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Last Updated: Thursday, 9 June, 2005, 12:31 GMT 13:31 UK
India 'tops for Asian investment'
Bombay streetscene
India's economy is growing fast
India has come out as a top Asian destination for investment in a survey of fund managers' top picks.

The survey, carried out by the Reuters news agency, found that over the next three months India tied with Taiwan as managers' favourite.

Over the longer timeframe of a year, India came second only to China as the best place to put clients' money.

China's attraction, managers said, was growing consumer demand, while in India the prospect of solid reform appealed.

"We have been overweight on India... on all our portfolios for a long time," Alex Boggis, director at Aberdeen International, told Reuters.

India's economy is growing at about 7% a year, while China is continuing to expand at about 9% a year - with Beijing keen to move the momentum of growth from asset investment towards consumer spending.

Reuters asked managers at ten institutions what their favourite destination for investment was over the next three months and over the next year.

On the short timeframe, India and Taiwan were each the top pick of 20% of the votes, while on the longer horizon China came top on 30% with India in second place with 20%.

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