The Hindu Business Line : India an attractive destination, says ING Investment

Mumbai April 23 ING Investment Management Asia/Pacific stated on Monday that the company is positive on economic growth in Asia as it continues to outperform other regions.

They expect the US economy to slow down as growth has faltered in the country in recent months.

"Most central banks globally have been on a liquidity tightening binge. While the objective of reining in inflation has been partially met, this tightening has punctured the sentiment in the capital markets.

"However, economies like India are in a far better position to weather a possible global slowdown due to their large captive markets. ING Group views India as an attractive investment destination in the long term," said Mr Paras Adenwala, Chief Investment Officer, ING Investment Management, India.

GDP growth

"India is attractive for a number of reasons. For one, it has a high GDP growth. We forecast a GDP growth of 7-8 per cent for the next few years.

"The high levels of FDI are a proof that foreign investors are interested in India. Also, the demographics are more attractive now. There is a large number of young people with more disposable incomes," said Mr Nick Tooney, Regional Head of Equity.

He added inflation continues to be a concern.

Also, the Indian market is an expensive one with an average P/E ratio of 19 times as compared to the global average of 15.

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