family office structure to avoid compliance and governance issues.
“Typically, what you’ll find in the joint family system is that the operating company will also manage the family’s investments,” said Mr Amit Patni, founder and director of Raay Foundation.
“People tend to use company cash flow to keep expanding without thinking about safeguarding enough money for the family,” he added.

Mr Patni’s father and his brothers started Patni Computers in the 1970s and were one of the pioneers in the information technology space in India.
Over the decades, the company grew to close to US$1.5 billion. They sought a public listing in 2004, and in 2011 IT firm iGate bought Patni Computers for US$1.5 billion.
After the sale of the business and the division of wealth, Mr Patni set up a single family office – Raay Global Investments – to ensure his inheritance became a vehicle for growth and entrepreneurship.
“My family office has done all the trust management and estate planning for my children, so if anything happens to me, it will continue working for the family without any confusion,” he said.
Rich Indian diaspora who are not yet in the billionaire category – typically families with more than US$5 million in investible assets – make their first foray into more formal office structures through a multi-family office (MFO), which has emerged as a fast-growing segment of the industry.
An MFO lets different wealthy families pool their resources to access high-calibre, personalised financial advice while remaining cost-effective.
Mr Vimal Shah, chairman of East African fast-moving consumer goods company Bidco Africa, relies on a network of MFOs scattered across Singapore, Mauritius, Dubai and Switzerland, rather than establishing a single-family office.
“They provide us with all the details and advice about where to invest, which the family then digests before deciding what we want to do,” he said.
This international approach is increasingly applied by super-rich Indians in the diaspora seeking opportunities beyond their homeland.
When it comes to parting with their money, the younger super-rich Indians and those living overseas are increasingly investing in technology-based start-ups to build wealth.
Over the past two decades, Indian family offices have backed more than 200 start-ups and remain active participants in start-up funding rounds, the DBS report said.
Until recently, wealthy Indian families were most likely to invest their wealth in physical assets, such as real estate and gold. Around a third of their assets comprise residential real estate properties, both at home and abroad.
But high interest rates and soft property markets post-Covid-19 have left some families rethinking the value of their real estate investments.
Mr Patni said: “Investing in real estate in India isn’t as easy as it might be in Singapore or elsewhere, and it’s also a very volatile sector.
“I thought for a long time that the real estate environment in the UK was very good, and then Brexit, Covid-19 and the Ukraine war hit, and suddenly the returns weren’t great.”

Today, Indian diaspora family offices are diversifying their asset mixes to incorporate more public and private equity market investments, including alternatives.
Geography also matters. Super-rich Indians prefer the US for global investing, although some also show interest in emerging markets such as India and the Middle East. Rich Indians living overseas also tend to prefer investing outside of India, compared with those who reside at home.