New Delhi: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman today led the third India–Singapore Ministerial Roundtable (ISMR) in New Delhi, joined by Union External Affairs Minister Dr. S. Jaishankar, Union Minister for Commerce and Industry Piyush Goyal, and Union Minister for Railways, Electronics & IT, and Information & Broadcasting Ashwini Vaishnaw.
The Singapore delegation was headed by Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry. Senior Singaporean ministers in attendance included Coordinating Minister for National Security and Minister for Home Affairs K. Shanmugam, Minister for Foreign Affairs Vivian Balakrishnan, Minister for Digital Development and Information and Second Minister for Home Affairs Josephine Teo, Minister for Manpower and Second Minister for Trade and Industry Tan See Leng, and Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow.
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Strategic Dialogue Across Six Pillars
The discussions built upon the elevation of bilateral ties to a Comprehensive Strategic Partnership during Prime Minister Narendra Modi’s visit to Singapore in 2024. Both sides reviewed progress and set future goals under the six identified ISMR pillars:
- Digitalization
- Skill Development
- Sustainability
- Healthcare & Medicine
- Advanced Manufacturing
Connectivity
Ministers noted that the second ISMR meeting had already yielded tangible outcomes, including MoUs on Healthcare, Skill Development, Digital Cooperation, and Semiconductor Ecosystem Collaboration. The 3rd ISMR focused on accelerating cooperation in these domains and exploring joint projects to address supply chain resilience, green technologies, and innovation-driven industrial growth.
Business and Investment Engagement
On the sidelines, ministers from both countries interacted with delegates of the India–Singapore Business Roundtable (ISBR) to deepen trade and investment partnerships. Discussions explored opportunities in emerging technologies, renewable energy, advanced manufacturing, and infrastructure, aiming to translate policy frameworks into actionable business ventures.
Expanding Bilateral Trade
Economic ties between India and Singapore continue to grow steadily.
In June 2025, India exported goods worth $980 million to Singapore — a 2.49% rise from $956 million in June 2024.
Imports from Singapore surged 18.2% year-on-year to $1.89 billion, widening India’s trade deficit with Singapore to $913 million for the month.
Top Indian exports to Singapore in June 2025 included:
- Petroleum Products – $359M
- Electrical Machinery & Equipment – $156M
- Ships, Boats & Floating Structures – $110M
The growth in exports was driven by strong gains in Ships, Boats & Floating Structures (+279%), Organic Chemicals (+98.2%), and Residual Chemicals & Allied Products (+207%).
Key imports from Singapore were:
- Electronic Components – $306M
- Computer Hardware & Peripherals – $202M
- Coal, Coke & Briquettes – $196M
Import growth was led by Computer Hardware & Peripherals (+71.8%), Electronic Components (+36.7%), and Crude Petroleum (+100%).
Long-Term Economic Profile
In 2023, India exported $10.4 billion to Singapore, ranking it as India’s 8th-largest export market. Refined petroleum made up over half of these exports at $5.36 billion.
Singapore exported $7.25 billion to India in 2023, with refined petroleum as its top export at $774 million.
India’s Economic Complexity Index (ECI) stood at 0.65 (39th globally), while Singapore ranked 6th with an ECI of 1.62.
The 3rd ISMR underscored the commitment of both nations to not only advance strategic cooperation but also expand trade, investment, and innovation linkages, reinforcing their role as pivotal partners in the Indo-Pacific economic landscape.
