Archive · 20 Sep 2026
Blackstone’s Jon Gray Praises India’s Economic Transformation Under Modi
Blackstone is a large investment company that invests money in businesses.
When it first entered India, it had a small team and was unsure what strategy to use.
The company later changed its approach and took stronger control of some investments.
It focused on technology services, offices and other commercial property, and manufacturing.
Jon Gray said these investments gave Blackstone its best private-equity returns anywhere in the world.
He also said India’s economy has grown greatly since 2005.
Gray believes improvements in infrastructure and government systems helped make India more attractive to investors.
He praised Prime Minister Narendra Modi’s administration but said the United States and India still face disagreements over issues such as tariffs and energy costs.
Blackstone entered India with a small team and initially struggled to find workable investments.
The firm later shifted to majority or equal-control stakes in technology services, commercial real estate, and manufacturing.
Jon Gray said India has delivered Blackstone’s highest private-equity returns worldwide.
India’s GDP has grown nearly fivefold to $3.69 trillion since its 2005 global ranking as the 14th-largest economy.
Gray credited Prime Minister Narendra Modi’s administration with improving India’s physical, legal, and capital-markets infrastructure while acknowledging continuing US-India tensions.
- Who
- Jon Gray, president of Blackstone, discussed the firm’s experience in India and credited Prime Minister Narendra Modi’s administration.
- What
- Blackstone changed its India investment strategy and has since achieved what Gray described as its highest private-equity returns worldwide.
- When
- The article does not specify when Gray made the remarks.
- Where
- The discussion concerned Blackstone’s investments and business conditions in India, as well as US-India relations.
- Why
- Gray said improvements in India’s infrastructure, legal systems, and capital markets helped create better investment conditions.
- Investment firm
- Blackstone
- Blackstone’s India returns
- Described by Jon Gray as the firm’s highest private-equity returns worldwide
- Initial India strategy
- A small team, no clearly defined strategy, and few investments during the early period
- Focus sectors
- Information-technology services, commercial real estate, and domestic manufacturing
- India GDP
- $3.69 trillion, nearly five times its level when ranked 14th globally in a 2005 World Bank report
- India’s current ranking
- Described in the article as the world’s fourth-largest economy
- US-India relations
- Generally moving closer, but still facing friction over tariffs and higher energy costs