Economic Indicators for FII's

8/4/2019 Economic Indicators for FII's

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2

State o Indian economyand prospects

The Finance Minister o India presented the

Economic Survey or the year 2010-11 in

Parliament on 25 February 2011.

State of the Indian Economy:

An objective Analysis

The Indian economy has emerged with

remarkable rapidity rom the slowdown causedby the global nancial crisis o 2007-09. With

growth in 2009-10 estimated at 8.0% and

8.6% in 2010-11 as per the Central Statistics

Oce (CSO), the turnaround has been ast and

strong.

Growth is strong in 2010-11 with a rebound

in agriculture and continued momentum

in manuacturing, though there was a

deceleration in services caused mainly by

the deceleration in community, social and

personal services, refecting the base eect o

scal stimulus in the previous two years. That

there has been a deceleration in industry and

manuacturing, in particular, as indicated by

index o industrial production (IIP) data is a

matter o some concern. However, buoyancy

in other indicators o industrial perormanceand the short-run nature o the IIP slowdown

suggest that the deceleration is more in the

nature o road bumps than indication o any

long-run problem. The medium to long-run

prospect o the economy, including the

industrial sector, continues to be positive.

On the demand side, a rise in savings and

investment and pickup in private consumption

have resulted in strong growth o the GDP at



In brie Economic indicators or 2010-11 relevant to nancial institutional investors | 3

constant market prices at 9.7% in 2010-11.

A sequenced and gradual withdrawal o the

monetary accommodation is helping contain

infationary pressures. Infation which remained

elevated levels or a large part o the current

scal was largely driven by ood items, though

the goods that were infating at the start o the

scal year were dierent rom the goods orwhich prices are rising now.

Notwithstanding the tightening money markets

and moderate growth in deposits, the nancial

situation remained orderly with a pickup in

credit growth, vibrant equity market and stable

oreign exchange market. A moderation in

the current account o balance-o-payments

position is likely with deceleration in imports

and acceleration in exports as per latest

monthly merchandise trade data. Though

downside risks o global events, particularly

movement in prices o commodities like crude

oil, remain, the Indian economy is poised to

urther improve and consolidate in terms o key

macroeconomic indicators.

Prospects of the Indian Economy:

Based on the perormance o the economyover the last ve years and analysis o the

underlying trends o critical variables, India’s

real GDP is expected to grow by 9% (+/- 0.25)

in 2011-12. The Indian economy had grown at

above 9% or three consecutive years starting in

2005-06. So the economy is expected to revert

to pre-crisis growth levels next year. The next

two decades should see the Indian economy

growing aster than it does any time in the past

and also aster than the growth in the next two

years.



4

Key economic indicators for 2010-11 are:

KEY INDICATORS

Data categories and components Units 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

1 GDP and Related Indicators

GDP (current market prices) Rs crore j 3692485 4293672 4986426 5582623PE 6550271QE 7877947AE

Growth Rate % 13.9 16.3 16.1 12.0 17.3 20.3

GDP (actor cost 2004-05 prices) Rs crore 3254216 3566011 3898958 4162509PE 4493743QE 4879232AE

Growth Rate % 9.5 9.6 9.3 6.8 8.0 8.6

Savings Rate % o GDP 33.5 34.6 36.9 32.2 33.7 naCapital Formation (rate) % o GDP 34.7 35.7 38.1 34.5 36.5 na

Per Cap. Net National Income (actor cost at current prices) Rs 27123 31198 35820 40605 46492 54527

2 Production

Foodgrains Mn tonnes 208.6 217.3 230.8 234.5 218.1a 232.1b

Index o Industrial Productionc (growth) Per cent 8.0 11.9 8.7 3.2 10.5 na

Electricity Generation (growth) Per cent 5.2 7.2 6.4 2.8 6.0 na

3 Prices

Infation (WPI) (12 month average) % change 4.3 6.5 4.8 8.0 3.6 9.4d

Infation CPI (IW) (average) % change 4.4 6.7 6.2 9.1 12.4 11.0d

4 External Sector

Export Growth (US$) % change 23.4 22.6 29.0 13.6 -3.5 29.5e

Import Growth (US$) % change 33.8 24.5 35.5 20.7 -5.0 19.0e

Current Account Balance (CAB)/GDP Per cent -1.2 -1.0 -1.3 -2.3 -2.8 na

Foreign Exchange Reserves US$ Bn. 151.6 199.2 309.7 252.0 279.1 297.3

Average Exchange Rate Rs / US$ 44.27 45.25 40.26 45.99 47.42 45.68g

5 Money and Credit

Broad Money (M3) (annual) % change 16.9 21.7 21.4 19.3 16.8 16.5h

Scheduled Commercial Bank Credit (growth) % change 30.8 28.1 22.3 17.5 16.9 24.4h

