Investment run-rate in India will continue

Singapore state investor Temasek has seen its India portfolio grow to a record $50 billion in FY25, with the country's share in the firm's total portfolio rising from 5% in March 2021 to 8% in March 2025.

- Vishvesh Shrivastav, MD, Investment (India), Temasek

In an interview with Raghavendra Kamath, Vishesh Shrivastav, managing director, investment (India), said the firm sees strong visibility to sustain its current pace of capital deployment in India, driven by long-term structural trends and promising investment opportunities.

Excerpts: Temasek's exposure to India is increasing, while its exposure to China is declining. What are the reasons behind this shift?

We don't have top-down targets for how much we want in a specific country. Every investment is evaluated on its own merit against global opportunities. When we began investing outside Singapore 20 years ago, India and China were our first destinations. About a decade ago, we began investing directly in the US and Europe. As those portfolios have expanded, we've allocated more capital there, and China's share has declined proportionally. However, in absolute terms, our China portfolio is still larger this year than last. India, on the other hand, continues to attract us due to its favourable demographics—young, aspirational, and large.

What are the bright spots you see in India?