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Financial Services

December, 2010

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.

Financial services, banking, insurance and real estate sectors rose by 8 per cent during the quarter ended June 2010.

There are a total of 1,732 foreign funds registered with the Securities & Exchange Board of India (SEBI).

Overseas funds infused US$ 4.78 billion in the capital market in November 2010, taking the year-to-date total to US$ 39 billion. The total inflows of foreign institutional investors (FIIs) as on December 2, 2010 have crossed the record US$ 38.76 billion mark.

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$ 160.44 billion for the month of September 2010, according to the data released by Association of Mutual Funds in India (AMFI).

As on November 26, 2010, India's foreign exchange reserves totalled US$ 293.9 billion, according to the Reserve Bank of India's (RBI) Weekly Statistical Supplement.

According to Venture Intelligence, a research firm, private equity investment in India totalled US$ 6.57 billion in the first three quarters of 2010, which is more than double the US$ 2.5 billion invested during the same period last year.

As of December 7, 2010, as many as 114 private equity investments have come from domestic funds compared to 126 foreign ones, according to data available with Venture Intelligence. In terms of value, PE firms promoted by Indians invested US$ 1,751 million so far this year, as against US$ 4,377 million put in by foreign fund investments, according to Venture Intelligence.

Also, a study by Project Finance International (PFI), a source of global project finance intelligence and a Thomson Reuters publication has ranked India on top in the global project finance (PF) market in 2009, ahead of Australia, Spain and the US.

The study said the main market for PF in 2009 was the domestic Indian market, which raised US$ 30 billion, accounting for 21.5 per cent of the global PF market. This was up from US$ 19 billion in 2008.