India and Singapore Strengthen Partnership in Semiconductors, Digital Payments, Healthcare and Green Energy
- MGMMTeam
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India and Singapore have agreed to expand cooperation across several high-priority sectors, including semiconductors, digital connectivity, fintech, green hydrogen, healthcare and industrial parks. The two countries also plan to boost trade in agricultural and processed food products as they work to give greater momentum to their Comprehensive Strategic Partnership.
These priorities were discussed at the fourth India-Singapore Ministerial Roundtable held in Singapore on 20 August 2026. The Indian delegation comprised Finance Minister Nirmala Sitharaman, External Affairs Minister S. Jaishankar, Commerce and Industry Minister Piyush Goyal, and Minister of State for Commerce and Industry and Electronics and Information Technology Jitin Prasada. Their Singaporean counterparts were led by Deputy Prime Minister and Trade Minister Gan Kim Yong, along with other senior ministers.
Progress Across Key Pillars of Cooperation
The ministers reviewed advances made under the six existing pillars of collaboration: advanced manufacturing, connectivity, digitalisation, healthcare and medicine, skills development, and sustainability. They also identified emerging areas for deeper engagement, including the green economy, industrial parks, food security, digital connectivity and fintech, semiconductors, and green shipping.
Both sides noted concrete results already achieved. Transactions under the UPI-PayNow digital payments linkage have risen significantly. A pilot programme for the registration of Indian generic medicines in Singapore is under way. Exports of Indian fruits such as litchis, mangoes, cherries and plums have expanded, while Indian establishments have received approval from the Singapore Food Agency for the export of processed poultry products.
Other developments include continued work on the National Centre of Excellence for Skilling in Chennai, preparations for the fourth Singapore-India Hackathon scheduled for November 2026, the forthcoming rollout of the Green Lane Initiative for semiconductors, progress on a green hydrogen supply chain, and the opening of a Singapore Business Federation office in Bengaluru.
Focus on Semiconductors and Skills Development
Singaporean officials observed that several semiconductor manufacturers have invested in India following a 2024 memorandum of understanding on semiconductor ecosystem partnership. This has created opportunities for Singapore’s small and medium enterprises to enter the Indian market as suppliers and ecosystem partners. Discussions also covered skills training for the Indian workforce to support advanced manufacturing and semiconductor industries, with plans to establish specialised training centres in locations where these investments are concentrated.
New Agreements and Business Engagement
The ministers witnessed the exchange of two memoranda of understanding and one letter of intent. An agreement between India’s Food Safety and Standards Authority and the Singapore Food Agency will enable technical information-sharing on food safety and help facilitate agri-food trade. Another memorandum covers cooperation on maritime heritage. A letter of intent was exchanged for collaboration in telecommunications and broadcasting regulations between the Telecom Regulatory Authority of India and Singapore’s Infocomm Media Development Authority.
The concurrent India-Singapore Business Roundtable brought together industry leaders to discuss ease of doing business, capital market flows, artificial intelligence cooperation, and ways for Indian companies to access international markets through Singapore. Commerce Minister Piyush Goyal addressed the business forum and held meetings with potential investors, while Minister of State Jitin Prasada participated in a dedicated semiconductor industry roundtable.
Both sides also agreed to explore greater engagement between Singapore and individual Indian states, including through regular visits by chief ministers. The Indian ministers called on Singapore Prime Minister Lawrence Wong prior to the roundtable, reaffirming the importance of the platform in advancing the Comprehensive Strategic Partnership.
Broader Strategic Context
The latest roundtable builds on the elevation of India-Singapore relations to a Comprehensive Strategic Partnership during Prime Minister Narendra Modi’s visit to Singapore in September 2024. A detailed roadmap was adopted during Singapore Prime Minister Lawrence Wong’s visit to India in September 2025. Singapore remains one of India’s largest sources of foreign direct investment, and bilateral trade continues to expand.
Discussions also touched on Project Nexus, a multilateral digital payments initiative expected to become operational by 2027, of which both countries are founding members. Cooperation on green and digital shipping corridors and the potential use of green fuels was reviewed as part of sustainability efforts.
The MGMM Outlook
The fourth India-Singapore Ministerial Roundtable highlights the growing depth of the Comprehensive Strategic Partnership, with both nations moving beyond conventional trade to focus on strategic sectors such as semiconductors, digital payments, healthcare, green hydrogen, fintech and advanced manufacturing. The progress achieved through initiatives like the UPI-PayNow linkage, semiconductor collaboration, food exports and skills development demonstrates a practical approach to building resilient economic and technological partnerships that benefit both countries.
The emphasis on investment, innovation and stronger engagement between businesses, governments and Indian states reflects a long-term vision for sustainable growth. As India continues to strengthen its manufacturing capabilities and digital infrastructure, Singapore’s role as a trusted economic and strategic partner is expected to create new opportunities in high-value industries while reinforcing regional connectivity, trade and shared prosperity.
(Sources: The Hindu BusinessLine, ANI News, Economic Times)
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