PM Modi's U.S. Visit: Bullish On India, Asset Managers See Billions Of Dollars Flowing In

NEW YORK: As Prime Minister Narendra Modi visits U.S., fund managers from India and abroad expect improving sentiments and impressive returns from Indian markets to help attract billions of dollars flowing into the country’s asset management industry.

Reliance Capital Asset Management CEO Sundeep Sikka said that his meetings with various institutional investors here show that they are very bullish on India and ready to pump in funds to benefit from the country’s strong fundamentals and the superior returns being given by Indian markets.

“While it is difficult to put a number to the expected fund flows, more than $20 billion have already flown in this year and this trend is expected to gain further momentum to take the size of in-bound funds to much higher level,” Sikka said in an interview.

Sikka, who was here to chair a session on Indian asset management market during the India Investment Forum organised ahead of Modi’s five day visit beginning today, said that institutional investors here are waiting to invest in India and Prime Minister’s visit was expected to give the much needed fillip in this regard.

The Indian asset management industry is estimated to be worth over Rs 10 lakh crore and is expected to double in size in the next few years. There are nearly 45 fund houses, Indian and foreign, present in the country.

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