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Global companies, including from Singapore, which are keen to double down on their investments are now further relying on India and trusting its robust growth story, the PHD Chamber of Commerce and Industry (PHDCCI) said on Wednesday. 

Speaking to IANS, Dr SP Sharma, Chief Economist and Deputy Secretary General of PHDCCI, said that India is a very resilient economy that will continue to grow rapidly in the future.

He reacted after global real asset manager CapitaLand Investment Limited (CLI) announced to more than double its funds under management (FUM) in its core market India to $14.8 billion Singapore dollars (Rs 90,280 crore) by 2028 -- up from the current 7.4 billion Singapore dollars – as Prime Minister Narendra Modi began his two-day official visit to Singapore.

“Our goal is to make India a developed nation by 2047, which requires substantial infrastructure development. Infrastructure is the backbone of our journey towards 2047, necessitating development in roads, sports facilities, airports, and railway tracks,” Dr Sharma told IANS.

Investment always seeks promising growth opportunities, and India is one of those opportunities.

“The world is confident in India’s growth potential, and as our plans and welfare schemes continue, our progress will remain intact. Companies will continue to invest in India and will benefit greatly from it,” Dr Sharma noted.

India is emerging as a rapidly growing economy, and we have confirmed that we can advance at a very fast pace.

“Our resilience is very strong, particularly in our post-pandemic growth, which has been above 8 per cent. Previously, our growth was around 7.5 to 8 per cent annually but this year, with the latest figures from the World Bank, we are expected to grow around 7.5 per cent again,” said Dr Sharma.

All global companies, especially progressive organisations, are closely watching India with great interest and focus, recognising that investing in this rapidly growing economy can yield significant benefits, the industry chamber noted.