India becomes the 12th trillion-dollar economy

Mumbai: India has become the twelfth country to become a trillion dollar economy, states a report from Swiss investment firm Credit Suisse.

With the Gross Domestic Product (GDP) at 41 trillion, and the Rupee rising to close below 41 against the Dollar on Wednesday, India became a trillion dollar economy for the fist time in its history.

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The rupee closed at 40.90 / 91 against the previous closing of 40.89 / 90. The report said that India’s stock market capitalization $944 billion is still shy of the one trillion mark and also maintained the ‘underweight’ rating on the country.

According to the report, stock market in eight out of ten countries had risen in a one-year period after they first crossed the one trillion dollar mark in Gross Domestic Product (GDP).
"The Bombay Stock Exchange's total capitalization is $944 billion as of Wednesday. By including the capitalization of Indian entities listed in London's Alternative Investment Market (AIM), the global companies acquired by the listed Indian companies in the last two months and some others that are often considered a part of the Indian universe (either because of their operations, management structure and-or because they are covered by Indian analysts), we reach a total of $992 billion," says the note.
The BSE benchmark index closed 11.11 points or 0.08 per cent higher at 14,228.88 on Thursday.
“The capitalization is likely to go down again in the near future before it sustainably stands above this mark,” the report added.