India doesn’t get as much attention as Brazil or China, the star markets within the emerging economies, but that lack of attention means opportunity, according to an Indian fund manager.
Ajay Argal, head of offshore equities for Birla Sun Life, said in a recent Business in Vancouver interview that investors can gain from India’s steady and strong economic growth due to the low level of foreign investment in the country. India currently attracts less than 0.5% of foreign investment inflows despite annual growth rates of between 8% and 9.5%. He noted the International Monetary Fund projects India’s economy to grow by between 9% and 9.5% this year.
“We are a large economy now. $1.4 trillion in nominal GDP terms. For any global investor, it’s not prudent to ignore India.”
One of the Lower Mainland’s fastest growing cities is looking to tap the Indian market. Surrey Mayor Dianne Watts, along with a contingent of other city councillors and B.C. business leaders is embarking on a 10-day trade mission to India.
The trip will include meetings with local business leaders and officials in more than half a dozen cities, including Mumbai, New Delhi, Bangalore and Amritsar.