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India will be leading emerging market in next decade

Several international financial analysts have been highly optimistic that India would be recognised as one of the world's leading emerging market in next decade, attracting major global players.

Centre for Industrial and Economic Research Chairman Dr S R Mohnot said that the Indian industry is geared up for a phenomenal growth mode in its market for industrial products by an estimated US $250 billion in the coming decade.

Dr Mohnot said that there is a need of hours to invest in the manufacturing industry alone of a trillion dollars to boost the country's economy. The investment requirements of industry excludes other indispensable components of infrastructure and services.

He said the Indian economy is poised to become the fourth largest in the world over the next quarter of a century. The incremental demand -- the potential for growth -- will be the second largest in the world within the next decade.

The CIER study covers 250 industrial products spanning durable and non-durable consumer products, intermediates and capital equipment.

UNI