Morningstar Magazine - December/January 2017 - 35
Spotlight
India
IT Firms Give India an ESG Boost
Where Active Managers Beat Their Indexes
Robos Coming to India
40
43
46
Revealing Its Promise
India is enticing, but
investors should stick with
the fundamentals.
INDIA
Ananya Roy and Gaurav Tibude
Emerging markets have caught the fancy
of investors frustrated by the slow
growth of established economies, negative
yields, and developed equity markets appearing
to be overvalued. After years of investors
fleeing emerging markets, asset flows have
rebounded in 2016.
India, in particular, has become a focus
of investor attention. Using Morningstar indexes
as proxies, India has outperformed both
China and emerging-markets indexes in recent
years ( EXHIB IT 1 ). The allocation to Indian
equities by emerging-markets and Asia-Pacific
funds domiciled outside of India reached
a five-year high at the beginning of 2016, according
to Morningstar's calculations.
Investors have long hyped India's potential,
with its stable democracy, favorable demographics,
and a large English-speaking workforce, while
acknowledging its warts that have made investing
in India difficult: crippling bureaucracy, political
gridlock, lack of competitiveness, poor infrastructure, corruption, and crony capitalism. Does
the recent investor interest in India mean
it has finally turned the corner and is now ready
to reward investors over the long term? If so,
global.morningstar.com/Morningstarmagazine
35
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Table of Contents for the Digital Edition of Morningstar Magazine - December/January 2017
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