>>Is Calpers just mouthing a liberal policy because there is really little to be gained by investing in India's equity markets? (I'm not an economist or an investor so maybe I am missing some key piece of the puzzle here).<<
Until they lose their $400 million plus stake in Carlyle Group, their money might well be placed in India. CG has moved in big time on India software companies. I can't verify in what CG funds Calpers money is placed, but it seems plausible that Calpers puts out a line about where they will and will not directly put their money and then let's CG worry about it. Hypocrites all.
Charles Jannuzi