President Obama took a page from a number of multinational corporations this weekend and stopped by India. Despite the visit, India exchange traded funds (ETFs) have gone negative to start the week.
Vikas Bajaj and Heather Timmons for The New York Times report that the hope by corporate America was a better definition of the economic common ground the two countries share. India is increasingly important to the American economy: American exports to India in the first six months of 2010 hit $14.6 billion, up 14% from the period a year earlier and nearly five times what it was a decade earlier. [India’s ETFs Thrive Under the Microscope.]
In speaking to entrepreneurs in Mumbai, Obama said U.S. corporations and workers need to recognize India’s opportunities. He also urged more discussions about trade and how both nations can work together for mutual success, reports NTD TV. He also urged India to strengthen its ties with its Asian neighbors. [What’s Drawing Assets to India’s ETFs?]
Don Dion for The Street reports that India has seen impressive strength recently, indicated by this week’s optimistic PMI manufacturing numbers and the National Bank of India’s decision to raise interest rates.
What’s more, the nation now boasts a total of 69 billionaires, according to Forbes. Seventeen of those included on the list were added in 2010 alone. An interesting fact: Ranking as the 51st richest person in India and 937th richest individual in the world, with a fortune valued at $1 billion, is Rakesh Jhunjhunwala. A famous and well respected equities investor, Forbes has dubbed Jhunjhunwala, “India’s Warren Buffett.”
There are eight India ETFs in the ETF Analyzer, including these three broad funds:
- PowerShares India (NYSEArca: PIN)
- WisdomTree India Earnings (NYSEArca: EPI)
- iShares S&P India Nifty 50 Index (NYSEArca: INDY)
Tisha Guerrero contributed to this article.