NRIs bullish on India's growth

The current global downturn has made India even more desirable to non-resident Indians who are bullish about the country's growth and continue to invest heavily in the country of their origin, a report said.

"Global Indians: A study of investment attitudes" released today by the HSBC and the UK India Business Council provides new insight into non-resident Indians attitudes towards the Indian economy.

According to the report, 85.7 per cent of the NRIs said "global recession has made India more attractive to businesses overseas."

As much as 97.6 per cent of the NRIs described India's business potential as good or excellent while 95.3 per cent felt that India would fare better than their country of

residence during the downturn, mainly due to sluggish growth and saturated markets in developed countries, coupled with strong domestic demand driven by the expanding middle classes.

The most alluring sectors were found to be Information and Communication Technology (ICT), followed by the built environment, life sciences and creative and media. This is consistent with UKIBC's and UK Trade & Investment's priority sectors for UK Plc in India.

Commenting on the report, UKIBC CEO Sharon Bamford said, "Global Indians have an overwhelming confidence in India's emergence and this is reflected in their existing and planned investment and business links with India.