Portfolio Investment Opportunities in India E-Book

David M. Darst

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Serie: Wiley Finance RealTime
• Sprache: Englisch

Seitenzahl: 187

Veröffentlichungsjahr: 2013

Beschreibung

Investment strategies and knowledge for asset managers investing in India This e-book only investment report will detail India's asset classes, its investment strategies, risks and advantages, and politics and cultural history with an eye toward serving investment advisors and asset managers looking for up-to-date investment knowledge on specific alternative asset classes.

Leseprobe

Contents

Cover

Series

Title Page

Copyright

About the Author

Introduction

Section 1: India at a Glance

Post-2010 Developments

The Indian Subcontinent

India’s Political System

Topography of India

Sanskrit and the Languages of India

India’s Kingdoms and Empires

India’s Cultural Development

Religion in India

Media and Entertainment in India

India’s Megacities: Delhi, Mumbai, and Kolkata

India’s Megacities of the Future

Notable Indian Cities

Transportation in India

Evolution of Modern Indian Paper Currency

India’s Political System

The Political Landscape in India

Key Political Figures

Major Private Business Groups in India

Select Structural Reform Initiatives Since 1991

India’s Five-Year Plans

India’s Nuclear Energy Industry

Reserve Bank of India (RBI)

India’s Foreign Exchange Reserves

Six Key Components of Economic Takeoff in the West

Foreign Direct Investment Flows

India’s Trade Activity with the United States

India’s Trade Activity with the World

Section 2: Issues for Consideration

Assessing India’s Economic Environment

Intermediate-Term Accelerators and Hindrances in India

Bullish Factors Affecting India’s Economy and Markets

Bearish Factors Affecting India’s Economy and Markets

India’s Economy in Context

The India Landscape: Megatrends*

Demographic Trends in India

Labor Supply and Workforce Trends in India

Education in India

India’s Rising Middle Class*

Increasing Urbanization Rates in India

India’s Investment in Infrastructure

India’s Gross Domestic Savings as a Percentage of GDP

India’s Gross Capital Formation as a Percentage of GDP

India’s Current Account Balance as a Percentage of GDP*

India’s Lingering Fiscal Deficit

Internet Usage and E-Commerce

Pakistan: A Brief Economic Overview*

Bangladesh: A Brief Economic Overview*

India and China: A Critical Global Relationship*

India as an Emerging Global Power

Section 3: Investing Background

Inclusive Wealth

Asia-Pacific Market Valuations

India’s Outsourcing Industry: Leading by Example

Indian Initial Public Offering Activity

Indian M&A Activity

India’s Domestic Fund Management Industry and India’s Individual Investors

Regulatory Landscape for Foreign Investors

Performance of the Bombay Stock Exchange SENSEX 30 Index

Performance of the National Stock Exchange S&P CNX Nifty Index

The MSCI India Index

India’s Corporate and Government Bond Market

Short-Term Interest Rates In India

Section 4: Understanding India’s Investment Potential

Domestic Politics

The Economy

The Indian Rupee

Credit and Capital Markets

Geopolitics

India’s Property Market

Inflation and Deflation

Energy

Security

The Indian Diaspora

The Relationship between the United States and India

Other Issues

Section 5: Overview of the Investment Landscape

Overview of Closed-End and Open-End Funds with Exposure to India

Private Equity/Venture Capital in India

Select India-Related Equity Indices

The Bombay Stock Exchange

Overview of Indian ADRs

Overview of India Convertible Bonds

Section 6: Additional Sources and Disclosures

Select Web Sites

Books

Morgan Stanley Research Publications

Periodicals

Publications

Television Broadcasts

Section 7: Glossary of Indexes

The Wiley RealTime Finance series provides information, tools, and insights specifically for finance and investment professionals. Topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and financial instrument analysis, and beyond.

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Cover design: Wiley

Copyright © 2013 by David M. Darst. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada.

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ISBN 978-1-118-82414-6 (ePDF)

ISBN 978-1-118-82425-2 (ePub)

Printed in the United States of America

About the Author

David M. Darst, CFA, is a managing director and chief investment strategist of Morgan Stanley Wealth Management with responsibility for asset allocation and investment strategy, and was the founding president of the Morgan Stanley Investment Group, and the founding Chairman of the Morgan Stanley Wealth Management Asset Allocation Committee. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held senior management posts within the Equities Division, and earlier for six years as resident manager of their private bank in Zurich.

David is the author of 11 books, including this one: The Complete Bond Book (McGraw-Hill, 1975); The Handbook of the Bond and Money Markets (McGraw-Hill, 1981); The Art of Asset Allocation, Second Edition (McGraw-Hill, 2008); Mastering the Art of Asset Allocation (McGraw-Hill, 2006); Benjamin Graham on Investing (McGraw-Hill, 2009); Portfolio Investment Opportunities in Managed Futures (John Wiley & Sons, 2013); Portfolio Investment Opportunities in Precious Metals (John Wiley & Sons, 2013); Portfolio Investment Opportunities in China (John Wiley & Sons, 2013); and The Little Book That Still Saves Your Assets (John Wiley & Sons, 2013), which has ranked on the bestseller lists of the New York Times and BusinessWeek. His financial works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, and Vietnamese. In 2012, Seapoint Books published David’s book, Voyager 3, which contains his creative writing.

David appears frequently on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron’s, Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He broadcasts and writes extensively on asset allocation in the firm’s biweekly Investment Strategy and Asset Allocation Commentary and in the Morgan Stanley Wealth Management monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997.

David attended Father Ryan High School, graduated from Phillips Exeter Academy, was awarded a BA degree in economics from Yale University, and earned his MBA from Harvard Business School. David has lectured extensively at Wharton, Columbia, INSEAD, and New York University business schools, and for nine years, he served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. David is a CFA Charterholder and a member of the New York Society of Security Analysts and the CFA Institute.

Introduction

[India is] the cradle of the human race, birthplace of human speech, mother of history, grandmother of legend, great-grandmother of tradition, whose yesterdays bear date with the mouldering antiquities of the rest of the nations. Our most valuable and most instructive materials in the history of man are treasured up in India only.

—Mark Twain, 1835–1910

India has undergone a significant transformation since it began moving toward a free market economy in 1991.This transformation has been marked by substantial growth in India’s real gross domestic product (GDP). India’s development has important implications for world trade, economic growth, global prices, capital flows, and geopolitics.

This report provides in-depth background information on the history, geography, culture, politics, and geopolitics of India, in order to build a framework for understanding India’s economy, financial markets, and investment potential.

The key external and internal forces affecting India’s securities markets are also assessed within a cyclical and secular context, with the objective of identifying and evaluating the fundamental, valuation, and sentiment factors that inform securities prices and values.

Section 1

India at a Glance

After the government of Jawaharlal Nehru (1889–1964) formed the first Planning Commission in 1950 in an attempt to efficiently allocate resources to various sectors of the economy, Indian real GDP grew at an annual rate of 3.5 percent through 1980; a relatively modest level of growth for an emerging economy, it would unfairly become known as the “Hindu rate of growth.”