India is set to be the world's fastest growing major economy in the year ahead, as a post-pandemic retail boom and recent bank balance-sheet repairs lure new investment, fueling hot demand for everything from cars to televisions, coal and airliners.
The world's fifth-largest economy is expected grow 6% in the fiscal year ending March 31, 2024, according to a survey by the Indian central bank this month.
"If India does everything right, we could see significant foreign inflows in the next one to two years," said Sridhar Sivaram, investment director at Enam Holdings, a privately managed investment group. Foreign portfolio investors sold a net of $18 billion this year but turned buyers in November and December, withLonger term foreign direct investors have put in $22 billion into India between April-October 2022, on par with the previous year. Computer software, services firms, trading, non-conventional energy and chemicals made up more than half the inflows until September this year, government data shows.
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