Temasek forecasts robust growth for India over next two years

10 Jul 2024 CW Team

Temasek, a prominent Singapore investor, anticipates India's economy will maintain strong momentum over the next two years, buoyed by significant infrastructure investments and a rebound in private consumption. The company reported a SGD 7 billion increase in its Net Portfolio Value (NPV) to SGD 389 billion for the fiscal year ending March 31, 2024, largely driven by gains from investments in the United States and India.

Highlighting India's economic resilience amid improving macroeconomic and political stability, Temasek emphasised expectations for sustained growth.

They underscored infrastructure-driven capital expenditure, accelerated diversification in supply chains, and a resurgence in private spending as key drivers of this anticipated economic strength.

Temasek's investment strategy remains cautiously optimistic amidst global economic uncertainties, with SGD 26 billion deployed across technology, financial services, sustainability, consumer goods, and healthcare sectors.

Their strategic focus aligns with digitisation, sustainable living, evolving consumption patterns, and increasing life spans globally. While Temasek scaled up investments in Japan and Europe, excluding Singapore, the United States continued to be the primary destination for their capital, followed closely by India.

The year also saw significant divestments amounting to SGD 33 billion, including redemptions by entities like Singapore Airlines and Pavilion Energy. Temasek's net divestment for the year was SGD 7 billion, marking a strategic balance in their portfolio management approach.

(Source: ET)

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