Going global is not the only trump card for an international recognition'. As 'many as 11 India companies, including the likes of ICICI Bank and Bharti Airtel, have made it to a list of 50 'Local Dynamos' for mastering the dynamics of their domestic markets.

These 50 firms from the world's Rapidly Developing Economies (RDEs) are "domestically focused, at least for now, and have devised formidable business models with which to master the intense dynamics of their local markets," global consultancy firm Boston Consultancy Group said in a report.

Other Indian companies in the list are two Tata Group entities Indian Hotels and Titan Industries besides Amul; Apollo Hospitals, CavinKare Group, ITC Limited, NIIT, SKS Micro finance and Subhiksha. Apart from the four BRIC countries - Brazil, Russia, India and China - the list also Includes companies from Indonesia, Malaysia, Mexico, Poland, Slovakia, Poland and Thailand.

The study titled "The BCG 50 Local Dynamos - How Dynamic RDE based companies are mastering their home markets - and what MNCs need to learn from them" has 15 companies from China, including the internet search engine Baidu.com.

BCG said these companies were selected on the basis of criteria such as high growth and original business model specifically adapted to the unique challenges posed by RDEs. According to BCG, companies from RDEs are "staying home" and conquering their domestic markets. Further, these firms are using innovative Business models to beat MNCs and established domestic incumbents, many of which are state-owned entities.

BCG said ICICI Bank has an interest income of 5,196 million dollars as compared to its MNC competitor, HSBC, which rakes in an interest income of 1,066 million dollars. "With more than 950 branches and 24 million customers, it offers a diverse range of financial products and services and competes well against local and foreign rivals," it noted. Observing that the chosen Dynamos target their offerings mainly at the middle class, the study said India has shown that companies can serve the poor profitably provided they use "the right approach".

"In consumer goods, CavinKare entered the personal care market by selling shampoo in affordable sachets to rural customers. Titan Industries produces more than seven million watches a year... No-frills retailer Subhiksha has brought low prices and convenience to the lives of many Indians by locating small supermarkets close' to its customers...," the study added.

While ITC has improved the lives of its farmer-suppliers by introducing technology into their business and personal lives, SKS Microfinance offers micro-loans to rural poor to help them create profitable enterprises, it pointed out.