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Join Date: 27 Oct 2010
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Indian economy on path to robust growth |
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Indian economy on path to robust growth
Posted on 11/30/2010 Al Mulla Exchange and HDFC Bank jointly held a seminar on The Indian Stock Market Story - Bubble or Long Term? to a packed audience at the Al Andalous Hall in Crowne Plaza Hotel on Nov 29. More than 350 guests were privileged to hear a very enlightening talk on India’s growth story, as one of the decisive nations shaping the contours of the world economy. Welcoming the gathering Mr Hormuzda Davar, Director, Financial Services at the Al Mulla Group recounted the words of US president Barak Obama during his recent visit to India, stating that Indian was no longer an emerging economy but one that has emerged. The chief guest for the evening was Mr Harish Engineer, Executive Director and Country Head Wholesale Banking HDFC Ltd. While Keynote speakers Mr Aseem Dhru, Managing Director of HDFC Securities Ltd and Mr Gaurav Lohia, Senior Manager – Equity Research and Private Banking HDFC Bank Ltd then gave a excellent overview of the Indian economy and the stock market’s performance. Mr Dhru, in an excellent presentation gave some valuable pointers on the trends of the Indian economy as well as the underlying factors which made it as preferred investment destination and one of the world’s most rapidly growing markets. He showed through a very brief slide presentation how India was changing and was projected to be the third largest economy in the world in the next 20 years. Mr Dhru also examined various fundamentals of the economy that indicated a very strong and robust growth unlike many countries in the world. The diverse nature of the Indian economy, as well as the strength of the local market gave India an upper hand vis-à -vis other growing global economies. He pointed at some of the distinctly better reforms undertaken by the government in 2010 and how they would further support the growing economy. Among the many factors contributing to the growth he indicated were good governance, systematic transfer of wealth from urban to rural India, e-governance initiatives, significant rise in spending on farm equipment, seeds etc From a $1.3 trillion economy India was all set to become a $30 trillion economy by 2030 according to a Standard Chartered Bank report. While per capita income was expected to go up from $1100 to $7800, making India a middle income country. Mr Dhru, also pointed out some of the main macro-concerns such a inflation, current account deficit and earnings growth in corporate India decelerating. Mr Gaurav Lohia explained the stock market more elaborately giving the audience some useful tips and incisive understanding on profit. His explanation on the stock market evinced a keen interest from the audience. In the end the verdict was clear that India was on path to a long term and robust growth as all indicators pointed to this. A very interactive question answer session was followed up by a sumptuous dinner. As one of the leading exchange houses in the country, Al Mulla constantly endeavours to impart valuable information to its broad based clientele. The seminar was the third in a series of talks held by Al Mulla Exchange and HDFC Bank giving NRI’s a firsthand update on the Indian economy and the developments. |
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