The upbeat Indian industry has outsmarted the world's fastest growing economy China, with as many as eight domestic firms making it to Standard & Poors' list of challengers to leading global blue-chip companies.
Rating agency S&P has included eight Indian companies in its annual 'Global Challengers List' of 300 firms, while only four Chinese firms were included in the list.
The list identifies mid-size publicly traded firms that exhibit the strongest growth characteristics. The 2007 list includes companies from 37 countries.
It includes cement maker ACC, Hotel Leela Venture, Jain Irrigation, Lakshmi Machine Works, Marico, Siemens India, besides Tata Group's Titan Industries and Indian Hotels.
"In the Darwinian sense, mid-caps are truly positioned in an evolutionary sweet spot, having survived beyond their start-up phases and offering stability as well as rapid growth opportunities in the future," S&P index strategist Srikant Dash said in a statement.
The country contributing the most members is Japan with 62 firms, followed by the United States (58) and UK (19).
Regionally, America represents 22.67 per cent of the list's composition, followed by Asia/Pacific (41.67 per cent), Europe (33.33 per cent)and Middle East/Africa (2.33 per cent).