In this presentation at Mines and Money in London, UK, on Wednesday, 30 November 2016, I discuss whether Narendra Modi has improved or worsened the investment climate in India.

India continues to attract enormous hope from foreign investors, but much of that hope is based on wishful thinking rather than the reality on the ground. Bureaucracy, corruption, weak institutions, poor infrastructure, and cultural impediments remain deep problems. Modi has changed the rhetoric around India, but the real investment climate remains far more difficult than the headlines suggest.

Watch the full presentation below:

Key Takeaways

• India’s investment climate remains extremely difficult despite the optimism around Modi.
• Foreign investors often underestimate India’s bureaucracy, corruption, and institutional weakness.
• Better rhetoric from the top does not automatically translate into better execution on the ground.
• India’s problems are not merely policy problems; they are rooted in deeper cultural and institutional weaknesses.
• Investors should separate the India story from the reality of doing business in India.