Jefferies’ Chris Wood lists PM Modi's 3 big wins: ‘21 years back India was…’

PM Narendra Modi

Chris Wood of Jefferies said that fundamental structural reforms have changed India’s macroeconomic factors. These were not earlier appealing for foreign investors but now India’s macros are as good as any other country, Chris Woods said in his popular Greed & Fear note. Quoting a statement from a 21 year-old note, Chris Wood said, “The bottom-up appeal of India has always been severely diluted by the lack of a compelling top-down story. In a sense the country has been the inverse of China, the ultimate macro story but without the compelling micro options.”

But India has seen structural reform in the two five-year terms of PM Modi’s government which have helped the country realise its full potential in intellectual capital, physical capital, and positive demographics, he said.

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Three achievements of PM Modi government as per Chris Wood

Chris Wood stated three achievements of the PM Modi government.

1. Massive investment in infrastructure: Chris Wood said that this was a game changer for improving the overall logistical efficiencies of the economy.
2. Insolvency and Bankruptcy Act: The passing of this act helped Indian promoters to understand that they were at a risk of losing their assets if they defaulted loans, he said.
3. RERA: Introducing RERA (Real Estate Regulation and Development Act of 2016) changed the property market which was in a downturn for seven years and now it is in an upturn for the last three years, he said.

Chris Woods on India’s stock market

As India’s bottom-up story remains dynamic, the stock market is now primarily driven by domestic flows, he said. This was not the case 21 years back, he asserted.

Chris Woods on PM Modi’s global image

The increased profile of India on the global stage reflects marketing skills of PM Modi, he said, adding, “In a world of rising geo-political tensions, India has deftly managed to maintain a foot in both camps, remaining on good terms with the Washington-dominated G7, while also being a fully signed up member of BRICS.”

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