India at a good place in tariff talks, may double investment to $100bn: Blackstone chief – The Times of India

Mumbai: Blackstone chairman and CEO Stephen Schwarzman said India is well positioned in US tariff negotiations compared to other countries, as only a few nations have had direct meetings with the US President on a trade agreement, and India has a smaller trade differential than others.
“What the US is trying to achieve is to have a code on tariffs with each major country; that way, the balance of trade will be determined by how good and cheap your product is. The theory is there shouldn’t be anything standing in the way of that sort of decision, making it easy for a customer to make a choice. Obviously, that will involve some modifications if that system gets put in place. India is quite well placed,” said Schwarzman who is visiting India on its 20th anniversary here.
Blackstone, with over $1 trillion in assets globally, aims to double its India exposure to $100 billion. It is India’s largest foreign company, real estate owner, and private equity firm.
Schwarzman, who chaired the President’s Strategic and Policy Forum during Trump’s first term said PM Modi had a “very good” meeting with the US President, where they agreed to a trade deal. “Very few countries in the world have had that treatment, and India has already made some changes. I anticipate that negotiations should go relatively well. There are countries with much bigger differentials, and there’ll be a lot more news about them than about India. That’s a good place to be. There’s a lot of concern here because whenever there’s uncertainty, there’s discomfort.”
He said India needs more infrastructure investment and better project completion. Coordination between the central and state Govts remains a challenge, as foreign investors find the approval process complex. A more transparent tax code would also help, as investors sometimes face unexpected issues.
Schwarzman, who last visited India just before the Covid lockdown, said the country has always been a market of “tremendous opportunity.”
Looking ahead, the firm plans to expand into credit and infrastructure, both key global business areas. “India is the fastest-growing major economy in the world. While challenges exist, they are manageable compared to those in other markets. Unlike some fast-growing economies, India doesn’t face severe debt or real estate crises, making its growth more sustainable. Despite market fluctuations and political issues, the long-term trajectory remains positive,” he said.
Schwarzman remained optimistic about India’s economic growth despite market correction. “There has been some softness over the last two quarters, and the stock market has seen a decline, which might be why this question (on growth prospects) comes up. Some believed the market was overvalued, and a correction was expected. When that happens, people get nervous. Growth rates have been among the highest globally, and I don’t see anything that will change that in the near to intermediate term. The government here is relatively effective compared to others. No government makes perfect decisions, but the overall record is good. Population growth is another key factor—India is one of the few countries with a growing population,”
On commercial real estate demand, he said lower interest rates have supported the sector. “Even with a market sell-off in the US, real estate investment trusts and stocks have risen. Lower interest rates reduce borrowing costs and raise property values, making our real estate team optimistic.”
He noted that the US remains the most sought-after market due to technological innovation, particularly in AI. “We’re deeply involved through our data center business, essential for AI. Innovation is driving strong investor interest in the US.”
Amit Dixit, head of Asia for Blackstone Private Equity said India’s key infrastructure opportunities lie in digital infrastructure, energy transition, and transportation, where Blackstone sees strong investment potential. The private equity landscape has shifted from minority stakes to control-oriented deals, now making up 35% of the market with $12 billion in annual investments. Exit opportunities have improved, with India becoming a global IPO hub, accounting for 25% of last year’s IPOs.