India needs human capital reforms

Fintech and green finance could play a critical role in achieving inclusive growth and broad-based prosperity in India, said Singapore’s Senior Minister Tharman Shanmugaratnam.

Also, he has highlighted India’s need for structural reforms in the areas of human capital and developing cleaner and smarter cities.

Addressing the Third Suresh Tendulkar Memorial Lecture on 7 Jan 2020 in Mumbai, Tharman noted reforms on education, health care, skill matching and labour market reforms as part of the country’s human capital development.

He also noted that new cities could serve as crucibles of inclusive growth.

Tharman spoke on the theme of “Broad-based Prosperity: Tackling the Fundamentals” focusing on problems and challenges in social and economic transformation that are critical to achieve broad-based prosperity the lecture hosted by RBI.

Earlier, during his meeting with Prime Minister Narendra Modi in New Delhi on 6 Jan 2020, Tharman assured that Singapore and its companies are optimistic about India’s long-term prospects.

He pointed out that Singapore firms are growing their investments in India, including in technology parks and logistics.

India and Singapore are also deepening collaboration in the digital economy, including linking up electronic payments systems and national single window platforms for trade.

Modi and Tharman expressed satisfaction at the “rapid pace of bilateral relations” between Singapore and India.

They discussed several matters in economic cooperation, including infrastructure, skills, India-Singapore Comprehensive Economic Cooperation Agreement (CECA) and the digital economy.

Modi also expressed his desire to boost cooperation between India and Singapore in the areas of infrastructure, tourism, digital payment systems, innovation and governance, said a release on the Public Information Bureau.

Tharman met with Indian government officials and business leaders. fiinews.com