印度金融产品的渗透率仍然很低。英国最大的资产管理公司施罗德投资管理公司认为印度是一个重要的市场，最近购买了印度Axis资产管理公司25%的股份。全球股票业务负责人Kenneth Lambden和全球新兴市场股票业务负责人Allan Conway在一次接受采访中谈了对印度股市的看法、印度市场面临的挑战和印度投资者该如何投资，并且称即使存在这样那样的问题，印度在未来五年也会比中国发展更快，并且发展势头会继续下去。
原文标题：’India will grow faster than China’
The penetration of financial products remains poor in India. The UK’s largest asset manager, Schroder Investment Management, recently bought 25 per cent stake in Axis AMC and sees India as a significant market.
Kenneth Lambden, its global head of equities, and Allan Conway, head of global emerging market equities, explain their thinking and their views on what Indian investors should do. Edited excerpts from an interview with Chandan Kishore Kant:
What are your views about Indian equities as the world faces tumultuous times?
Conway: India, for foreigners, has always been a difficult market. It is more trading-orientated, with a larger retail component, which is much more volatile. Also, partly because of that (larger retail), valuation has always been very high. So, India has always looked relatively expensive. Even today, India is trading at a significant premium to other emerging markets. Contrast that with China, which is at a 10 per cent discount.
全球股票业务负责人Kenneth Lambden和全球新兴市场股票业务负责人Allan Conway解释了印度投资者该如何投资的看法和观点。以下是Chandan Kishore Kant对他们采访的节选：
What challenges do you see in Indian markets?
The politics has got in a way which has not enabled the lift one would expect. For instance, in infrastructure, where India has never spent as much as it should, there should be a spending of 40-plus per cent of its GDP.
Unless India puts money in infrastructure, how would growth be achieved? In addition, India has got its macro economic concerns – inflation, fiscal (issues) and high interest rates. Unless those are addressed, the economy would not achieve its potential. It’s quite a frustrating market and we are currently underweight.
You counted so many negatives. But what still attracted you to India?
1.2 billion Indian people, with fantastic demographics. China has got a prematurely ageing population. India is a classic emerging market, which, with economic liberalisation, has unleashed a prolonged period of rapid economic growth.
There is no reason why India should not see a prolonged period of growing at seven-eight per cent per annum. We would expect in the next five years, even with the issues I mentioned, India will be growing faster than China. And, that premium growth will be sustainable for 10-plus years at least.
It’s a typical cycle for an emerging country. It has not quite happened yet for some of the blockages but these are not rocket science to address. When you do get that political will and address those underlying issues, then unleash that potential, we should see that prolonged period of massive growth. That’s why India is such an exciting market for us to be involved in, and we are here.
Despite having 1.2 billion people, the penetration of financial products is miserably poor in India…
Conway: That’s the opportunity.
Lambden: And, that’s why we are here. This is what an emerging market is all about. It’s education and economic liberalisation. It is taking longer in India than it should be taking. But the potential is huge.
The process India needs to go through is a well-trodden path; the policy prescription required is well known. It’s just been not applied as comprehensively as it should. It is, to a certain extent, but is not being embraced in its entirety, that would unleash the massive economic power.
Should Indian investors be reading deep into what’s happening in Europe?
Lambden: Indian investors should only look at emerging markets. Invest in emerging markets and forget about Europe. You have got a choice; to look at emerging or look at submerging.
China has a bleak future
by Gurjot Singh (View MyPage) on Jun 21, 2012 01:33 AM | Hide replies
China’s population will continue to shrink. Even if they get rid of forced sterilization and abortion to maintain once child policy, the cannot reverse the trend. Women never go back to having more kids than their mothers as child bearing and rearing is a very demanding process for modern women.
Also, India has freedom and democracy whereas chinese are enslaved by the communist party. It is potentially a heap of gun powder ready explore at any time.
Re: China has a bleak future
by Suraj Kumar (View MyPage) on Jun 21, 2012 01:55 AM
“India has freedom and democracy”?
Are you tight?
Please get your head examined by a qualified psychiatrist.
Re: Re: China has a bleak future
by toga (View MyPage) on Jun 21, 2012 08:45 AM
freedom to shiet in public, yes.
by Suraj Kumar (View MyPage) on Jun 20, 2012 11:57 PM
This statement is an outright lie.
This lie is being spread by investment bankers and brokers in collusion with U P A government to cheat foreign investors.
India and its economy is an elaborate Ponzi scheme which can collapse at any time.
