Indian Prime Minister Narendra Modi¡¯s trip to the U.S. couldn¡¯t have come at a better time. A buzzing economy, equity benchmarks at record highs and a rapidly growing consumer market all make for a great advertisement as he pitches the country¡¯s potential to American corporate executives and investors.
Stocks in India have attracted a net $8.7 billion in foreign inflows since March, set to be the most in any quarter since the end of 2020. Rupee-denominated bonds are on track to witness the longest streak of monthly buying by overseas funds in almost four years, while the local currency is offering the second-best carry returns in Asia this year, according to Bank of America.
Modi¡¯s visit promises more: Tesla is likely to make a significant investment in India, CEO Elon Musk said after meeting the South Asian nation¡¯s leader, who also urged Bridgewater Associates founder Ray Dalio to deepen investments in the country. General Electric and India¡¯s Hindustan Aeronautics are set to sign an agreement during Modi¡¯s trip to produce engines for India¡¯s fighter jets.
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