A year and a half ago, emerging markets fell into chaos when the Federal Reserve signaled that the American economy had improved enough to end its asset-buying program, and investors began pulling out of foreign markets.
India was in a vulnerable place then — its current account deficit had been at 6.9% in late 2012, and outflows hit the economy hard. Plus, inflation was on the rise and growth was stagnating.
But today, while much of the world is in dark place economically — Brazil is embroiled in a corruption scandal, sanctions continue to constrain Russia's economy, China is slowing down, and unemployment persists in the EU — India stands out as a star performer: the one emerging market perfectly positioned for growth.
So how did massive, decentralized India — home to 1.3 billion people, five major religions, and more than 20 official languages — get to this point?