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India: where 5.5% growth feels like recession
India's economic growth has halved in two years but Rukhshad Shroff, manager of the JPMorgan Indian investment trust, sees it accelerating again.
The threat of India's credit rating being downgraded to 'junk' last year provoked the country's government to implement investor-friendly reforms, says Rukhshad Shroff, manager of the JPMorgan Indian investment trust
While economic growth has tumbled from 9% to 5.5% in the past two years, Shroff said corporate earnings had now stabilised.
Anticipating the first stage in a recovery, Shroff explains in this video interview how he has increased the £495 million fund's exposure to car makers and cement companies and selective banks.
Over the last three years JPM India's share price has risen by 13.9% while its net asset value per share of its portfolio has increased by 18%, compared to a 10% gain in the MSCI India index.