Wednesday, June 12th 2024

‘India has arrived.’ Why Modi’s economy offers a real alternative to China.


‘India has arrived.’ Why Modi’s economy offers a real alternative to China.
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For the last three decades, Peeyush Mittal has frequently driven the 185 miles from the Indian capital to the city of Jaipur. The journey always took him six hours.

“For 30 years there’s been this promise of doing that journey in three hours. It has never been possible,” said Mittal, a portfolio manager at Matthews Asia, a San Francisco-based investment fund. “They’ve expanded the highway, gone from one lane to two lane to three lane, everything has been done. But that journey has always remained six hours.”

Except last year, when he cruised at 75 miles per hour on a new expressway connecting the two cities, and made the trip in half the time.

“My jaw dropped when I first time got on that highway. I was like, ‘Wow, man, how is this even possible … in India?” he said.

The quality of India’s new infrastructure is just one of many reasons why Mittal, who manages funds focussed on emerging markets, and other investors are excited about the country’s growth prospects.

Financial professionals around the world are noticing India’s development since 2014 under two-term Prime Minister Narendra Modi, who has said he wants the South Asian nation to become a $5 trillion economy by 2025.

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