Financial Services in India
The financial services sector contributed 15 per cent to India's GDP in FY09, and is the second-largest component after trade, hotels, transport and communication all combined together, as per the Banking & Finance Journal, released by an industry body in August 2010.
Share of Financial services, banking, insurance and real estate sectors is expected to enhance by 9.7 per cent for the year 2009-10 to 17.2 per cent of GDP (at factor cost).
Data sourced from SEBI shows that the number of registered FIIs stood at 1,738 and number of registered sub-accounts rose to 5,592 as of November 10, 2010.
Overseas funds infused into Indian capital market in 2010 stood at US$ 39 billion. According to data released by Securities and Exchange Board of India (SEBI), stocks and debt securities over worth US$ 17.28 billion were purchased by the foreign institutional investors (FIIs) from the Indian capital market in January 2011.
According to data available with SEBI, FIIs have made investments worth US$ 4.11 billion in equities and invested US$ 667.71 million into the debt market.
The average assets under management of the mutual fund industry stood at US$ 147.99 billion for the quarter ended December 2010, according to the data released by Association of Mutual Funds in India (AMFI).
As on January 21, 2011, India's foreign exchange reserves totaled US$ 299.39 billion, according to the Reserve Bank of India's (RBI) Weekly Statistical Supplement.
According to Venture Intelligence, a research firm, private equity firms invested US$ 7,974 million over 325 deals in India during 2010, as against US$ 4,068 million (over 290 deals) in 2009. The largest investment reported during the year was the US$ 425 million raised by power generation firm Asian Genco from investors including General Atlantic, Goldman Sachs, Morgan Stanley, Everstone and Norwest.
According to a global consultancy firm Ernst & Young... [continues]
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