In Full: Blackstone's Gray on India's Modi, AI Buildout

India’s long-term economic prospects remain exceptionally bright despite near-term volatility in public markets and currency fluctuations. Blackstone President Jonathan Gray highlights that the country’s 7-plus percent growth rate, young demographic, and pro-growth government create a compelling environment for private capital, particularly as valuations reset from previous highs. Investment strategies are currently pivoting toward critical themes such as AI infrastructure, data centers, and the rising middle class’s demand for healthcare and education. While global concerns persist regarding the rising cost of capital and potential oversupply in AI, the current demand for compute significantly outstrips supply in Asia. This imbalance, coupled with disciplined market corrections, suggests that large-scale investments in data center players like Airtrunk and neocloud services are essential for long-term value creation. Blackstone aims to double its Indian assets under management to $100 billion by focusing on these high-conviction infrastructure and technology sectors.