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‘India Has Arrived’ : Modi-Nomics Offers A China Alternative

For the last three decades, Peeyush Mittal has frequently driven the 185 miles from the Indian capital to the city of Jaipur. The journey always took him 6 hours.

“For 30 years there’s been this promise of doing that journey in three hours. It has never been possible,” said Mittal, a portfolio manager at Matthews Asia, a San Francisco-based investment fund.

“They’ve expanded the highway, gone from one lane to two lane to three lane, everything has been done. But that journey has always remained six hours.”

Except last year, when he cruised at 75 miles per hour on a new expressway connecting the two cities, and made the trip in half the time.

“My jaw dropped when I first time got on that highway. I was like, ‘Wow, man, how is this even possible … in India?” he said.

The quality of India’s new infrastructure is just one of many reasons why Mittal, who manages funds focussed on emerging markets, and other investors are excited about the country’s growth prospects.

Financial professionals are noticing India’s development since 2014 under two-term PM Narendra Modi, who wants India to become a $5 trillion economy by 2025.

The optimism around the world’s most populous nation is in stark contrast to the mood found in China, which is grappling with a myriad of economic challenges, including an accelerated flight of capital from the country.

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