Positive on India; world eco still sluggish: Stephen Roach
Even as the world is looking up to China to lead a recovery from the financial crisis, Stephen Roach, chairman of Morgan Stanley Asia, said India is the country to watch out for. “I love India,” Roach said. “I mean, of all the economies and countries I spend my time out in Asia, the India’s outlook looks terrific right now.”
India’s micro factors like workforce, markets and financial institutions were in sound shape, Roach said, and added that the macro like savings, foreign direct investment situation were improving even though infrastructure continued to remain a hitch. “Then there’s politics: the communists are now out of the government as of the elections in mid May and there is a real chance to push through reforms. So when you got micro and macro in politics working in the same direction, you got a sweet spot,” he said, adding, “People are ignoring India because it fell far behind China in the last 15-20 years but I like what’s going on there right now, it could be a big surprise up ahead.”