The rapid relocation of India from the periphery to the centre stage of global investor thinking is nothing short of extraordinary.
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Its economy now reliably grows faster than China’s: a December 2023 report from S&P Global Ratings projected GDP to more than double by the end of the decade. Inflation is under control and inward foreign direct investment is on a clear upward path, as corporate and institutional investors plough capital into everything from publicly traded stocks to unlisted tech unicorns.
Perhaps nowhere is the impact of its ascendancy more keenly felt than in private banking. India’s private-wealth industry is valued at $600 billion. It is growing at around 12% a year, but only around a quarter of that is reckoned to be professionally managed.
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