India is projected to be the world's fastest growing economy and Singapore's close economic cooperation with it would be mutually beneficial, says a senior Singaporean minister. Noting Prime Minister Narendra Modi's various economic initiatives , S Iswaran, Minister of Trade and Industry said against the backdrop of a gloomy economic outlook globally, India remains a bright spot. The minister was speaking at the Republic Day reception hosted by the Indian High Commissioner Vijay Thakur Singh in Singapore. Speaking on urban planning,the minister said , the Singapore government had worked closely with the government of Andhra Pradesh to master plan the state capital Amaravati.The minister added that Singapore will also share its experience in education, in particular skills development with various Indian states.