Anand Mahindra gets a great Monday feeling after seeing this prediction

Financial Times in partnership with Omdia has compiled an index to find out which countries offer growth potential for handset makers and telecoms networks.

Mahindra shared that report which says India will be among the five fastest-growing digital economies in years to 2024. The other four countries are Peru, Indonesia, the Philippines and Mexico.

According to the report, these five countries have a rapidly growing proportion of middle-class consumers, with the income to access digital platforms, plus the necessary technology infrastructure in place.

As per their findings, India is forecast to have the fastest-growing digital economy of all, with a compound annual growth rate (CAGR) of 8.8% over the period 2020-2024.

Performance will be particularly strong in the entertainment market, with a CAGR of 15% expected, driven by growth in entertainment including video and music subscriptions, online advertising revenue, and YouTube and Facebook active users, it said.

India will also grow its enterprise IT market, where it is forecast to see a CAGR of 14%, as per the report.

Mahindra found these numbers encouraging, especially on a day when stock markets were bleeding. 

Today, equity indices plunged to over four-month lows as concerns over surging Omicron cases across the world jolted investors, sparking a heavy selloff in global markets.

The 30-share BSE Sensex slumped 1,189.73 points or 2.90% to end at 55,822.01 — its lowest since August 23 this year. The NSE Nifty tanked 371 points or 2.18% to end at 16,614.20.

The market capitalisation of all BSE-listed companies fell by ₹6.79 lakh crore to stand at ₹2,52,57,581.05 crore.