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'Southeast Asian nations are swallowing an outflow of money from India, as foreign investors lose patience with its policy paralysis and slowing growth and aim instead for more promising emerging markets such as Indonesia.'

'Among the most significant developments from the shift has been the direction in which money is headed – with a big chunk flowing to Jakarta and other Southeast Asian capitals.'

'“You’re seeing a situation where the ‘I’ in BRIC is being replaced by Indonesia,” said Tim Condon, head of research and strategy for Asia at ING.

An emerging market brochure distributed by Franklin Templeton last month had data on India missing from a world map. From a global leader in emerging market investing, led by omnipresent guru Mark Mobius, that omission was telling.

India exposure in Asia’s biggest equity fund, the US$18-billion Templeton Asian Growth fund, dropped to 16 per cent of its assets at the end of March from nearly 20 per cent a year ago, while exposure to Association of Southeast Asian Nations countries rose to 35 per cent from 31 per cent during the period.'

'Indian shares trade at price to book value of 1.9 times, higher than 1.4 times for Asia Pacific shares as a whole but less than 3.1 times for Indonesia, 2.2 times for Thailand and 2.5 times for Philippines, according to data from Thomson Reuters StarMine.'
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