In the middle of global uncertainties, India has the momentum, says CEO of GIC Singapore
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Mumbai: The expanding middle class will be driving the India investments of GIC, the sovereign wealth fund (SWF) of the Government of Singapore, spawning opportunities in derivative sectors like healthcare, financial services, real estate, consumer focused technology and even infrastructure across their evolutionary stages, said a top executive of the firm. Over three decades, GIC has become the largest foreign portfolio investor as well as SWF in India, with around $28 billion deployed in Indian public markets alone as on December end, according to Prime Database, which tracked investments in listed companies of over one percent. In financial services alone it has invested $20 billion in banks, financial institutions, insurers and NBFCs like HDFC Bank, ICICI Bank, Bajaj Finance, SBI Life Insurance among others. In the past five years, the sovereign fund has doubled its investments in India. "India's importance will only grow. I ...