6 Fiscal Indicators (Centre)

Gross Fiscal Decit % o GDP 4.0 3.3 2.5 6.0 6.3i 4.8

Revenue Decit % o GDP 2.5 1.9 1.1 4.5 5.1i 3.5

Primary Decit % o GDP 0.4 -0.2 -0.9 2.6 3.1i 1.7

7 Population Million 1106 1122 1138 1154 1170 1186

(Year-wise projected population as on 1st Oct) (2005) (2006) (2007) (2008) (2009) (2010)

AE GDP gures or 2010-11 are advance estimates;

PE Provisional Estimates;

QE Quick Estimates

na not yet available / released or 2009-10

a Final estimates

b Second advance estimates

c The annual growth rates have been recompiled rom 2005-06

onwards since the indices have been recompiled rom April 04

onwards using new series o WPI or the IIP items reported in value

terms

d Average Apr-Dec 2010

e Apr-Dec 2010

as o December 31, 2010

g Average exchange rate or 2010-11 (Apr-Dec 2010)

h Provisional

i scal indicators or 2009-10 are based on the provisional actuals or

2009-10

j Indian Rupee 1 Crore = Indian Rupee 10 million = Approx. USD

218,914 (Conversion 1USD = Rs. 45.68)



We briefy summarize the developments in the

nancial sector [specically in the capital market

in India relevant to Foreign Institutional Investors

(FII)] in the last year which has continued to gain

strength in recent years and remained relatively

immune to the global nancial turbulence

through prudent regulations and proactive

response to the challenges.



6

Financial Intermediationand Markets

Broader and deeper nancial markets will

be crucial or mobilizing higher savings and

intermediating them eciently to nance

higher investment and growth.

Year-on-year non-ood credit growth was up

24 per cent at the end o December 2010,

and nanced many sectors more broadly (romthe agriculture rebound to third generation

[3G] spectrum sales and private inrastructure

projects), while the overall credit to gross

domestic product (GDP) ratio rose to about

55 per cent, continuing its progress (but still

structurally well below potential). Domestic

capital markets perormed well in 2010, primary

markets nancing reached record levels,

including the largest-ever initial public oering

(IPO) (or Coal India), while secondary markets

reached new highs. Record oreign infows

helped support the market. Pensions and

insurance gained, with lie insurance premium

growing nearly 26 per cent and penetration

doubling to 5.4 per cent o GDP in 2009,

rom 2.3 per cent in 2000 when insurance

reorms started. Looking to the uture, the

twin challenges are to continue this progress

on gradual nancial reorm and to modernize

regulations and institutions to ensure its

continued saety and stability.

Capital Market

The capital markets exhibited buoyancy during

2010 as the markets recovered and gained

strength against the backdrop o a distinct

improvement in the risk appetite o investors

leading to a sharp rise in international capital

fows to emerging markets including India.

The year 2010 has been one o strong growth

or the Indian capital markets. Bulls tossed o

the markets in the year 2010 to a net gain o

18 %, ollowing global recovery and with FIIs

pumping money in to the market on account o

solid domestic growth coupled with a resurging

corporate sector. Indices achieved record highs

during the special one-hour muhurut trading

on 5 November 2010 with the Sensex touching

21004 and Nity 6312. As on 31 December

2010, the markets stand just 3 per cent away

rom this all time peak and closed at 20509

(+ 17.43 % rom 31 December 2009 or the

Sensex) and 6134 (+ 17.95 % or Nity).

Indian markets have been making gains or

eight quarters in a row, their longest winning

run in at least 20 years. While 2009 was

basically a year o recovery rom the crisis year

o 2008, 2010 was one o consolidation o

gains.

Domestic capital marketsperormed well in 2010, primarymarkets fnancing record levels,

including the largest-ever initialpublic oering (IPO) (or CoalIndia), while secondary marketsreached new highs.




Primary Market

The year 2010-11 has seen the Indian capital

market put the worst behind and move towards

strong growth with the number o companies

being listed increasing and also the mean IPO

size increasing as compared to 2009. The

amount o capital mobilised through private

placements in 2010-11 have has reduced ascompared to 2009-10.

