India set to outgrow Bric peers in 2016 for the 1st time since 1999

London

INDIA may be the last Bric standing. As Brazil, Russia and China hit hurdles, it's the poorest member of Goldman Sachs Group Inc's emerging-market group that's proving a darling of global investors. The International Monetary Fund (IMF) is predicting India will next year grow faster than each of its Bric counterparts for the first time since 1999.

So far this year, more than US$7 billion has poured into the country's stocks and bonds, on top of last year's US$42 billion of inflows. The country's benchmark equity index reached a record at the end of last month. Falling oil prices are helping the government to reduce its budget deficit and giving room to the central bank to lower interest rates.