With the liberalization of the business environment in India under Prime Minister Narendra Modi, and the explosive growth of the nation’s middle class, we believe the Indian economy is primed for unprecedented growth in the short term with sustained expansion over the long term.
The India Fund, Inc. (IFN) seeks to provide investors balanced exposure – at a discount – to the key industries driving and taking advantage of the positive trends in Indian business and society.
India’s Narendra Modi is slashing through red tape
As part of Prime Minister Modi’s efforts to jump-start his nation’s business sector – one that underperformed for the past half-century – he passed 52 bills in his first year, including measures to encourage cooperative federalism among India’s 29 states, and streamline business incorporation and permit processes by digitizing and centralizing these processes. What once took 27 days now takes only one.
In aggregate, these measures will have a tremendous impact on efficiency, and appetite should increase for investment at India’s massive scale.
Modi’s initiatives - “Skilled India,” which will train over 400 million workers within seven years1, manufacturing push “Make in India” which facilitates foreign investment, and the National Institution for Transforming India [NITI Aayog] - are credible programs matching India’s performance to its potential.
With a robust auto industry, producing cars for the region and the world, nearly three times as many engineering graduates each year as the U.S.2, and a domestic market more than doubling their consumption over the next decade3, India is forecast to grow more quickly than China in 2016 and 2017 according to the World Bank4.
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