It is propped up by such lies.
The same thing happened in 2008 and then the bottom fell out.
by saju john (View MyPage) on Jun 20, 2012 09:11 PM | Hide replies
India will grow faster than china only in population and corruption
india is a superpower
by balabala (View MyPage) on Jun 20, 2012 08:59 PM | Hide replies
india is a superpower and nobody an can lag india behind..indian military is the strongest among ever country..and indian technology is very advanced..chinese technology is fake,so can only copy from india and USA ,ect..so it is necessary worry about china ..indian are happier than chinese..they can can’t criticize govt or they will be killed(that’s the most funny story i have heard)on the contray ,india can pee everywhere and don,t need act on govt’s plan…chinese is so pathetic
Re: india is a superpower
by David Dak (View MyPage) on Jun 21, 2012 06:08 AM
“india can pee everywhere and don,t need act on govt’s plan…chinese is so pathetic”
jees, you guys can pee at any where? How unhuman and pathetic is this? Even pets know where to pee.
by Ram Singh (View MyPage) on Jun 20, 2012 08:45 PM
But only under ModiJis governance. Vote for him in next election and see the change Gujraat have seen.
Yawn! Rediff has been talking about the thing many many times
by Raj Gupta (View MyPage) on Jun 20, 2012 04:08 PM
Why talk about things that never happen?
rediff for gods sake
by nothingtohide (View MyPage) on Jun 20, 2012 03:15 PM
this the nth time we are discussing same topic..pl do away with it..both countries do not match except population all other things are different and cant be compared
‘India will grow faster than China’…..
by KKG gangadharan (View MyPage) on Jun 20, 2012 02:44 PM
HHaaaahaa… hhhahaa.. in population??? Are you having a magic stick ??? Man ! it need hardwork without corruption ??? Are you ready for it ??? Don’t put this type of heading !!!!
Rich and Poor have just degr
by Amit Sharma (View MyPage) on Jun 20, 2012 08:41 PM
‘Rich’ Standard and Poor have just degraded India stating the congress setup as the cause and yoy say it will outpace China??
Joke of the day….
by kuldip bhatt (View MyPage) on Jun 20, 2012 08:01 PM
by krazy (View MyPage) on Jun 20, 2012 04:08 PM | Hide replies
Is it something like growing hair??
by kuldip bhatt (View MyPage) on Jun 20, 2012 08:00 PM
Please read and then forward to as many people as possible…
by Ratikant Sahoo (View MyPage) on Jun 20, 2012 03:09 PM | Hide replies
1. TATAs took 100 years to become billionaires, Ambanis took 50 years(after utilizing all its resources), where as Robert Vadra took less than 10 years to become fastest multi billionaire.
2. All newspapers are scared to discuss the story of Robert Vadra because of severe threat from Sonia Gandhi and Congress govt.
3. After Robert Vadra got married with Priyanka Gandhi, Robert’s father committed suicide under mysterious circumstances, his brother found dead in his delhi residence and his sister found dead in mysterious car accident. These reports were not published in any Indian media.
4. He is having stakes in Malls in premier locations of India, he is having stakes in DLF IPL, and DLF itself. He was involved in CWG corruption – DLF was responsible for development of Commonwealth games, and Kalmadi gave favoritism to DLF because of Robert Vadra’s direct interest and business partnership with DLF.
5. Robert Vadra owns many Hilton Hotels including Hilton Gardens New Delhi
6. Robert Vadra’s association with Kolkata Knight Ryders has never been reported by Indian media
7. He has 20% ownership in Unitech, Biggest beneficiary ownership of 2G Scam. Because of Robert’s involvement in this scam, there are concerns that investigation would never reach decisive conclusion
8. He owns prime property in India specially commercial hubs, and taxi business but for Air Taxi. He owns few private planes as well.
9. He has direct link with Italian businessman Quatrochi.
10. The Bureau of Civil Aviation Security has created a record of sorts by according special privilege to Robert Vadra, which entails him to walk in and out of any Indian airports without being subject to any security check. Only the President of India , Vice-President and a handful of other top dignitaries were accorded this rare distinction.
As a concerned citizen, I would like to know from the Government as to what was the special quality in Mr. Vadra that merited this rare honor. The government has no right to go in for such largesse that concerns with the security of the general public just for pleasing the son-in-law of Sonia Gandhi.
6、印度媒体从来没有报道过Kolkata Knight Ryders和罗伯特·瓦德拉的关联。