Veteran investor and a pioneer of emerging-market investments, , passed away on 15 April 2026 at the age of 89 in Singapore.
Mobius, often called the “Indiana Jones of emerging markets” for his adventurous approach to investing in developing economies, had been bullish on India for a long time.
His bullishness on the Indian economy and the stock market was premised on the vast size of the country, its young and English-speaking population- skilled at absorbing global technological advancements- and the latest reforms aimed at opening up the economy.
Mobius was bullish on the Indian stock market until mid-January this year, despite the market’s underperformance in 2025 due to weak earnings, stretched valuations, foreign capital outflows amid the lack of AI trade, and concerns over US tariffs.
In his EM portfolio, India’s weightage was 20% till January this year, which he aimed to increase to 30%. He expected a 12-15% return from the Indian stock market in 2026, largely due to strong consumer spending and increasing employment in the electronics sector.
Talking to Bloomberg, Mobius hoped 2026 would be different for the Indian stock market, even though the country had “lots of” problems and there were significant uncertainties about US President Donald Trump’s tariff policies for India.
“The longer view about India is that it has lots of problems. The bureaucracy is slowing down the economy in many ways, but still, growth has been tremendous. I think (Prime Minister) Modi is taking measures to curb the bureaucracy and try to open up the economy more and more. As it takes place, you are going to see more momentum, more push to increased spending and investments,” Mobius told Bloomberg.
“India has 1.2-1.3 billion people, most of them below the age of 30. The young population and increasing urbanisation make it an incredible consumer market. Employment in the electronics industry will increase very rapidly. Going forward, India will become a major producer of semiconductors,” Mobius told Bloomberg.
The US-Iran war triggered strong volatility in global markets, which Mobius believed would subside with clarity emerging about the duration of military operations.
“Investors appear to be pricing in a scenario where military objectives are limited, and the U.S. will avoid prolonged ground conflict. Historically, markets tend to stabilise once the scope and likely duration of military operations become clearer,” Mobius wrote on social media platform X on 3 March.
The appears to be in its final stage now. Both countries are ready to sit for the second round of negotiations. The emerging signals have eased crude oil prices, the US dollar and bond yields, and risk appetite of investors has returned.
The medium-term outlook for the Indian stock market has also improved, with valuations coming to near fair levels for large caps. Earning recovery may take some more time, but the country’s macroeconomic picture remains healthy at this juncture.
This would be perhaps the perfect time for Mobius to increase India’s weightage in his EM portfolio.
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