I am bearish on India. On paper it should do well, but it doesn’t. A country that still struggles with basic infrastructures like roads and electricity is hard to be bullish about. Their political system is a mess, governments a model of red tape, and legal system hopelessly bogged down.
The only way for a country to rise up is thru manufacturing and exports, i.e. the East Asian model. Only a tiny slice of population, maybe 0.01% in India’s case, have the training and IQ to be a software dev. What about the 99.99%? You need something for them to bootstrap to middle class. With the world moving to automation the window is closing fast. So poor countries may never get the chance to be the next China.
The last country to squeak thru is Vietnam. I won’t mind holding some real estate there actually. Many Chinese factory owners moved production there to take advantage of cheap labor. It has 92M people so it’s actually a pretty big country, 1/4 the size of US.