Foreign funds' Sept inflows to India beat '02 total
“Foreign funds stepped up purchases of Indian shares in September, with the month's net inflows surpassing their investments in all of 2002, buoyed by a bullish outlook for the farm-dependent economy, fund managers said.
Data released by the Securities and Exchange Board of India late on Wednesday showed offshore funds picked up stocks worth $855.2 million in September.
Their cumulative purchases this year totalled $3.1 billion, the highest portfolio inflow into the country since foreign investments were allowed a decade ago.
"The underlying economy is doing phenomenally well, there is no argument about it," said London-based Avinash Vazirani, the chief investment officer for South Asia and Africa at BNP Paribas Asset Management.”
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Lately. there has been a lot of positive buzz about India in the media. The hockey team, the cricket team's performance in the world cup, Anju George, the economy which is generating the maximum buzz, the BPO sector which of course is growing at a torrid pace of 60%, the excellent monsoon and so on and so forth.
Gradually, Momentum is building up. All this reminds me of Gandhi's classic quote,
“First they ignore you,
then they laugh at you,
then they fight you,
that is when you win”.
Maybe, the mahatma is finally smiling somewhere up there :-)
Happy birthday, old guy. You moved an empire without firing a single shot. A certain GW Bush could learn a lot from you.
Meanwhile here is hoping, the forthcoming elections next year don't end up having a major impact on the economy.
It is going to be fun watching the next year's election. The number of channels, especially the number of news channels, has gone up significantly since the last election and it should be fun watching the channels trying to outdo each other.
Hace a nice long weekend.