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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
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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.
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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)
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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.
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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.
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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
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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
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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.
Notes: * As on 31 December 2010
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.
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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
Notes: * As on 31 December 2010
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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
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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,
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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.
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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
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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:
8/4/2019 Economic Indicators for FII's
http://slidepdf.com/reader/full/economic-indicators-for-fiis 16/16
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