India's engagement with global trade and investment stretches back through various civilizations, marking a significant presence in the world economy. The East India Company, often regarded as the first multinational corporation (MNC), was established for commerce within the Indian Ocean territory, including the East Indies, South Asia, and India itself. This entity eventually extended its influence to colonize extensive regions of present-day India

Global wealth is estimated at over USD 250 trillion. Long term investors like Public Pension Funds and Sovereign Wealth Funds account for over USD 50 trillion in assets. The other [...] 

Over the next decade, India is slated to overtake Germany and Japan to become the third largest economy in nominal terms. It is already the third largest in PPP (Purchasing Power Parity) terms. Of course, on an annual per-capita income basis, India at ~USD 2,600 is well below most Asian countries and a few African economies.

A recent shift in public equity allocation strategies is driving investors away from China and towards other Emerging Markets, notably... 

India's soaring GDP growth powers double-digit stock market returns. Broad economy and corporate growth drive markets.

Mesmerized by the Chinese dragon many investors have been comfortable leaving India in a generalist “emerging market” bucket in their...

An in-depth analysis of foreign investment trends in India's private and public markets over the past two decades highlights the shift in... 

US corporations are increasingly investing in India, but their corporate pension funds have not followed suit. With over $6 trillion in...

A big milestone for Indian debt markets, opening access for index-tracking foreign capital flows. 

In February 1990, our Founder Ajit Dayal wrote an article in the Asian Wall Street Journal ‘Loosen the Reins on India’s Bull Market’.... 

On 17th May, 2004, the Indian stock markets hit its lower circuit, (-20%). The Bombay Stock Exchange (BSE)-30 Index, Sensex, fell by 842 points, its steepest one-day fall ever then.

Amid growing investor optimism about India, it's crucial to reality-check the narrative. 

India can potentially become a billion-plus consumer market over the next 25 years but there are signs job creation is failing to keep up. 

Tim Cook, the CEO of Apple, is India's newest celebrity. The opening of the first Apple store in India, in Mumbai and Delhi, is all the... 

Over the next few months, we will look at the various aspects that we think will shape India in the coming 25 years. From now till 2047. India as a [...] 

On 15th August 2022, India celebrated 75 years of being a free country since ending British colonial rule in 1947. Though India boasts a civilization with recorded history of over 5,000 years, India, as a modern nation state, is very young.

Should global investors worry about Modi being a ‘Strong Man’? Is India becoming un-democratic? 

Convinced that the Congress government with its well-honed brand of crooked playing fields and “stash-the-cash” is soon to be replaced by an angelic BJP government led by Narendra Modi, corporate honchos (many of whom were the givers of cash in exchange for favours from the Congress), the financial services community, and the media are waving the “time-to-buy India” flag. With the market already having had a run up and the INR gaining ground, we are sceptical.

On June 25, 1975 Prime Minister Indira Gandhi – without consulting her Cabinet colleagues in the then Congress government – sent a letter to the President of India recommending the suspension of individual rights and freedom. The infamous Emergency was born with this statement: “In exercise of the powers conferred by the Clause 1 of Article 352 of the Constitution, I, Fakhruddin Ali Ahmed, President of India, by this Proclamation declare that a grave emergency exists whereby the security of India is threatened by internal disturbance”.

We consider the geopolitical macro view that forms the background to our bottom up value investing approach.

India's inherent long-term resilience has helped it recover from crises, including self-inflicted ones. 

The contradiction of a fast growing democracy with a failure to provide support during the recent surge has implications on the economy.