Blackstone Sees India Nearing a Foreign-Capital Tipping Point

New Delhi, 21 September 2026 – Blackstone’s assessment that India is approaching a tipping point for foreign capital reflects a deeper change in the country’s investability: faster economic growth is now being matched by broader capital markets, improved infrastructure and a large technology-skilled workforce. The view carries weight because India has delivered the investment group’s highest private-equity returns globally after an initially difficult start in the market.

Blackstone president Jon Gray has described the firm’s early Indian expansion as slow and lacking a defined strategy. The global financial crisis then exposed the weakness of that approach. The firm subsequently shifted towards majority or equal-control positions and concentrated on areas where it could influence operations, including information-technology services, commercial real estate and domestic manufacturing. That evolution turned India from a challenging frontier into one of Blackstone’s most productive markets.