Positive economic reform is undoubtedly coming to India with Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) playbook focused on a classic low tax, anti-red tape and ultimately investment friendly agenda, designed so that the entrepreneur can prosper and hopefully employ many more people.
But broad economic improvement is likely to be slow in coming - perhaps not for another few quarters - so in the meantime, it is worth looking at companies which are experiencing growth rates well ahead of trend.
A few examples of these are healthcare, soft drinks and shopping malls, and particularly the cinemas within them.
Healthcare is an area of undoubted need with a mere 12 hospital beds per 10,000 Indians versus 29 in America and an impressive 42 in China. Need is one thing and the ability to pay for it is another.
With roughly half of medical bills still paid out of pocket, usage of private sector hospitals is driven by the wealthier end of the population, and it is here that the dramatic rise in non-communicable diseases (cardiac, oncology and diabetes) is also obvious. Much of this is diet and lifestyle-related.
Private insurance is also a driver of private healthcare expenditure, but again focused on the same wealthier, and increasingly well-fed, cohort.
Madras-based, but now nationwide operator of hospitals, Apollo is particularly well placed to address this market, and with ample bed capacity to fill after its rapid expansion earlier in the decade.
By far the largest private hospital bed operator in India with more than 10,000 beds, Apollo is also the leading organised pharmacy retail chain, which is gradually extending across the country.
According to Varun Beverages, soft drink consumption in India runs below 50 bottles per capita, versus over 500 in Brazil, and nearly 1,500 in the USA and Mexico.
The electrification of every village in India is now largely complete, removing one of the major barriers to wider sales, namely keeping the drinks cool in what is undoubtedly a hot country.
Varun Beverages has been steadily increasing its Pepsi bottling footprint by taking over underperforming territories, and now controls the vast majority of states and more than 80% of Pepsi volumes sold in India.
A 17% compound annual growth rate over the past five years and the ability to pivot into healthier fruit juices and dairy based drinks, suggests Varun is well positioned for growth.
Shopping malls and cinemas
There is nothing better than a weekend in Madras - India's sixth largest city and capital of the southern state of Tamil Nadu - to understand the mall culture which is taking root in India's urban middle class.
Saturday night at the PVR Cinema in the Skywalk Mall was bustling, albeit the majority of visitors had better film taste than your correspondent, sensibly opting for Bollywood's best over the latest Charlie's Angels offering.
Sunday afternoon and the relatively new Phoenix Market City Mall in the southern district of Velachery was also packed, despite being relatively isolated.
For today at least, this is purely a destination mall, since almost nobody else was foolish enough to approach on foot, especially not from the metro stop two miles away.
There are about seven cinema screens per million Indians, versus 36 per million in China, and more than 100 in the US - and this in a country that makes more films than any other country in the world.
PVR is the leading chain in an ever-consolidating cinema industry with nearly 800 screens. Modern multiplexes now account for roughly a third of India's 10,000 screens, up from 10% a decade ago.
PVR has a commanding presence in 17 of India's top 30 shopping malls, as well as a strong premium offering such as the Luxe brand present in Market City in Madras.
Gulf between China and India
As we have discovered in China in the past year or two, when a sizeable economy grows at about 5% per annum, even if this is slower than it is used to, it still presents plenty of very profitable investment opportunities if you look in the right places. The same can be said for India today.
The important difference is that Chinese trend growth is unlikely to reaccelerate to the heady heights of the past two decades.
India, on the other hand, is expected to revert towards much faster trend growth once the current slowdown passes.
This is mostly because of its young population, better demographics and an earlier stage in the process of urbanisation, but also because of the structural improvements made in recent years, as well as the ongoing infrastructure investments.
Whether it is the need for better healthcare, the joy of a cold Pepsi, or the escapism of a modern (and cool) multiplex cinema, these potential growth opportunities are only going to become more attractive when this happens.
Rob Brewis is a fund manager at Aubrey Capital Management