How India's credibility as an investment destination is evolving

Modi has built 'solid foundations'

David Cornell, CIO of Ocean Dial and manager of the £96m India Capital Growth fund, discusses the impact of India's Prime Minister Narendra Modi's reform agenda and why it was needed to begin with.

As a result of decades of political mismanagement, India's economic performance is light years behind many emerging markets, China included. India's GDP per capita at a paltry $1,600, trails far behind its peers which is reason enough to hasten reform, but pressure to change is mounting from elsewhere. Unlike China, India has a young population with 50% under twenty-five years old. This is often cited as the "demographic dividend" as economists forecast sustained levels of rising consumption as the workforce grows. This sounds great, but fails to address India's need, with a popula...