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Post-crisis, India should increase its integration with global economy by Mukul Gulati

Posted on 20 June, 2020

Providing insights on getting the India economy back on course post-covid ,“The government has the obligation and the opportunity to take some bold steps to get the economy back on track and implement much awaited structural reforms,” writes Mukul Gulati, Managing Partner, Zephyr Peacock India.

Click here to read the full article on ‘Economic Times’

Below is an excerpt from the post which first appeared on Economic Times on 20 June 2020:


Readers of a certain age will remember the Bombay Club. No, the Bombay Club wasn’t an exclusive social venue in Colaba, but a reference to a group of industrialists opposed to the economic reforms of 1991. These industrialists were worried about foreign competition and lobbied with the government to keep imports and foreign firms away. Foreign competition came anyway. In response, the domestic industry became more efficient, consumption and exports grew, and members of the Bombay Club benefitted from access to foreign capital and global markets.

The global pandemic is being blamed on capitalism and globalization, accompanied by the usual crowd of mercantilists and isolationists calling for protectionism. The tragedy for many poor countries is that they still have a long way to go in realizing the income and productivity benefits of global economic integration. Globalization has not yet reached its full potential.

In the absence of American leadership, India and other developing countries need to champion the cause of WTO and global trade. By integrating with the global economy, India has helped move 300 million people moving out of abject poverty. Not to mention the added advantage of getting rid of clunky Ambassador cars.

Click here to read the full article on ‘Economic Times’

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Zephyr Management is a global emerging markets investment manager, specializing in the creation and management of highly focused private equity funds

Since its inception in 1994, Zephyr has sponsored and/or managed 26 investment funds in both public and private securities markets representing approximately $1.2 billion in combined commitments and assets under management

Emerging Markets Focus

The firm has initiated several private equity funds investing in several African countries, South Korea, Mexico, India, and Sri Lanka since its founding. Zephyr's funds serve medium size enterprises that are often ignored by larger private equity players. Zephyr funds provide growth capital to established companies with proven business models and sustainable competitive advantages.

Investment activities are currently focused on India, Sri Lanka and Africa.

Zephyr Peacock India

Zephyr Peacock India provides equity financing for fast growing, small to medium sized companies led by strong entrepreneurs and management teams.

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Emerald Sri Lanka Fund

Emerald Fund provides equity financing for fast growing, small to medium sized (SME) Sri Lankan companies led by strong entrepreneurs & management teams.

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Zephyr Acorn provides equity

Zephyr Acorn provides equity financing and business support to innovative early-stage companies in East Africa.

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Active Portfolio Support

The firm's special expertise lies in bringing global best practices to medium-sized growing companies by assisting them in conceptualizing sustainable business strategy, management development, compensation, ESG, expansion outside of their home country, capital structure and positioning for stock exchange listing or trade sale.