According to World Bank data released on Tuesday, India's ranking moved up by 30 places to 100, driven by reforms in access to credit, power supplies and protection of minority investors. The report, based on data from the capital New Delhi and the financial hub of Mumbai, ranked India among the top 10 "improvers" globally, having done better in eight out of 10 business indicators.
Further boosting sentiment, India's annual infrastructure output in September grew 5.2 per cent from a year ago, driven by higher production of coal and refinery products, government data showed on Tuesday. Eight infrastructure sectors include coal, crude oil, natural gas, refinery products, electricity, steel, cement, and fertiliser, accounting for about 40 percent weight in the index of industrial production.
Asian shares hit a 10-year high on Wednesday on the back of positive economic data, while oil prices extended a bull run on hopes that major oil producers will maintain their output cuts. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, led by 1.1 per cent gains in South Korea while Japan's Nikkei gained 1.4 per cent. South Korea's economic growth accelerated to its fastest growth in seven years last quarter while growth in Taiwan during the same period was the strongest in 2-1/2 years. The advance reading of US GDP for July-Sept also showed healthy growth of 3.0 percent, well above the average of just above 2.0 percent since the financial crisis in 2008-09.
Wall Street's three major indexes ticked up on Tuesday to end October with their biggest monthly gains since February.
Investors are focused on the progress of a US tax-cut plan being developed by President Donald Trump and fellow Republicans and on Trump's announcement of the next head of the Federal Reserve. The White House said he will reveal his Fed pick on Thursday. (With Agency Inputs)