1. I had a series of back-to-back meetings today. After a meeting with Rahul Gandhi, I was hosted to lunch by the Commerce Minister Kamal Nath. I then called on Finance Minister Chidambaram, Petroleum and Natural Gas Minister Murli Deora, Human Resource Development Minister Arjun Singh and Prime Minister Manmohan Singh. My meeting with Foreign Minister Pranab Mukherjee was followed by an official dinner at Hyderabad House.
2. Singapore's relations with India have never been better. They have expanded from the political and economic domains to defence, culture and education. Our reputation for competence and reliability stands us well. This a mutually-beneficial long-term partnership. India's 'Look East' policy was a major strategic move. As Singapore's presence in India grows, so, too, India's presence in Singapore. There are now over 2000 Indian companies in Singapore.
3. The Indian economy is entering a new phase of comprehensive growth. Everywhere there are bottlenecks. The fear is inflation which has reached 6%. If the supply side can be eased, India can achieve double-digit growth. But, as in many countries, the growth is uneven. The rural sector
lags. Because of land reform carried out when the Communist Party took over the government in 1977, West Bengal's farmers are relatively better off. In free elections, the Communist Party has increased its share of seats from two thirds to three quarters. The states of Bihar and Uttar Pradesh are being left behind because of caste conflict. Compared to China, India is much more diverse. But it is also making good progress. Thousands of kilometers of highways are being built. Hundreds of billions of dollars will be pumped into physical infrstructure in the coming years.
4. Manufacturing in India is growing at double-digits. This has surprised many analysts who once thought that India would only be good in services. Even in textiles, India is holding its own. Order books are full.
5. With opportunities simultaneously opening up for us in India, China, Vietnam, the Middle East and elsewhere, this is an exciting time for us. At the steel town of Jamshedpur, I saw big letters written on a wall saying 'will to work, will to win'. That should also be our motto.
George Yeo
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