IBEF: August 22, 2008
New Delhi: According to The Asia Pacific Capital Markets Guide, a report by audit and consultancy firm Grant Thornton, India and China, as two of the fastest growing economies in the Asia Pacific region, will be the key engines for global growth in the coming century.
"India and China will fuel world growth in the coming century. As the economies and markets in the region have deregulated, the opportunities for entrepreneurs and established businesses have grown exponentially," the firm said.
The report says that the two countries would alter the balance of world capital flows as they would generate demand for capital and also provide investment funds to fulfill it. India would draw level with the US by 2050 and the Bric countries (Brazil, Russia, India and China) as a group would better the G7 by 2032.
Grant Thornton's partner Harish said, "India's forecast is to be the fastest growing IPO market in the first half of 2008 in the Asia Pacific region. Yet India appears to be at a relatively early stage of development which suggests that there remains substantial, perhaps enormous potential to be tapped."
The report further added, "A 9 per cent increase in GDP for the second consecutive year, together with unprecedented levels of foreign direct and institutional investment, helped the benchmark stock exchange indices to reach record highs."
More than 100 Indian companies are listed on different international stock exchanges, including New York, NASDAQ, London, Luxembourg, Dubai and Singapore. The Bombay Stock Exchange has the highest number of listed companies in the region, and its overall market capitalisation in 2007 was in excess of US$ 1 trillion for the first time. About 106 companies raised funds totaling US$ 11 billion in 2007, against US$ 7 billion in 2006, making India the seventh largest market in the world in terms of funds raised. (IBEF)
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