The ollowing table depicts the resource

mobilization through the primary market which

recorded a decrease o 19.85 per cent in 2010

as against an increase o 32.4% in 2009:

Secondary Market

As on 31 December 2010, Indian benchmark

indices, the BSE Sensex and Nity, increased by

17.0 % and 17.9 % respectively over the closing

value o 2009-10. Nity Junior and BSE 500 also

increased by 17.8 % and 15.1 % respectively

over their values in the previous nancial year.

The ree foat market capitalization o Nity,

the Sensex, Nity Junior, and BSE 500 stood

at Rs. 18,27,097 crore, Rs. 16,32,236 crore,

Rs. 3,37,573 crore, and Rs. 29,52,135 crore

respectively, showing an increase o 19.8 %,

22.8 %, 15.5 % and 20.8 % respectively overtheir values in nancial year 2009-10.

The price to earnings (P/E) ratios o Nity, the

Sensex, Nity Junior, and BSE 500 as on 31

December 2010 were 24.5, 23.6, 17.6 and

21.4 respectively, indicating an increase o 10.1

%, 10.5 %, 11.6 %and 4.5 % respectively over

their 2009-10 values.

(Rs crore)

Mode 2007-08 2008-09 2009-10 2010-11*

1. Debt 0 1500 2500 2197

2. Equity 54,511 2082 46,737 46,701o which IPOs 42,595 2082 24,696 33,068

Number o IPOs 85 21 39 40

Mean IPO Size 501 99 633 827

3. Private

Placement

1,18,485 1,73,281 2,12,635 1,47,400

4. Euro Issues

(ADR/GDR)

NA NA NA NA

Total (1+2+3+4) 2,16,176 1,79,066 2,87,240 2,30,233

Source: SEBI and RBI (or Euro Issues).

Notes: NA indicates Not Available. * As on 30 November 2010



8

International Comparison

The ollowing table depicts cumulative change in movement o Global Indices (on year end closing

levels) over their 2003 levels rom 2004 to 2010.

The P/E ratio o the major stock market indices, which partly d iscounts uture corporate earnings

refecting investors’ expectations o corporate prot, witnessed a sharp increase in 2010. This trend

was also seen in P/E ratios o stock indices across select emerging market economies (EMEs) during

2010. Moreover, the dierences in valuation o stocks in terms o P/E ratios amongst EMEs were

not very sharp. The ollowing table depicts the P/E/ ratio in the select emerging markets o the

world.

Index Cumulative Change over end – 2003 Level (%)

2004 2005 2006 2007 2008 2009 2010

BSE Sensex, India 13.1 61 136.1 247.4 65.2 199.1 251.2

Hang Sang Index, Hong Kong 13.2 18.3 58.8 121.2 1.1 74.2 83.2Jakarta Composite Index,

Indonesia

44.5 68.1 161 296.8 35.5 264.1 435.3

Nikkei 225, Japan 7.6 50.9 61.3 43.4 -22.9 -5.3 -4.2

Kospi Index, South Korea 10.5 69.7 76.8 133.9 25.6 104.4 153

Kuala Lumpur Comp. Index,

Malaysia

14.2 13.4 38 82 -3.3 58.7 -

TSEC weighted Index, Taiwan 4.2 11.2 32.8 44.4 -25.2 32.3 35.3

SSE Composite Index, China -15.4 -22.4 78.7 251.5 43.7 116.9 87.6

Source: Derived rom various country sources.

Note: * End-year closing.

Country Index 2008-09 2009-10 2010-11

India BSE Sensex 13.7 21.3 23.6

India S&P CNX Nity 14.3 22.3 24.5

Korea Kospi 25.7 11.1 14.8

Thailand SET 15.7 12.3 15.0

Indonesia Jakarta Composite 20.1 16.6 20.9

Malaysia Kuala Lumpur Comp. 15.0 18.9 17.4

Taiwan TSEC weighted 65.7 19.1 15.7

SSE Composite Index, China -15.4 -22.4 78.7 251.5

Source: BSE, NSE and Bloomberg

Notes: * As on 31 December 2010




Market Turnover (Rs crore)

Market 2006-07 2007-08 2008-09 2009-10 2010-11*

BSE

Cash 9,56,185 15,78,670 11,00,074 13,78,809 8,93,839

Equity Derivatives 50,007 2,42,308 12,268 234 35

NSE

Cash 19,45,285 35,51,038 27,52,023 41,38,024 27,87,862

Equity Derivatives 73,56,242 1,30,90,478 1,10,10,482 1,76,63,665 2,05,99,192

Source: BSE and NSE.


