I apologize if this is a stupid question but why wouldn't everyone be investing in India with these returns being standard? In the US we would assume a conservative rate of 7%
The 12% returns are not adjusted for inflation or depreciation. Historically, India had a much higher rate of inflation than the US. And the rupee has continuously lost value against the dollar.
US 10 year treasury yields are ~4% while Indian treasury yields are ~7%.
US 10 year treasury yields are ~4% while Indian treasury yields are ~7%.