But as the world's largest democracy, India stands out among the big emerging markets in every way. Foreign loans were not readily available like in other emerging markets, so they had to finance in rupees with credit-card-level interest rates. "Back in the '90s when I used to manage emerging markets, India was a safe haven while the rest of emerging markets were turbulent. India has one of the lowest percentages of tax revenue per GDP than any emerging market, at less than 20%. The monetary change almost forces small mom-and-pop shops and farmers to open bank accounts.

Source: Forbes March 16, 2017 15:47 UTC