Noting Prime Minister Narendra Modi's various economic initiatives and reforms to further boost developments in the country, S Iswaran, Minister of Trade and Industry said "against the backdrop of somewhat gloomy economic outlook globally, India remains a bright spot."

"India is projected to the be world's fastest growing major economy this year. It was the world's top FDI (Foreign Direct Investment) destination in the first half of 2015 with USD 31 billion greenfield investment," said Iswaran at the Republic Day reception hosted by the Indian High Commissioner Vijay Thakur Singh.

Iswaran also highlighted India-Singapore strategic partnership, which elevated the diplomatic relations between the two countries last year, saying it "will allow our two countries to collaborate on a wide range of initiatives and also on opportunities that arise from India's and Asia's growth story."

The minister said that Singapore is also going to share experience in education, in particular skills development with various Indian states.

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