Goldman Sachs ramps up credit business in India, targets rich diaspora

Goldman joins Wall Street lenders and private equity giants chasing opportunities in an economy that is forecast to grow 7% in the year ending March

By Preeti Singh and Baiju Kalesh

Goldman Sachs Group Inc. plans to ramp up its credit business in India and sees an increasing opportunity to target the nation’s wealthy diaspora as global investors shift their focus from China to what is now the world’s fastest-growing major economy.
 

The investment bank wants to broaden the range of loans it offers through its shadow banking unit, according to Sonjoy Chatterjee, chairman and chief executive officer for Goldman in India. The firm also plans to get a license to scale up in currency trading, which would allow Goldman to deal with any