Managers insist Indian fundamentals remain intact

Inflation in India reached a 13 year high in June this year, while GDP growth has slowed and interest rates have been held at 8pc. This has in turn led to poor performances from India-specific funds in 2008. However, Arun Mehra, manager of Fidelity's India Focus fund, insists that India is fairly immune from a global slowdown, primarily because it is not an export-oriented economy. Indeed, he believes that it is the "perfect contra-play". He said: "The issue of inflation that we have seen in India has been primarily driven by rising oil and commodity prices; India imports about 70pc o...