That Blackstone wants to double its investment in India to $100 billion over five years is significant. It suggests that the world’s largest alternative asset manager — with $1.3 trillion-plus investments in private equity and credit, real estate and infrastructure — takes a long-term view of India, “as the fastest-growing major economy for many decades to come”. Its COO Jonathan Gray credits India for having a strong and liquid capital market, making it “the easiest place to list a company” after the US. A similar long-term perspective —overlooking downsides such as the country’s energy import dependence, currently overvalued stock markets, and limited foundational AI and........

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