India, July 24 -- Investment is often measured by the size of the cheque or the speed with which money moves across borders. Yet the true value of capital lies not in how quickly it arrives, but in how long it stays and what it helps to create. Around the world, economies that have successfully transformed themselves have rarely done so through speculative inflows seeking rapid returns. Instead, they have benefited from patient capital-investment that is prepared to weather economic cycles, support institutional development and generate value over years rather than months.

Consider what is already happening on this front. In the past year alone, Emirates NBD paid $2.75 billion for a 60% stake in RBL Bank - the largest foreign investment ...