Mohit Hajarnis
Long/short equity, special situations, REITs

HDFC Bank Could Make You A Slumdog Millionaire

When looking at India from the outside, it seems like a natural growth story: a potential market of 1.2 billion people, a growing middle class, and cheaper labor costs than China. However, India's GDP growth has shrunk to 5.0% in 2013 from 6.2% in 2012 and 9.3% in 2011. The slowing growth is reflective of the cumbersome regulatory environment that India has created: the country has earned the infamous moniker of the "license raj," referring to the numerous business licenses required for even the simplest of businesses. Since its independence in 1947, a member of the Gandhi family, descendants of India's first Prime Minister, Jawaharlal Nehru, has governed India. Manmohan Singh, the last Prime Minister (2004-2014) was widely seen as...

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