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NEW YORK (
TheStreet) -- India's stock market has jumped almost 19% over the past year, far outpacing the
Dow Jones Industrial Average, and it may not be done yet.
Goldman Sachs research writes that India is forecast to be one of the three largest economies in the world by 2040. It is the only BRIC (Brazil, Russia, India and China) country that is expected to grow 5% for the next 45 years. The country's goal is to accelerate GDP growth to 10% from 8%. That 10% growth rate is expected to continue from 2013 to 2018, while doubling per capita income and creating 70 million new jobs. Currently 50% of India's workforce is under the age of 25.
The country's population dwarfs that of the United States with 1.1 billion people vs. 307 million in the U.S. The big difference is that 82% of Americans live in urban areas while only 29% of Indians occupy cities. That figure is growing, however, as the population begins moving to cities and demanding more urban comforts. The beneficiaries of this Indian growth are the many companies supporting the population in a variety of services.
Richard Kang, Chief Investment Officer at EG Shares outlines his top three picks from among Indian companies.