Could investing in India's growth spurt turbo charge your Isa? The economy is expanding faster than China's and its car makers could rival Germany's
For years, India has had to play second fiddle to China when it comes to attracting investment.
China had a booming economy, an enormous population and some of the planet's leading technology firms.
But, last month, India usurped China as the world's fastest-growing economy, rising at 7 per cent a year.
And now, experts believe it's the 'jewel in the crown' of the emerging economies, which also include the Philippines, Taiwan, Vietnam and even Brazil, Mexico and Russia.
India has a young, educated workforce (the average age in India is 27, compared to 40 in the UK) that will be the largest in the world by 2025. It is already the world's biggest democracy — and is increasingly pro-business.
Prime Minister Narendra Modi, who has a clear majority, has made a play of wooing foreign investment, with Japan backing a $17 billion project to build a bullet train between Mumbai and the industrial city of Ahmedabad that will cut the journey from eight hours to under three.
At home, Mr Modi has introduced a Goods & Services Tax — similar to Britain's VAT — to replace a complicated patchwork of taxes imposed across India's regional states.
He has also launched a biometric identity system for direct benefits payments, which uses fingerprints, iris scanning and photos to ensure the money goes safely into the right bank accounts. This has drawn millions of the rural population into the banking system.
India is also now one of the world's major car manufacturers, pumping out 3.8 million vehicles a year. That puts it on par with South Korea and quickly catching up with Germany.
Jason Hollands, of fund supermarket Bestinvest, says: 'While China tends to grab the most attention of the emerging market economies, the long-term prospects for India are exciting with the programme of reforms being made in the country.'
For savers new to investing in India, it's worth considering a so-called emerging markets fund.
These split your money across shares in a number of different growing countries, including India. That way, if one country dips, it won't put too large a dent in your pension or Isa.
Kausion, London, United Kingdom, 16 hours ago
Indian car industry could rival Germany.