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There is growing recognition in the United States that India stands on the threshold of tremendous growth and influence as an economic power in the global community, the chief of New York Stock Exchange, the world's largest bourse, said in New York on Wednesday.

"Your economic reforms favouring freer markets, development of infrastructure. . . prudent spending and commitment to education will further India's position in the global leadership," said John A Thain, Chief Executive Officer of NYSE welcoming Manmohan Singh who is the first Indian Prime Minister to visit the place.

Welcoming Singh as the leader who is directing India's effort at sustainable growth which will benefit every segment of India's society, Thain said Singh, in his previous role as finance minister  was instrumental in directing an economic agenda that has become the foundation  of India's economic growth in the past decade.

Hailing Singh as the leader of the world's largest democracy, Thain said the financial community is looking forward to hearing his vision for India's future. "We hope to hear of the opportunities for greater economic ties between our two great nations."

Thain said this was a very historic occasion for the New York Stock Exchange because it is the very first visit by a prime minister of India to the institution.

The visit, he said, comes at a propitious time when India and the United States already share the special distinction of being two of the world's largest and oldest democracies.

"Today," he said, "our two nations share not only common political values but also a commitment to free economic systems."

He noted the interaction of the entrepreneurs of the two economies and said the New York Stock Exchange has been fortunate to play a small part in facilitating it.

Thain pointed out that seven of India's companies are already listed on the stock exchange with the eighth to be listed soon.

The stock exchange listed the Indian companies listed with it already as ICICI Bank, VSNL, Wipro, Dr Reddy's Laboratories, Satyam Computers, HDFC Bank and MTNL. Tata Motors has announced its intention to list on NYSE by the end of this month and will become the eighth Indian company to join the NYSE.

The combined average daily trading volume of Indian stocks on NYSE this year, the exchange said, has been over 2 million shares a day, with ICICI Bank, Satyam Computers and Dr Reddy's being the three most liquid Indian stocks on the bourse.

The NYSE also serves as a global platform for the government of India, various state governments, industry associations and NYSE-listed Indian companies to reach out to the US business and investor community, the exchange said.

Currently, the NYSE is the premier listing venue for non-US companies with 456 companies from 47 countries with a global market capitalisation of $4.9 trillion. -- PTI

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Photo: Paresh Gandhi