Singapore Singapore investor Temasek expects India's growth to remain strong over the next two years, driven by infrastructure-driven capital spending and a recovery in private consumption.
Temasek on Tuesday reported a SGD 7 billion increase in its net portfolio value (NPV) to SGD 389 billion for the financial year ended March 31, 2024, driven mainly by gains in US investments. and India.
India has continued to experience strong economic momentum along with improving macro and political stability, the company said in a statement.
"We expect growth to remain strong over the next two years, driven primarily by infrastructure-driven capital spending, accelerated supply chain diversification and a recovery in private consumption," Temasek said.
Temasek said its net portfolio value (NPV) increased by SGD 7 billion to SGD 389 billion for the financial year ending March 31, 2024.
"The increase was mainly due to returns on our investments in the United States and India, offset by the poor performance of China's capital markets," he said.
Temasek said it maintained a cautious but steady investment pace amid global economic uncertainties, investing SGD26 billion in opportunities in sectors such as technology, financial services, sustainability, consumer and healthcare, aligned with the four structural trends of digitalization, sustainable living, future of consumption and a longer useful life.
Excluding Singapore, the United States remained Temasek's top capital destination, followed by India and Europe, while it has also stepped up investment activities in Japan.
Temasek divested SGD33 billion during the year. Of this, around SGD10 billion was due to capital redemption by Singapore Airlines and Pavilion Energy for their mandatory convertible bonds and preference shares respectively.
Overall, Temasek had a net divestment of SGD 7 billion, compared to a net investment of SGD 4 billion a year ago.
"We invested in electric vehicle companies Mahindra Electric Automobile in India and BYD in China, sustainable battery solutions provider Ascend Elements in the US and electrolyser maker Electric Hydrogen in the US," he added.
Temasek on Tuesday reported a SGD 7 billion increase in its net portfolio value (NPV) to SGD 389 billion for the financial year ended March 31, 2024, driven mainly by gains in US investments. and India.
India has continued to experience strong economic momentum along with improving macro and political stability, the company said in a statement.
"We expect growth to remain strong over the next two years, driven primarily by infrastructure-driven capital spending, accelerated supply chain diversification and a recovery in private consumption," Temasek said.
Temasek said its net portfolio value (NPV) increased by SGD 7 billion to SGD 389 billion for the financial year ending March 31, 2024.
"The increase was mainly due to returns on our investments in the United States and India, offset by the poor performance of China's capital markets," he said.
Temasek said it maintained a cautious but steady investment pace amid global economic uncertainties, investing SGD26 billion in opportunities in sectors such as technology, financial services, sustainability, consumer and healthcare, aligned with the four structural trends of digitalization, sustainable living, future of consumption and a longer useful life.
Excluding Singapore, the United States remained Temasek's top capital destination, followed by India and Europe, while it has also stepped up investment activities in Japan.
Temasek divested SGD33 billion during the year. Of this, around SGD10 billion was due to capital redemption by Singapore Airlines and Pavilion Energy for their mandatory convertible bonds and preference shares respectively.
Overall, Temasek had a net divestment of SGD 7 billion, compared to a net investment of SGD 4 billion a year ago.
"We invested in electric vehicle companies Mahindra Electric Automobile in India and BYD in China, sustainable battery solutions provider Ascend Elements in the US and electrolyser maker Electric Hydrogen in the US," he added.
