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India second in league of 'super growth' Cos
By agencies
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Wednesday, 15 March 2006, 20:30 IST
NEW DELHI: India and Hong Kong have jointly been ranked second in the Grant Thornton International Super Growth Index for the country with the highest proportion of super growth companies.
For the second consecutive year, the U.S. has topped the Index. However, despite bagging the highest rank, the proportion of super growth companies in the U.S actually fell by nine percent.
In contrast, with more than a third of companies (34 percent) achieving super growth status, India and Hong Kong were within reach of challenging the U.S for the top slot on the index. Other strong performances came from Sweden (31 percent) - which climbed back up to third position after falling to 10th last year from first position in 2004 - and Ireland (26 percent).
According to a release, a super growth company is one that has grown considerably more than the average measured against key indicators, including turnover and employment.
This year, the survey established that super growth companies are 23 percent more likely to export than other companies. Also, they are far less constrained by the ability to finance expansion of business.
Andrew Godfrey, Partner at Grant Thornton said, The U.S. continues to perform relatively well, reflecting the inherent dynamism of its economy which saw buoyant consumer demand, strong capital investment, and robust export growth. But the real story is the continuing rise of Indian and Hong Kong companies, as their economies boom and productivity continues to surge."
As per the current trend, there is every chance that we could see a change in the top ranking next year. The other interesting finding is that super growth companies appear to have a competitive advantage as they are not constrained by access to expansion finance, he added.