LAS VEGAS-In an expansive interview at RECon2014, Anuj Puri, chairman and countryhead of JLL in India, discussedthe problems and the promise of the country's political andeconomic turmoil. A new government is now in place, and a new primeminister, Narendra Modi (NaMo), is making all ofthe right promises, said Puri, including a new-broom approach togovernmental inaction. The new government, Puri indicated, is also“very pro-business.”

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But as he explained, the government was in place for literallydays when RECon convened, so any positive effects from a leaderpromising reformation had yet to be felt. In the meantime, India'sstruggling economy and restrictions on foreign investment are stillproblematic. However, its now-booming equity markets, which haveturned around the corner since NaMo came to power, do herald thecoming of good times in the future.

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Puri explained, as it pertains specifically toretail, that the government there controls whichbrands are allowed in, and only certain types of foreign playersare allowed access into the country. Major brands such as Armaniand Gucci are first timers who are making a presence there. Butother players, umbrella firms, that might represent what Puricalled “multi-brands,” are restricted by existing investmentpolicies.

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Overall, with the new regime in place, the JLL executive saidthat he was optimistic about the prospects for internationalinvestment coming into India generally. On the retail front,however, only time would tell, and that time is likely to beextended as the country as a whole waits for the economy to turnand for that recovery to trickle down to the retail sector.

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Beyond India, the retail sector for AsiaPacific as a whole is doing very well. Learn more abouthow the overall region is performing in this short video:

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.