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back to index backASIAtalk January,  2017


Emerging markets: reimagining India

With a stable, business-friendly government at the helm, India is flourishing. Radical liberalization and imaginative development programs have made it one of the most attractive destinations in the world for investors.

Almost literally the one bright spot in the world is India. India is probably going to grow around 7.5% this year. We think even higher next year.”

So said Jim Yong Kim, President of the World Bank, on a visit to India in late June 2016. At a time when economists around the world were preoccupied with the result of the UK referendum on membership of the European Union and its potential effect on the global economy, Kim preferred to highlight India in his media interviews.

He said that Brexit had had a very temporary impact on the Indian stock market. That resilience tells you something. Had Brexit happened five or six years ago, my guess is that the impact would have been greater,” Kim told The Hindu newspaper.

It’s not hard to understand why Kim is upbeat about India. According to India’s Central Statistics Office, the country’s economy grew by 7.6% in the fiscal year 2015-16, maintaining its status as the fastest-growing major economy in the world. And in 2015, India replaced China as the top global destination for foreign direct investment (FDI), attracting US$63b of FDI projects.

While much has been written about India’s young demographics, its services sector and cost arbitrage, probably the biggest differentiator today is its Government. After 30 years of coalitions, India has a stable government that is perceived as being friendly to businesses. If you look at the investment climate in the last 20 years, India has never been more hospitable to FDI,” says Pulapre Balakrishnan, Professor of Economics at Ashoka University. Multinationals have flourished here since the reforms, and I think there is no better time to invest in India from the point of view of the policy regime.”

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Source: EY - GAI





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