Key Takeaways
- • Blackstone President and COO Jonathan Gray, speaking to CNBC-TV18's Shereen Bhan, said India is "in a league of its own in terms of growth" compared with other large economies, citing low GDP per capita and roughly 8% quarterly growth as sources of opportunity.
- • Gray identified data centres, neoclouds, compute capacity and energy as the starting point for investment in India, followed by financial services, lending, travel, and healthcare in second- and third-tier cities.
- • Gray named export manufacturing, including electric vehicles through Sona Comstar, as another opportunity area.
- • Gray argued that the market is too negative on Indian IT services firms such as Mphasis, saying companies that can transition in an AI-driven world can thrive and be re-rated.
- • Gray said investors in India need to be builders, not just buyers, despite headwinds including higher energy prices linked to the war and AI-related concerns over IT services.
Summary
Jonathan Gray, President and COO of Blackstone, told CNBC-TV18's Shereen Bhan that India stands apart from other large economies in terms of growth. He attributed the opportunity to India's low GDP per capita and growth of about 8% on a quarterly basis, which he said create openings across data centres, energy, healthcare, financial services, manufacturing and AI-led IT services.
Gray acknowledged several headwinds, including higher energy prices resulting from the war and worries among investors that artificial intelligence could disrupt IT services. Despite these risks, he said investors in India must act as builders rather than simply buyers of assets.
According to Gray, the starting point for investment is data centres, neoclouds, compute capacity and energy. He pointed to financial services and lending, along with travel and healthcare in second- and third-tier cities, as the next areas of focus. He also highlighted export manufacturing, including electric vehicles, citing Sona Comstar as an example.
Gray further argued that the market is too negative on IT services companies such as Mphasis. In his view, firms that can successfully transition in an AI-driven world can thrive and be re-rated.
The interview was published on LinkedIn as part of CNBC-TV18's Global Dialogues series.
Gray acknowledged several headwinds, including higher energy prices resulting from the war and worries among investors that artificial intelligence could disrupt IT services. Despite these risks, he said investors in India must act as builders rather than simply buyers of assets.
According to Gray, the starting point for investment is data centres, neoclouds, compute capacity and energy. He pointed to financial services and lending, along with travel and healthcare in second- and third-tier cities, as the next areas of focus. He also highlighted export manufacturing, including electric vehicles, citing Sona Comstar as an example.
Gray further argued that the market is too negative on IT services companies such as Mphasis. In his view, firms that can successfully transition in an AI-driven world can thrive and be re-rated.
The interview was published on LinkedIn as part of CNBC-TV18's Global Dialogues series.
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