India excites OppenheimerFunds

Mumbai

THE pursuit of safety amid an uncertain global outlook is driving OppenheimerFunds Inc to India.

Political stability, credible monetary policy and the fastest growth among the world's major economies make India the "safest portfolio investment destination" among developing nations, according to Krishna Memani, New York-based chief investment officer at the money manager, which oversees about US$217 billion of assets. His comments come as Prime Minister Narendra Modi's government inches closer to implementing the nation's most ambitious economic reform since the 1990s.