HSBC India has forecasted the country's GDP to grow by 8 per cent in the next year,against the estimated growth of 6.5 per cent in the current year,a top bank official said. "India's GDP growth rate is about 6.5 per cent this year and our forecast is that the GDP would grow by 8 per cent in FY 11," HSBC India's CEO,Stuart Arthur Davis,told reporters. India is an important player in emerging markets and HSBC expects India to grow strongly in the next few years,Davis said. "We continue to see Foreign Direct Investment (FDI) inflows to emerging markets remain higher than developed markets and the FDI inflow for India as of July this year was over USD 10 billion," he said. Quoting the newly launched HSBC Emerging Markets Index,Davis said that the emerging markets were set to lead the global economic recovery. The index,compiled with data from nearly 5,000 purchasing managers of different companies in 13 countries,is the largest survey of economic data of emerging markets and a powerful indicator of the economic and business health of the world's emerging markets. The new index shows that the output of emerging markets in Q3 recorded a robust rise and that forward indicators point to further improvement in Q4,it said.
