China’s top state-run bank, Industries and Commerce Bank of China (ICBC), states that Indian economy is about to enter its golden era. Bank has launched its India’s first dedicated investment fund to invest in the future of Indian economy.
Bank has urged Chinese investors to invest heavily in Indian economy. A senior bank official was quoted saying that India is entering its “golden age of economic take-off.” India is one of the few countries in the world which has shown double-digit growth.
The move comes just a few days after the meeting of Narendra Modi and Xi Jinping. The move by the bank will provide a huge boost to the Indian economy. Fund will be called as ‘ICBC Credit Suisse India Market Fund’. Fund will invest in exchange-traded funds listed on more than 20 exchanges which are based on the Indian market.
While launching the fund, ICBC was very hopeful of India’s economic growth. A report states that India presents itself as the most emerging market overseas. The long-term trend of Indian stock market must be positive. Current scenario offers a golden opportunity for Chinese investors to invest in Indian stocks.
The report also mentioned that the certainty of India’s growth is very clear. As the middle class is growing and India’s future will be bright. Indian market also underwent correction last quarter which presents a good time to invest. India’s present GDP is 7 percent of the world. This situation is quite similar to China when it started to grow a decade ago.
Sectors Considered For Investment Fund
According to the report listed in NDTV, ICBC also listed out the sectors considered for investment. It states that the financial sector will have the highest proportion of investments in investment fund followed by IT. Alternate consumption, raw materials, healthcare, medicines, and energy are some of the other areas with good potential.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]