I recently was in Bombay for a month. After 4 years Bombay is a totally different place. There is even more construction everywhere – the airport is being expanded, new flyovers, new metro under construction, new skyscrapers advertising everywhere, fancy highways and more giant malls than one can possibly imagine. 4 years ago there already seemed to be enough malls and no more space left for anything else but somehow the space existed. All good but this has caused Bombay to be significantly more polluted and congested. But pollution and congestion aside, you can see economic growth happening right in front of you. 4 years ago the airport was as bad a mess as a local train in Bombay and now it was a breeze getting through immigration.
It’s no wonder my investments in India were amongst the better performing in the last few years. I could see no signs of recession any more. There is still extreme poverty and it is even more visible when right next to a fancy glass mall and I don’t expect that to go away anytime soon. But more people can afford more things and I saw more fat people that I have ever seen in India – a definite sign of prosperity.
In fact I found a lot of things in India very expensive when compared to the US but that didn’t seem to stop people from buying things. No wonder so many multinationals want to be in the Indian market. Just major metros are giant markets and there is the whole rural market to grow into.