The Capital Group, a highly regarded and among the largest global institutional investors, has expressed optimism about the Indian market. In a recent essay, the $2.2 trillion asset manager asked, ‘Will India be the breakout EM this decade?’ and answered with a resounding yes. The Capital Group outlines nine points to support its bullish stance on India. These points include the reforms led by Prime Minister Narendra Modi, the development of infrastructure, the favorable conditions for manufacturing, the growth of India’s equity market, India as an alternative to China in the global supply chain, the potential from the energy transition, and the demographic advantage. The Capital Group believes that India is well-positioned for sustainable growth, driven by increased investment and technological innovation. The pro-business reforms introduced by PM Modi’s government have boosted corporate confidence and expanded the formal sector of the economy. The article highlights the timeline of key reforms implemented over the years, such as the Make In India campaign, Digital India initiative, and the Goods and Services Tax (GST) system. The lack of infrastructure has been a hurdle for India’s growth, but the government has made significant investments in building roads, railways, airports, seaports, and industrial parks. The article compares India’s infrastructure with China’s and acknowledges that India has a long way to go in matching China’s capabilities but offers promising upside potential. The Capital Group expects India to attract investment, particularly in the small-cap space, as its economy continues to expand. The article emphasizes the growth of India’s equity market, with more companies crossing the $10 billion market capitalization mark. Investment opportunities in real estate, financials, and industrials are also highlighted. The energy transition is seen as a transformative factor for India, with the potential for increased renewable power making the country more energy independent. Finally, India’s demographics, with its young population, are identified as a significant advantage. The median age of 29 years positions India favorably among the world’s largest economies, provided the right policies are in place. With its positive outlook for India, the Capital Group believes that the country offers an attractive investment opportunity for the future.