Financial Services Is the New Success Story; EMERGING MARKETS ...from India Business Desk Weaman St B4 6AT

Article excerpt

Talk of the fast-growing Indian economy often brings to mind images of university-educated call-centre operatives, working long shifts on low wages.

However, the enduring Indian economic success story is based on far more than the low-cost outsourcing of back office functions.

During 2007, foreign direct investment into India is expected to double to EUR11 billion.

But instead of being led by telecoms com panies - those companies responsible for the first wave of Western investment into the Indian market - the new wave is coming from highly skilled, professional firms, including a number in the financial services sector.

International accountant Mazars is increasing its representation in India accordingly and the firm's Birmingham office has taken on responsibility for directing and assisting that growth.

Senior partner, David Chapman, is heading off to India in a couple of weeks to help its latest four offices - Mumbai, Bangalore, Pune and New Delhi - integrate into the Mazars Group.

With Indian businesses being subject to similar laws, rules and regulations as their UK counterparts, it is perhaps unsurprising that it is the same sectors that are currently enjoying a boom period in the UK that are leading the next wave of growth in the Indian subcontinent. …