India transformed in less than a decade: Morgan Stanley

India, under Prime Minister Narendra Modi, has transformed, gaining a position in the world order and becoming a key driver for Asia and global growth, said Morgan Stanley.

In a report, Morgan Stanley said significant scepticism about India, particularly with overseas investors, ignores the significant changes that have taken place in India, especially since 2014.

Rejecting criticism that India has not delivered its potential (despite it being the second-fastest-growing economy and among the top-performing stock markets over the past 25 years) and that equity valuations are too rich, saying such a view ignores the systematic reforms in the last nine years.