Q. Consider the following statements:
1.Singapore has been a major source of Foreign Direct Investment (FDI) for India.
2.Singapore is one of India’s largest trade partners within Association of Southeast Asian Nations (ASEAN).
3.India’s Unified Payments Interface (UPI) is operational in Singapore.
Which of the statements given above are correct?
Explanations –
Statements 1, 2 and 3 are correct. Singapore has consistently been one of the largest sources of FDI for India. In the fiscal year 2023-24, Singapore was the largest source of FDI into India, contributing $11.77 billion in investments. Singapore is a significant trade partner for India within ASEAN. It was the sixth largest global trade partner of India in 2023-24, accounting for a substantial portion of India’s trade with ASEAN. India’s UPI has been integrated with Singapore’s PayNow system, allowing for seamless cross-border transactions between the two countries. Singapore is India’s sixth largest trade partner with a share of 2.9 percent of India’s overall trade.
Source: DD News
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