He explained: “It has structural growth and favourable demography with its working population not set to peak until 2055. And now there is a government that is reforming and turning the black informal economy into a formal economy, i.e. the stockmarket.
“You will struggle to find the same level of demography, ambition and entrepreneurial spirit that you have in India in other emerging economies. And there are phenomenal companies playing into those top down themes.
“Why is India expensive? Because you can’t find those factors together anywhere else; it’s Asia’s oldest stockmarket and they fundamentally understand the concept of capitalism.”
Building on a conviction in the prospects for the Indian consumer, large holdings in Ashburton India Equity Opportunities Fund include IT firms Infosys and HCL Technologies, as well as non-state owned banks, HDFC, ICICI and Axis.
