Staff Reporter

Union Minister Dr. Jitendra Singh said that India is now an attractive hub for foreign investments in the manufacturing sector. He said, with emerging technologies like blockchain, nano technology, quantum computing, the internet of things, artificial intelligence, India aspires to be in the league of top 25 innovation nations. He was speaking in the 28th edition of DST-CII India-Singapore Technology Summit today.

The Minister said that with the help of Make in India drive, India is on a path of becoming the hub for hi-tech manufacturing as global giants have either set up or are in process of setting up manufacturing plants in India, attracted by India’s market of more than a billion consumers and an increasing purchasing power.

Dr Singh said that under Prime Minister Narendra Modi, India, with over 1 thousand 200 government-funded research institutions, proactive policy mechanism, a collaboration between Industry and academia, is readying itself for an era of an innovation economy.

In the summit, Singaporean Minister for Transport and Minister-in-charge of Trade Relations, Mr. S Iswaran said that Bi-lateral trade between India and Singapore increased by 35 percent from 19.8 billion dollars to 26.8 billion dollars from 2020 to 2021.