June 17 (PTI) -- Calling India the "most interesting country in the world", noted historian Ramachandra Guha said today the country has defied convention by forming a geographically vast nation-state on the basis of pluralism and multiplicity of languages, ethnicities and cultures.

"Never in history has such a large territory and diverse people been constructed as a nation. The Indian rupee is a symbol of this diversity - it mentions the value in 17 major languages, each spoken by millions," he said in a keynote address at the Oxford-India Day at the University of Oxford.

This is the first such country day Oxford, the ancient seat of learning, has celebrated in its 900-year history.

He also recalled the many connections between India and Oxford to make the point that India was the "most interesting country in the world".

Guha said India's main message to the world was pluralism, and had succeeded despite historically being an "unnatural nation and an unlikely democracy".

Addressing a packed audience of policy makers, executives, academics and students, Guha said noted Oxford-educated British evolutionary biologist, J B S Haldane, who became an Indian citizen in the 1950s, was an example of the many links between Oxford and India.

In 1956, Haldane gave up his post at University College London, and moved to Kolkata, where he joined the Indian Statistical Institute, and until his death in 1964, revelled in the freedom, values and culture of India.

David Fuller's view I wish that I had been there to hear this speech in full.

Investors interested in India should assume a rollercoaster ride and focus on what this country is likely to achieve in the next ten to twenty years.

My personal strategy in India (monthly & weekly) has been buy-and-hold, commencing in May 2003. I have added to longs following the bigger sell-offs and am likely to do so again. Over 90 percent of my India position is in the sterling-denominated JPMorgan Indian Investment Trust (JII LN) (monthly & weekly). A number of other Indian investment vehicles are listed in the Chart Library.

The next several weeks are likely to present a buying opportunity in the Sensex Index's 18,000 to 16,000 region. Tactically, an incremental buying policy on weakness can be very effective.

Here is the outlook report from JII, as of 24th May 2011. Since it was issued, crude oil prices (Brent & WTI) appear to have cracked and India's central bank has signalled that it may be near the end of its rate hike cycle (see link in yesterday's Email 4 response).