On Top Of The Global Map

Indian markets are tuning in to a future never seen before, and the world is listening.

- Clifford Alvares

LOOKING MERELY at the returns the market has delivered in the past three years of the Modi government, you might be justified in thinking it has not moved much. The frontline BSE Sensex has delivered just 23 per cent growth since 22 May, 2014. That works out to only 7.3 per cent CAGR, just about the average return from a fixed deposit.

Though it’s not been a runaway bull market because of the global situation, India is in a far better position than it was a few years ago. One therefore, needs to look beyond returns, since the returns are not narrating the entire story. Says Manish Chokani, director of Enam Holdings: “If you take the rate of change from where we were three years ago — completely despondent — to now, there’s a complete change.” This new-found confidence stems from the many reforms the government has pushed through in the past three years, including laws that have been in limbo for a long time now. Says Andrew Holland, CEO, Avendus Alternative Strategies: “The GST has been passed. The bankruptcy law is in the right direction. You have seen the FDI programme spike. He (Modi) has really put India on the global map.”