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For foreign investors, India is a puzzle. On the plus side, it is a potentially huge market, recently passing China as the world’s most populous. The IMF predicts that India will be the fastest-growing of the world’s 20 biggest economies this year. By 2028 its GDP is expected to be the third-largest, moving past Japan and Germany. The stockmarket is pricing in heady growth. Over the past five years Indian stocks have beaten those elsewhere in the world, including America’s.
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