India and China, two of the fastest growing economies in the Asia Pacific region, will fuel global growth in the coming century driven by rising opportunities for entrepreneurs and businesses, a report says.
The Asia Pacific Capital Markets Guide by Grant Thornton projects that India would catch up with the US by 2050 and the BRIC countries (Brazil, Russia, India and China) as a group will surpass the G7 by 2032.
"India and China will fuel world growth in the coming century. As the economies and markets in the region have deregulated, the opportunities for entrepreneurs and established businesses have grown exponentially," audit and consultancy firm Grant Thornton said.
These two economies would shift the balance of world capital flows, as they would create demand for capital and would also provide investment funds to satisfy it, the report added.
"India's forecast is to be the fastest growing IPO market in the first half of 2008 in the Asia Pacific region. Yet India appears to be at a relatively early stage of development which suggests that there remains substantial perhaps enormous potential to be tapped," Grant Thornton Partner Harish said.
The Indian economy has a young, educated and ambitious labour force. Reforms since the early 1990s have helped unlock India's economic potential and positioned the country as one of the fastest growing economies in the world. Its stock exchanges have also seen considerable growth.
