1.             I am very happy to join you this evening to celebrate India's 60th Year of Independence.  Singapore is honoured to be one of the sites for this year-long series of India@60 events.  

2.             India has achieved much in these 60 years, especially since the 1990s, when it started to reform and open up.  It is undergoing a historic transformation, and taking off on a new path of sustained and resilient growth.  This year, despite the troubles in the US economy, the most conservative forecasts are that India will achieve at least 7 percent growth.  This dynamism has contributed to Asia’s economic vitality, and created many new opportunities for the region.  In Southeast Asia, we count ourselves lucky to be neighbours to both India and China, the two fastest growing economies in the world. 

3.             India’s dramatic progress has only proved how much greater still its true potential is.  India needs to make many further changes.  Each step forward opens up new opportunities which demand creative responses, from the economy, the society and the political system.  As Prime Minister Manmohan Singh said on India’s 60th Independence Day, India has a “long march ahead … [and] needs at least a decade of hard work and sustained growth to realise [its] dreams”.  With the Prime Minister pushing for reforms, which he himself had initiated as Minister of Finance in 1991, I believe that India will continue to progress, overcome the old obstacles and resistance to change, and sustain a higher rate of growth.
  
4.             India’s rapid emergence has brought about a new sense of hope and dynamism in its people.  Young Indians show growing confidence in their capabilities, and great determination to improve their lives.  Their drive and desire to succeed is palpable.  Indian entrepreneurs are aiming high and achieving success, not just in India but also in the global league.  Companies like Infosys, Tata and Mittal are making a mark abroad.  Mittal Steel has made acquisitions from China to Latin America, and in 2006, merged with its European rival after an epic battle to form Arcelor-Mittal, the largest steel company in the world. Tata Motors, producer of the 1-lakh “Nano”, has recently acquired two premium auto brands – Jaguar and Land Rover.  These are just the most visible signs of how India is integrating itself into the world economy.

5.             At 60, India is a relatively young republic.  But of course the Indian civilisation goes back more than four thousand years.  The imprint of this great civilisation can be found all over Asia, including in Singapore.  Pre-colonial Singapore itself was part of Indianized kingdoms like Srivijaya.  Our name is derived from the Sanskrit term “Singa-pura”, which means "Lion City". 
 
6.             Whether in religion, culture, arts or literature, many things we accept as part of the region today trace their sources back to India. For example, Buddhism originated in India and spread to China, Korea, Japan and Southeast Asia.  One of the major centres of Buddhist learning was the ancient Nalanda University in modern day Bihar.  Nalanda was a renowned institution of higher learning, drawing students from all over the region.  I am glad that the Indian Government is planning to rebuild the university into a centre of civilisational dialogue and inter-faith understanding, as the original Nalanda once was.  
 
7.             Today, India’s “soft power” is growing, and being felt all over the region.  Bollywood makes more movies and sells more tickets than any other film industry in the world.  It has an enormous global following, extending well beyond the Hindi-speaking world.  Indian fashion is taking off, and gaining popularity abroad with its creative designs, as we will see at the fashion show later.  In sports, India is already a powerhouse in games like cricket and hockey.  Now, it has its own team – Force India – participating in the Formula One race.  And in 2010, India will feature prominently on the sports calendar, when New Delhi hosts the Formula One Grand Prix, as well as the Commonwealth Games.  
 
8.             Singapore is happy that India is moving forward and taking its rightful place amongst the nations of the world. Our two countries share excellent relations based on mutual respect and common interests.  Both governments have been working closely together to grow this relationship.  Later this month, a Joint Ministerial Committee will meet in New Delhi, co-chaired by the two Foreign Ministers.  It will be the first ministerial-level bilateral mechanism to oversee our cooperation projects.
 
9.             We have also institutionalised mechanisms to encourage interactions at all levels. One key framework for broad economic engagement is the Comprehensive Economic Cooperation Agreement (or CECA).  In the three years since we signed CECA in 2005, our business ties have flourished.  Bilateral trade grew by 20% last year, even faster than Singapore’s trade with China.  Investments are flowing in both directions.  More local companies are venturing to India, making Singapore one of the largest investors in India.  At the same time, more Indian companies are setting up in Singapore.  We are home to 3,000 Indian companies, spanning a diverse spectrum of businesses – IT services, education, logistics and manufacturing, just to name a few.  Our people-to-people links are thriving too.  Last year, we welcomed nearly 750,000 visitors from India, making India our fastest growing source of tourists.
 
10.        Besides the CECA, we have set up the India-Singapore Strategic Dialogue, which will hold its inaugural meeting in Singapore in May.  The Dialogue provides a Track 2 platform for think-tanks and businessmen to jointly explore new areas of bilateral cooperation and to exchange views on regional and international issues. 
 
11.        I am therefore confident that the India-Singapore partnership will be put on a more robust and mature footing.  The relationship is blossoming at all levels, and involving the private, public and people sectors.  Events like this India@60 celebration help us to appreciate and understand the diverse facets of India, as well as the many aspects of our shared heritage.  As our links and interactions grow, we can all look forward to continuing warm and productive India-Singapore ties, and to a brighter future in a dynamic and vibrant Asia.
 

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