- Insync believes he is a man for constructive change in India but one needs to be very selective in taking direct exposure in the country and prefers multinationals with exposure to the growing Indian middle class
Indian-born fund manager, Nitesh Patel, believes that Narendra Modi is the man who has the attributes to modernise India and is pleased that Australia got a taste at the G20 of his straightforward approach to change.
“I was born and spent my early life in the Gujarat State where Modi was a successful Chief Minister (Premier) who threw open this precinct to international investment. The change he wrought on one Indian state is being amplified across India in his early tenure as Prime Minister.
“One example of the speed of change he is creating was his campaign to open banks account for the poor. He broke down the traditional way of running government to expedite this process. Traditionally a task like this would have taken many years or decades due to the bureaucracy. He is a man that is determined to break the 67-year old way of running Indian governments.
“Modi demanded that the poorest get access to bank account and within a short period of time 70 million bank accounts were opened. He tasked a deadline 150 days for this to be initiated.
“For investors he has started to break the shackles of state-run organisations and allowed 100% foreign direct investment in the Indian railway network, the life blood of the economy. While still early days, Modi will need to continue what he has achieved so far to be deemed a true reformer,” said Nitesh Patel, Portfolio Manager, Insync Funds Management.
Companies in the Insync Global Titans fund source less than 5% of their revenue in aggregate from India.
Media contact
Nitesh Patel
Portfolio Manager
Insync Funds Management
02 9216 2930
npatel@insyncfm.com.au