Investing in India + Website – A Value Investor′s Guide to the Biggest Untapped Opportunity in the World

<p>Foreword xi</p>
<p>Preface xiii</p>
<p>CHAPTER 1 Understanding India 1</p>
<p>Agrarian Roots 1</p>
<p>India s Villages 2</p>
<p>The Role of the Family 3</p>
<p>Seven Generations 3</p>
<p>Colonialism and Its Impact on Indian Villages 6</p>
<p>Deep–Rooted Beliefs and Aspirations 9</p>
<p>Spirituality and Superstition 14</p>
<p>Villages Are Not the Same Anymore 16</p>
<p>Urbanization Is Changing India 17</p>
<p>Summary 18</p>
<p>CHAPTER 2 Government, Politics, and the Media 19</p>
<p>Is India One Country? 19</p>
<p>Democracy 21</p>
<p>The Rise of Regional Parties 22</p>
<p>Competition among States Is Healthy 38</p>
<p>The Goods and Services Tax 39</p>
<p>Is Democracy Holding India Back? 40</p>
<p>State of Political Affairs in India 42</p>
<p>Bureaucracy 44</p>
<p>Corruption and Rent Seeking 45</p>
<p>War, Terrorism, and Violence 48</p>
<p>Role of the Fourth Estate and Accountability 49</p>
<p>The Ultimate Free Market 49</p>
<p>Summary 50</p>
<p>CHAPTER 3 The Economy 51</p>
<p>Overview of the Indian Economy 51</p>
<p>India s Unique Economic Model and Its Legacy 55</p>
<p>India s Public–Sector Undertakings (PSUs) 56</p>
<p>Monsoons and What They Mean for India 60</p>
<p>The Problem of Indian Agriculture 62</p>
<p>Manufacturing in India 65</p>
<p>India s Infrastructure Defi cit 69</p>
<p>India s Services Economy 73</p>
<p>India s Natural Resource Wealth 74</p>
<p>Savings, Land, and Gold 77</p>
<p>The Macroeconomy 78</p>
<p>Summary 80</p>
<p>CHAPTER 4 Financial Architecture 81</p>
<p>History 81</p>
<p>The Banking System in India 83</p>
<p>Nonbanking Finance Companies 85</p>
<p>Financial Inclusion 87</p>
<p>The Reserve Bank of India 91</p>
<p>Equity Markets 97</p>
<p>Market Participants 99</p>
<p>Bankruptcy and Foreclosure 101</p>
<p>Risk and Capital 105</p>
<p>Summary 106</p>
<p>CHAPTER 5 Value Investing in India 107</p>
<p>Risk On, Risk Off, and Global Capital Flows 107</p>
<p>Liquidity, Volatility, and Risk 110</p>
<p>Value Traps 114</p>
<p>Corporate Governance 115</p>
<p>Capital Allocation 118</p>
<p>Business Fundamentals 125</p>
<p>Financial Strength 128</p>
<p>Relative Opportunity 128</p>
<p>Summary 130</p>
<p>CHAPTER 6 Looking Back 131</p>
<p>Real Estate 131</p>
<p>Private Equity 135</p>
<p>Equity Markets 139</p>
<p>Foreign Direct Investment 141</p>
<p>Debt Markets 142</p>
<p>Entrepreneurs and Businesspeople 143</p>
<p>Summary 144</p>
<p>Afterword 145</p>
<p>About the Companion Web Site 149</p>
<p>About the Author 151</p>
<p>Index 153</p>