Deepak Shenoy, the founder and CEO of wealth management firm Capitalmind, has pointed out that India remains the only investable BRIC nation following Brazil’s decision to ban Elon Musk’s X platform. Shenoy’s statement was a response to Bill Ackman, CEO of investment holding firm Pershing Square, who criticized Brazil’s move as a path to becoming an uninvestable market.
Ackman drew parallels to China, where similar actions led to capital flight and valuation collapses. He warned that Brazil could face the same fate if it doesn’t reverse its decision.
Shenoy’s response, however, excluded South Africa from the BRIC group, which consists of Brazil, Russia, India, China, and South Africa. He highlighted India’s current position as the only viable investment destination within BRICS, emphasizing the need for India to avoid similar regulatory actions that could negatively impact its investment climate.
Shenoy’s statement comes at a time when global investors are increasingly wary of political and regulatory risks in emerging markets. While India has been seen as a stable and growing economy, recent regulatory changes in various sectors have raised concerns among investors. Shenoy’s cautionary remark serves as a reminder of the importance of maintaining a predictable and business-friendly environment to attract and retain foreign investment.
