India, China share top two position among emerging economies

July 28th, 2010 - 1:25 pm ICT by ANI  

New Delhi, Jul 28 (ANI): India is ranked second among 27 emerging economies due to its large consumer market and fast economic growth, according to the Emerging Markets Opportunity Index released by US accounting firm Grant Thornton.

China is ranked first with 454 points; India’s score (222 points) in second place and that of Russia (163 points) in third place.

The index takes account of key factors such as the size of the economy, wealth, involvement in world trade, growth potential and levels of human development.

India has a huge consumer market and a booming services industry, which accounts for around 55 percent of GDP, compared to 40 percent in the Chinese mainland.

Russia, in third place, has a much smaller consumer base than either China or India, but it boasts a per capita GDP which is more than double that of China, and more than five times as high as India, the China Daily reports.

“China leads the way thanks to the country’s huge consumer market, an increasingly open economy and extremely rapid trade growth, which offer a myriad of business opportunities for potential investors,” said Xia Zhidong, partner and vice-chairman of Grant Thornton China.

According to figures from the United Nations Conference on Trade and Development, China attracts the most foreign investment among the BRIC (Brazil, Russia, India and China) countries.

Last year, the inward foreign direct investment (FDI) flow to China was 95 billion dollars, followed by Russia at 39 billion dollars and with India and Brazil posting 35 billion dollars and 26 billion dollars respectively. (ANI)

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