Bombay dreams

Canny investors are betting on India''s compelling growth story.

Over the past few months investors have started to cast India in a newly optimistic light. But there are some who never had doubts. Shankar Narayanan, a private equity specialist, has been cutting deals in India for 10 years and boasts of 90% returns over the last five years. I'm probably the only guy who hasn't lost money on a deal in India, he says.

Today he is more optimistic than ever. The ADB this week raised its 2004 GDP estimate to 6.7%, marking India as the second-fastest growing economy in the world, behind China. And despite the rallying stock market, which just hit a 44-month high, PE ratios remain at a relatively...

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