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Global investors upbeat on India, says HVS’ Rushmore

The perception of global institutional investors on India as an investment destination has seen a major shift in the past couple of years owing to a series of reforms aimed at ease of doing business, said Stephen Rushmore Jr, president — HVS, a US-based hospitality consulting firm.Global investors have lauded Prime Minister Narendra Modi for being pro-business and would like to see him back in 2019, he said.Marking its second innings in India, the consulting firm recently entered into an alliance with ANAROCK Property Consultants to focus on South Asia operations from Indian shores. The Indian market will be a key geography for the newly formed joint entity. Last year, HVS and its joint venture partner in India had mutually terminated their partnership after being together for over 20 years.“Indian economy has been stable even after the Fed started increasing interest rates. Growth has been stable, inflation has been managed, foreign exchange reserve is increasing, current account deficit is minimal, and fiscal deficit is declining. So, the Indian economy is stable,” Rushmore Jr., told ET in an exclusive interaction.“And I think, based on the reform efforts like inviting more foreign direct investment, deregulation and budget proposal for investments in rural and in infrastructure sectors will boost growth.”Multiple reformatory changes and new policies introduced by the government in the past few years have enabled India to be among the 100 countries in terms of ease-ofdoing business in World Bank rankings, he said. Factors such as a burgeoning middle class, infrastructure development, rise in foreign tourists, and the provision of etourist visas to nearly 164 countries have given a major boost to the hospitality industry in India. As per data, the sector’s total contribution to GDP stood at $ 208.9 billion (9.6% of GDP) in 2016, which is estimated to rise to $424.5 billion (10% of GDP) in 2027.

Source: ET

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