Positioned in second place in the emerging markets of Asia, following China, India is a growth engine for the world. ARC Advisory Group quotes research and credit ratings agency CRISIL's report, which states that while other world regions show flat or reduced growth rates, India's economic growth in 2013-2014 is expected to be 6.7 percent (the earlier projected rate was 5.5 per-cent). Roopa Kudva, Managing Director & CEO, CRISIL, says - "India's GDP growth in 2013-14 will be supported by the revival of the private sector consumption growth aided by higher growth in agriculture, high government spending, and lower interest rates."
The world is looking at India as a preferred destination. The country's low-cost labor advantage is no longer the main attraction; India has the required skills, knowledge base, access to state-of-the-art technologies, and its trump card - a large educated and working population. At the macro level, the country's advantages are its transparent democracy and a taxation framework designed to attract foreign investments.