India's growth set to rise, says manager
FT Adviser
9 November 2009
The principal manager of the Kotak Mahindra Long Only Strategy fund said India could experience real GDP growth in the range of 7-8 per cent in 2010.
Nitin Jain said the second half of next year looked like it would be "particularly strong", as earnings growth and availability of credit should increase.
He said current estimates for earnings growth were 7.4 per cent for 2010 and 21.7 per cent for 2011.
The Indian prime minister's Economic Advisory Board has estimated GDP growth for 2009 at 6.5 per cent, while the Index of Industrial Production grew by 5.8 per cent from April to August, its best performance in 22 months.
Mr Jain said: "The lack of credit has been one of the main factors restricting economic growth in India this year, but we are already seeing signs the situation is easing, with a pick-up in auto and housing loans, as well as increased equity raising by companies."
He said India had avoided the worst of the global economic crisis due to its predominantly domestic economy.
"India's relatively strong performance has been, and will continue to be, driven by its high savings rate, attractive demographics and rising urbanisation," he added.
"It is clearly in the midst of a huge domestic consumption boom led by its young population, yet there remains a huge untapped market in India."
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