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洞见 14.03.2024

India: A New Driver Emerges

India: A New Driver Emerges

Driven by Prime Minister Narendra Modi’s economic programme, India has embarked on a phase of infrastructure investment akin to China’s in the 1990s. In our latest edition of UBP Headlines, our Group Chief Strategist Norman Villamin takes a deep dive into the booming Indian market, exploring its investment opportunities.

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Since taking office as Prime Minister in 2014, Narendra Modi has launched an economic agenda dedicated to productivity increase by investing in the nation's infrastructure.

This ambitious program encompasses the development of both physical and digital infrastructure, like China's strategy since the 1990s, in addition to enhancing financial infrastructure to bolster its domestic capital markets.

Moving forward, India will also benefit from changes in global supply chains, as there is a shift towards diversifying and partially reshoring manufacturing which had been concentrated in China since the turn of the century. 

Over the past decades, Indian companies have delivered earnings growth and returns on equity comparable to levels in the US, providing a medium-term boost for potential increases in valuations.

Reshoring and Narendra Modi’s reforms are set to drive the next foreign investment wave in India. As China faces economic headwinds, India stands out as a compelling alternative for investors seeking exposure to emerging market growth.

Read the full UBP Headlines for the detailed analysis

Norman Villamin Norman Villamin
Group Chief Strategist
Carlos Casanova Carlos Casanova
Senior Economist, Asia

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