Goldman’s India Push Pays Off in Crowded Wall Street Field (1)

It was at a rare global board meeting in New Delhi’s Taj Mahal Hotel that Goldman Sachs Group Inc.’s India country head made the case for change.

Sonjoy Chatterjee told directors — including CEO David Solomon — that it was time to stop treating India as a future growth story. Inflation had stabilized, banks had reduced bad loans and corporate balance sheets were the strongest in decades.

After some debate, Chatterjee won out. Goldman has now injected about $500 million into its India banking franchise over the last three years, demonstrating its commitment to the world’s fastest-growing developing economy, according ...