During my time with Tano Capital launching our first India Fund I (100m+) US direct investment was there of course but had not yet become popular. Due to the foresight of my boss, we were one of the first movers in the "automatic route" FDI space and it was both intimidating and exciting. His insight was, as usual, far above that of the crowd. "It's a demographic play," said he, "The median age in India is 23 with a population of 1M. Meantime the median age in America is 35 with a population of 400m. They will accelerate the first world more than the first world. Demographics are destiny." The following two charts give an indication of the level of FDI (Foreign Direct Investment) into India in the early 2000s and the amount coming from the USA during that time. At the time when people looked at me incredulously, cocked their head, and said something like "you're doing WHAT???" I thought they were negotiating with me or something or misunderstanding me. I didn't know at first all of the various sector restrictions India had placed on FDI (like in retail and brands), and I didn't really realize until now the overall novelty of what we were doing. 3L+2
Coda: It's quite amazing to see it today!
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February 2008
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