Derivative

Equity Derivative

In the equity derivative segment, the NSE witnessed an increase in the total turnover while the BSE

witnessed a all in the total turnover.

The ollowing table shows the Indian equity market turnover trends.

Currency Derivative

The turnover at the Stock Exchanges in the currency derivative segments increased by 152% during

the year 2010-11 as compared to 2009-10 and stood at Rs. 57,31,500 crores.

Interest Rate Derivative

Trading in interest rates utures started at the NSE on 31 August 2009. During 2010-11 (as on 30

November 2010), the NSE witnessed a total turnover o Rs. 53 crore in this segment as compared

to Rs. 2975 crore in 2009-10.

Reasons for Market Movements

• MarketsareridingonthestronghealthoftheIndiancorporatesector• Historicallylowyieldsindevelopedmarketsduetoaccommodativemonetarypoliciesandweak

economic prospects have pushed FII infows to emerging markets to record highs.

• TheprimarymarketgotanewleaseoflifethiscalendaryearwithIndiancompaniesraisingRs.

69,192 crore through IPOs and FPOs.

• Globalrecoveryalsoresultedinanupsurgeinthemarkets,boostingsentimentsacrossthe

globe.

• Globally,leadersarestrivingtokeepthepaceofgrowthintact.



10

Foreign Institutional Investors (FIIs)

There has been a marginal growth in the

number o FIIs and Sub-accounts registered

during the year 2010-11. The FIIs have been

net buyers in the Indian equity and debt market

activity during 2010-11, however there is a

decline o 10.5% in the amount invested in

2010-11.

The ollowing table depicts the growth in the FII

and their transaction value during the year.

Debt Market

The Government securities market has

evolved over the years and expanded given

the increasing borrowing requirements o the

Government. In contrast, the corporate bond

market has languished both in terms o market

participation and structure. Non-bank nance

companies are the main issuers and very small

amounts o nance are raised by companies

directly. There are several reasons or this:

(i) Pre dominance o banks loans;

(ii) FII’s participation is limited;

(iii) Pensions and insurance companies andhousehold are limited participants because

o lack o investor condence;

(iv) Crowding out by Government bonds.

The corporate bond market as a result is only

about 14 per cent o the total bond market;

and market liquidity and inrastructure remain

constrained.

With bank nance drying up or long- term

inrastructure projects in view o asset liability

problems aced by banking system, the need

or urther development o a deep and vibrant

corporate bond market can hardly be over

emphasized.

The ollowing table shows the status o private

placement o corporate bonds listed on NSE

and BSE stock markets in India:

Year Numbero Issues Amount(Rs crore)

2007-08 744 118,485

2008-09 1041 173,281

2009-10 1278 212,635

2010-11 (till Nov-10) 929 147,400

Source: SEBI (includes NBFCs)

(Rs crore)

Transactions o FIIsCalendar Year

2008-09 2009-10 2010-11*

Number o FIIs (actual) 1635 1713 1718

Number o Sub-accounts (actual) 5015 5378 5503

1. Equity Market Activity (Rs crore)

Gross Buy 5,54,585 7,05,523 6,03,406

Gross Sell 6,02,292 5,95,302 4,90,785Net -47,706 1,10,221 1,12,622

2. Debt Market Activity (Rs crore)

Gross Buy 59,993 1,40,914 1,54,081

Gross Sell 58,098 1,08,477 1,29,241

Net 1,895 32,438 24,839

3. Total Activity (Rs crore)

Gross Buy 6,14,579 8,46,437 7,57,487

Gross Sell 6,60,389 7,03,779 6,20,026

Net -45,811 1,42,658 1,37,461

Source: SEBI





Initiatives for development of Corporate

Bond Market in India

• Regulatoryjurisdictionovercorporatebond

market has been clearly dened and placed

under SEBI. SEBI (Issue and Listing o Debt

Securities) Regulations, 2008 simplied

disclosures and listing requirements. A

minimum market lot criterion has beenreduced rom Rs.10 lakhs to Rs.1 lakh to

encourage retail investors.

• ThelimitofFIIsinvestmentincorporate

bonds has been increased to USD 20 billion

rom the existing limit o USD 15 billion and

the incremental limit o USD 5 billion has to

be invested in corporate bonds with residual

maturity o over ve years.

• BSE,NSEandFIMMDAhavesetupreporting

platorms. Aggregate data reported on these

platorms is disseminated to the public.

