Obama praises economic and social growth in India
Barack Obama gave a ringing endorsement of India Prime Minister Narendra Modi during the G20 Leaders’ Summit on November 16, 2015. The U.S. president lauded India’s focus on renewable energy, before highlighting the progress that the nation has made under the Modi-led government saying, “Stable long-term global economic growth requires not just capital flows, but also efforts to facilitate labour mobility and skill portability.” President Obama strongly believes that clean energy initiatives are not only important for the environment but also have the potential to create new jobs.
Ambitious plans for India
Prime Minister Modi made an earlier address at the summit, which echoed the sentiments of President Obama. “We in India don’t see development and climate change as competing objectives. This is centered on the belief in unity of humanity and nature.” Mr. Modi went on to outline how he expects India to achieve its goals noting, “We have ambitious plans for addressing the challenges of climate change. This includes additional capacity of 175 gigawatts of renewable energy by 2022, cut in subsidies on fossil fuel and tax on coal; and a National Clean Energy Fund of US$3 billion to promote clean technologies.”
A more-stabilized economy
The Indian economy has largely stabilized under Prime Minister Modi. Inflation has fallen from double-digit figures to more manageable levels and a current growth rate of around 7 percent makes India’s economy the fastest-growing economy in the world. Equities have also benefited. The S&P BSE SENSEX Index is up 4.6 percent year-to-date, while the Excel India Fund has returned a positive 8.1 percent over the same time frame.1
The Excel India Fund is right in line with the growth being experienced in this burgeoning nation, and even the president of the United States has had to take notice. Obama’s ringing endorsement of the nation is only further proof that there is no better nation in the world currently in which to invest your money. For high-income individuals, Excel Funds is only authority in emerging markets worth of your investment.
1 Bloomberg Data in CDN terms, as at November 17, 2015.