India is now "emerging as something very exciting," thanks in part to technology and government policies, according to Mark Mobius.
"Right now, we're focusing more and more on India," Mobius, founding partner at Mobius Capital Partners, told CNBC's "Squawk Box Asia" on Tuesday. The veteran investor made his name at Franklin Templeton and is seen as a pioneer on emerging markets.
"In many ways I call it 'United States of India' because these Indian states are so different, one from the other. And that's creating an incredible growth opportunity," he said.
"India's really emerging as something very exciting."
Investors looking to get in on this opportunity can gain exposure through the Indian stock markets, with a particular focus on technology, Mobius said.
"There're a number of world-class, Indian companies that are in the software business — as you know, Tata's global, they're all over the world," the investor said, in reference to the conglomerate with myriad businesses ranging from information technology consulting services to automobiles.
He added that a number of other Indian firms that are already "very, very big" in the global software market are now entering the hardware space as companies like tech giant Apple recognize the need to diversify their manufacturing base and move to the South Asian nation. Mobius did not name any specific companies in this category.
India's markets have seen big gains in the last two years, with the Nifty 50 and BSE Sensex indexes both rising more than 20% each in 2021 alone. Like most global markets, however, both indexes are currently in negative territory so far this year as investors scramble for safety against fears of an impending recession as major central banks in the West tighten monetary policy to battle inflation.
Elsewhere in emerging markets, Mobius said he also likes Taiwan, home to companies such as chip powerhouse TSMC. It's a place he described as having "all of the best parts of the Chinese culture," an open society and "incredible creativity."
"A lot of the software that goes into chips is created in Taiwan, and that's where we're focusing on," Mobius said.