Ruchir Sharma evaluates India against 10 macro criteria developed at Morgan Stanley to predict growth and equity performance over the next 3-5 years. Sharma, formerly head of emerging markets at Morgan Stanley and now chairman of Rockefeller International, explains that while demographics remain a relative strength for India compared to collapsing populations elsewhere, the working-age population growth is slowing. He notes India is "freaked out" about population growth amid rising unemployment concerns.

The framework ranks 50 emerging and frontier markets systematically. Beyond demographics, Sharma's criteria include inflation, politics, and debt. He emphasizes that the model was created to systematize investor perceptions, distinguishing between short-term investment horizons and long-term structural issues.

The conversation, held at Breakout Capital's Rockefeller Center office, also touched on how India's economic integration since 1991 has shaped its current investment profile. Sharma, 52, continues to analyze global markets from his new vantage point outside Morgan Stanley.