Global meltdown, an opportunity for India, China: Report | business | Hindustan Times
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Global meltdown, an opportunity for India, China: Report

business Updated: Jun 11, 2009 14:07 IST
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The global financial crisis can be turned into a great opportunity for growth in India and China if the two Asian giants join hands to collaborate in five key sectors such as gems and jewellery, says a Ficci-KPMG report.

The report, which will be presented at the Fifth Ficci-IIFA Global Business Forum meeting tomorrow in Macau, highlights opportunities for collaboration for the two countries in gems and jewellery, media and entertainment, luxury brands, health and wellness and tourism.

"India, one of the world's largest diamond-processing hub, can prove to be a favourable retail destination for the gems and jewellery sector for Chinese companies considering the 100 per cent Foreign Direct Investment (FDI) allowance," the report 'Global Financial Meltdown: Turning crisis into opportunity through enhanced cooperation between India and China' said.

While China, the largest consumer of jade, emerald and pearl can provide new avenues for Indian firms to commence operations of cutting and polishing units, it said, adding that India's gems and jewellery industry is expected to touch 25 billion dollars by 2011 from 16.1 billion dollars in 2008.