观察家研究基金会：2023年印度是下一个全球投资者的亮点吗（英文版）（17页）.pdf

1、SPECIALno.204Is India the Next Bright Spot for Global Investors?Alexis Crow 2023 Observer Research Foundation.All rights reserved.No part of this publication may be reproduced,copied,archived,retained or transmitted through print,speech or electronic media without prior written approval from ORF.J A

2、 N U A R Y 2 0 2 32Amidst a somewhat unprecedented amount of turmoil in the global macroeconomic environment and geopolitical landscapefrom the return of interstate war in Europe and the associated energy and cost of living crises unfurling across advanced and emerging market economies,to the ensuin

3、g tensions between the US and China and a deepening of the technological decoupling between the two countriesIndia has emerged as the next“bright spot”1 for global investors.Indeed,the World Bank has recently highlighted that India is better positioned to“weather global spillovers”,relative to most

4、other emerging markets.2As India retains its position as one of the fastest-growing economies in the world,local benchmarks have hit historic highs.As we can see in Figure 1,on an emerging market basis,Indian stock markets have outperformed their MSCI peers,and rank among the best performing equity

5、markets on a global basis in 2022.3Introduction3Foreign investors have played a role in propelling such market rallies,posting steady inflows into Indian equities.5 In part,investors have responded positively to Indias position as the potential next great growth miracle,as the economy steadily emerg

6、es from the COVID-19 pandemic,with a relatively resilient and robust domestic consumer base.a,6 Figure 1:MSCI India vs MSCI Emerging Markets:Cumulative Index Performance-Net Returns(in EUR;November 2007-November 2022)Source:MSCI India Index 20224aPrivateconsumptionsupportssome60percentofGDPinIndia,p