Word: indianizing
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...worse. Like many markets, India has been badly rattled by fears that the U.S. Federal Reserve and other central banks will keep raising interest rates to fight inflation. That could cause global economic growth to slow precipitously--a worry that's causing edgy investors to pare their exposure to Indian stocks. Marc Faber, a renowned emerging-markets investor based in Hong Kong and Thailand, expects a further fall in the next six months as that uncertainty deepens. "In the near term, you have to be cautious," he warns...
India also has a younger population than any other major country. According to Ridham Desai, Morgan Stanley's head of Indian equities research, about 125 million Indians will join the workforce in the next decade, and they will be key to the country's growth. Foreign firms will hire legions of them to drive down costs, and their prosperity will fuel demand for stylish clothes, cars and other baubles. Thanks to this demographic advantage, "India will grow faster than the rest of the world," says Desai...
...question for investors is how richly to pay today for a stake in companies that will profit from these trends in the future. The Indian market trades at a 20% premium over other emerging markets, making it too pricey to jump into now, says Adrian Mowat, JP Morgan's chief Asian equities strategist. Jon Thorn, a portfolio manager at India Capital Fund, disagrees. "The long-term case for investing there is without question the best in the world. I'm going around to all my investors saying, Now is the time," Thorn says. "You need to buy when there...
...rise apartments--and most of the construction has taken place in the past five years. Old houses have been uprooted, replaced by bars and restaurants. The city's first multiplex cinema is about to open. A giant Smirnoff poster in the center of town announces, LIFE IS CALLING. In Indian cities like Mangalore, answering that call has brought consequences no one could have foreseen...
...better or worse, Mangalore's fate is in the hands of outsiders. "Tier 2 cities" like Mangalore are believed to hold the key to the future of the Indian outsourcing industry. With wages rising in big cities like Bangalore and Bombay, tech companies must expand fast in lower-cost cities. But Mangalore shares the problem of other small cities with big aspirations: it's not an exciting place to live. "Lifestyle is a challenge when you're trying to get people from outside to stay here," Sudhir Albuquerque told me. Albuquerque, an Infosys executive, was taking me around the company...