Summary data is available on SEBI website.

Repos in corporate bonds have been

permitted, ollowing RBI guidelines, since

March 2010.

• DraftCreditDefaultSwap,(CDS)guidelines

have been released by RBI in July, 2010.

• TheFinanceAct,2008(witheffectfrom

01/06/2008) mandated that no TDS (tax

deduction at source) would be deducted

rom any interest payable on any securityissued by a company, where such security

is issued in dematerialised orm and is



12

listed on a recognised stock exchange in

India. The stamp duty on items in central

list (debentures and bonds in the nature o

promissory note) have been brought down

and made uniorm.

• Clearingandsettlementthroughclearing

corporations have been mandated or trades

between specied entities namely mutualunds, oresight institutional investors,

venture capital unds etc. Clearing and

settlement is on DvP I basis.

Suggested Initiatives to be taken for further

development of Corporate Bond Market

• ClearingandsettlementonDvP(Delivery

versus Payment) III basis. Market making

with primary dealers. Enabling Credit Deault

Swap. Allowing banks to do credit enhance-

ment -Guaranteeing o corporate bonds by

banks. Relaxing norms on short selling o

Government bonds. (RBI).

• Relaxingnormsforuseofshelfprospectus

-requires amendment to Section 60 o

Companies Act (MCA).

• EmpoweringbondholderunderSARFAESI

(Department o Financial Services, RBI).

• Creatingofacomprehensivebonddatabase

(RBI, SEBI, FIMMDA).

• AmendmenttoSection9oftheStampAct to lower stamp duties across states

and make them uniorm (Department o

Revenue).

Policy Developments during 2010-11

FII Investments in Government Securities

and Corporate Bonds

At present, FIIs registered with SEBI are

permitted to invest in Government securities

and corporate bonds up to US$ 5 billion and

US$ 15 billion respectively. Ater a review inthe context o India’s evolving macroeconomic

situation, its increasing attractiveness as an

investment destination, and need or additional

nancial resources or India’s inrastructure

sector while balancing its monetary policy,

it was decided to increase the limit o FII

investment both in Government securities and

corporate bonds by US $ 5 billion each, raising

the cap to US$ 10 billion and US$ 20 billion

respectively. The incremental limit o US$ 5

billion has, however, to be invested in securities

with residual maturity o over ve years and

corporate bonds with residual maturity o

over ve years issued by companies in the

inrastructure sector.

Report o the Working Group on Foreign

Investment in India

With a view to rationalizing the present

arrangements relating to oreign portolio

investments by FIIs/ non- resident Indians (NRIs)and other oreign investments like oreign

venture capital investor (FVCI) and private equity

entities, the Government set up a working

group to look at various types o oreign fows,




which are taking advantage o arbitrage across

the respective stand-alone regulations, and

generate recommendations to the Government.

The group submitted its report to the Finance

Secretary on 30 July 2010.

The ocus o the group has been to identiy

procedures and practices which can help avoiduncertainty, delay, or unequal treatment and to

recommend measures which could simpliy the

portolio investment environment, at the same

time laying a strong emphasis on KYC norms.

India’s Sovereign Rating

Presently, India is rated by six international

credit rating agencies, namely Standard and

Poor’s (S&P), Moody’s Investor Services, FITCH,

Dominion Bond Rating Service (DBRS), the

Japanese Credit Rating Agency (JCRA), and

the Rating and Investment Inormation Inc.,

Tokyo(R&I). Inormation fow to these creditrating agencies has been streamlined.

In the calendar year 2010, S&P upgraded

India’s oreign currency outlook rom negative

to stable, FITCH upgraded its local currency

outlook rom negative to stable, and Moody’s

upgraded its local currency outlook rom Ba2

to Ba1. Credit ratings issued by other agencies

maintained status quo.

Challenges and Outlook

• Deependomesticcapitalmarkets

• DevelopmentofCorporateDebtMarket

• Theroleofnon-bankinstitution,especiallyin

corporate bond and debt markets

• Regulatoryoverhaulaimedatupdating

modern legislation, underlying nancial

markets and improving macro-prudential

saeguards and institutions.

With the backdrop o the economic survey, weprovide insight to India’s competitiveness as

per the Global Competitive Index Report 2010

-2011 issued by the World Economic orum.



