Credit Suisse: Commodity-Intensive Growth Has Started in India
Swiss financial services company, Credit Suisse recently spent time in India to ascertain the status of mineral resources and commodities. “India looks to be firing at last,” was one of the headings in the bank’s report. The investigators had meetings with government agencies and companies in Delhi, Kolkata and Mumbai, focusing on demand for bulk companies such as coal and iron ore,as also fertilizer and aluminum.
The bank remarked that the best opportunity for miners looking for market opportunities in India, was copper since India had limited supplies of the mineral. It also warned against selling iron ore and coal to India since with problems of bulk commodity distribution being overcome, India was self sufficient in these minerals, reports Forbes.
“We came away convinced that India really is on the cusp of a major growth phase,” the bank said. “Companies pointed out the positives they see from government policies; an anti-corruption focus, a level playing field without favoritism, clear high level policies, and government ministries and State-owned companies driving to implement the policies, and overcoming many problems of the past.”