Indian economy continues to grow at a blistering rate – 9.3% in 1Q
The Indian economy continued to grow at a blistering rate as it almost hit the double digit growth rate in the April-to-June period. Manufacturing sector was the leader with the growth rate of 11.9% and the service sector came in right behind at 10.6%. Agriculture sector continued the disappointing trend with a 3.8% growth in 1Q.
The best way to invest in the Indian economy is via the two India banks HDFC Bank (HDB) and ICICI Bank (IBN) and the India based ETF (INP). All three have roared back along with the Sensex after going down with the overall market. Being patient and finding a good entry point is the key here.
* No position in HDB, IBN and INP. Subject to change anytime.