14

Global competitiveness

Assessing India’s Competitiveness:

Insights from the Global Competitiveness

Index

World Economic Forum came out with The

Global Competitiveness Report 2010-2011 as

per which Switzerland continues to top the

overall ranking in Global Competitive Index

(GCI), characterized by an excellent capacity orinnovation and a very sophisticated business

culture. Sweden has moved ahead o Singapore

and United States to claim 2nd position this

year. Singapore, United States and Germany

round out the top ve. European economies

continue to prevail in the top 10 with Japan,

Finland, Netherlands, Denmark and Canada

ollowing suit. Ater having allen our positions

over the past two years, the United Kingdom

moves up one spot to 12th place this year, with

a stable perormance.

India ranks 51st out o 139 economies in the

GCI or the year 2010-2011, down two ranks

rom the previous edition. India’s perormance

remains quite stable but with a small

improvement in score. India’s competitveness is

based on its large market size and good results

in more complex areas including nancial

markets, business sophistication and innovation.

Up two positions to 27th place, Chinareinorced its position within the top 30. It is

the only BRIC country to improve its rankings

this year, thus increasing the gap with the other

three. Brazil is at 58th and Russian Federation

is at 63rd positions respectively. The ranking o

BRIC countries on the twelve pillars o GCI is

extracted hereunder:

The Financial Development Report 2010

The Financial Development Report 2010 and

the Financial Development Index (FDI) on which

it is based provide a score and rank or 57 othe world’s leading nancial systems and capital

markets. It analyzes the drivers o nancial

system development that support economic

growth in advanced and emerging economies

to serve as a tool or countries to benchmark

themselves and prioritize areas or reorm.

No Pillars India Brazil China Russia

Basic:

1 Quality o Institutions 58 93 49 118

2 Energy and transport

inrastructure

86 62 50 47

3 Macro Economic stability 73 111 4 79

4 Health and Primary education 104 87 37 53Eciency enhancers:

5 Higher Education and training 85 58 60 50

6 Goods market eciency 71 114 43 123

7 Labour market eciency 92 96 38 57

8 Financial market sophistication: 17 50 57 125

9 Technological readiness 86 54 78 69

10 Market size 4 10 2 8

Innovation-driven:

11 Business Sophistication 44 31 41 101

12 Innovation 39 42 26 57

Total

Overall GCI Rank 51 58 27 63

Source: World economic forum website




PillarsInstitutional

environment

Business

environment

Financial

stability

Banking

fnancial

services

Non-banking

fnancial

services

Financial

markets

Financial

access

Overall

Index

India 51 52 46 41 13 24 49 37

Brazil 44 49 10 38 12 34 27 32

China 35 38 17 8 4 30 26 22

Russia 53 34 42 57 5 33 54 40

Source: World economic forum website

The Report denes nancial development as the

actors, policies, and institutions that lead to

eective nancial intermediation and markets,

as well as deep and broad access to capital

and nancial services. In accordance with this

denition, measures o nancial development

are captured across seven pillars.

The top-ranked countries within the Index do

not change signicantly, although the United

States does take the top spot rom the United

Kingdom (2nd); the US score remains essentially

unchanged rom last year, while the United

Kingdom’s drops the most o any country

within the top 10. It is only very minor score

dierentials that separate the United Kingdom

rom the next ve countries that score below

it—Hong Kong, Singapore, Australia, Canada,

and the Netherlands.

All o the BRIC country rankings either improve

slightly or stay the same. China shows thebiggest advance, moving up our spots to 22nd

place. Brazil (34th) moves up two spots, India

(37th) one spot, and Russia stays the same at

40th place. The rankings o BRIC countries are

extracted hereunder:



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Alpha, 1st foor, Plot No –A2,

M2 & N2, Block – EP & GP Sector – V,

Salt Lake Electronics Complex,Kolkata - 700 091.

Tel : + 91 (033) 6612 1000

Fax : + 91 (033) 6612 1001

Ahmedabad

“Heritage” 3rd Floor, Near Gujarat

Vidyapith, O Ashram Road,

Ahmedabad – 380 014.

Tel: + 91 (079) 2758 2542

Fax: + 91 (079) 2758 2551

Hyderabad

1-8-384 & 385, 3rd Floor,Gowra Grand S.P. Road, Begumpet,

Secunderabad – 500 003.

Tel: +91 (040) 4031 2600

Fax:+91 (040) 4031 2714

Vadodara

Chandralok, 31, Nutan Bharat Society,

Alkapuri, Vadodara – 390 007

Tel: + 91 (0265) 233 3776

Fax: +91 (0265) 233 9729

Contacts

Documents

Economic Indicators for FII's