“Debt Is The Place To Be In 2024” – Fortune India

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INDIA’S LEADING WEALTH MANAGERS Atinkumar Saha, head, wealth management, Deutsche Bank; Rajesh Saluja, MD and CEO, ASK Wealth Advisors; Sandeep Das, MD and CEO, Centrum Private Wealth; Umang Papneja, CEO, Julius Baer Wealth Advisors India; and Yatin Shah, co-founder, 360 One, anticipate a dynamic investment landscape in the coming year, characterised by a shift towards equities, particularly in the U.S. The shift is motivated by the expectation of considerable earnings growth in the Indian market and the belief in continued innovation in the U.S. Despite overvaluation in certain sectors, the overall valuation landscape in India is slightly stretched but not overly concerning. Fixed income is viewed favourably, with an expectation of capital gains due to anticipated rate cuts starting in 2024 in both India and the U.S. Gold remains a neutral investment after recent price increases, while there is a significant interest in alternative investments, such as private credit, real estate funds, and early-stage private equity funds. Edited excerpts from Fortune India’s private wealth roundtable:

We seem to be in a Goldilocks moment with GDP growth on a high, inflation cooling off and India Inc.’s revenue and profit growth robust as ever. But can global macro spoil the party?

Buy/sell, rent/lease residential &
commercials real estate properties.

Yatin Shah: Sentiments are high due to India’s robust domestic scenario, bolstered by savings which reduce reliance on foreign institutional investors (FIIs). Expectations are set for considerable earnings growth in the next few years, amidst a favourable macroeconomic environment. The reforms implemented over the past decade have prepared a solid platform, enabling companies to improve their earnings and stock market performance. Despite the ongoing volatility in global geopolitics, the Indian currency has maintained its stability amid negative FII flows in the last two years. Some sectors might seem overvalued in the markets, but overall, the valuation landscape is slightly stretched. With elections scheduled in 2024 in around 30 to 40 countries, including the U.S., India, and the U.K., market volatility is a given. Though, the long-term outlook for India remains quite strong.

Atinkumar Saha: India is currently in a highly advantageous position. Firstly, it boasts a GDP growth forecast that ranks among the highest in Asia and emerging markets. Secondly, India is becoming increasingly pivotal in a rapidly polarising geopolitical landscape. This includes growing closer to key trade blocs and playing a significant role in the emerging global South Asian sphere, which extends to Africa and West Asia. As global supply chains realign over the next few years, India is poised to become a vital alternative in the ‘China plus one’ strategy. While global economies such as the U.S., Europe, and Japan are experiencing modest growth rates, India’s growth is projected at around 6.5%, significantly higher than the global average of about 3%. This positions India as one of the fastest-growing economies worldwide, which is likely to reap the benefits of this growth. Despite the absence of a major global recession, a slight moderation in the global economy is expected. India’s strategic moves in renewable energy are also noteworthy. With increasing purchasing power among its populace, expected to grow at a 9% CAGR over the next five years, there will likely be significant growth in consumer spending in areas such as discretionary items, staples, energy, and materials. Additionally, there is the emergence of private capital expenditure ‘greenshoots’, complementing the increased infrastructure spending. The festive season and higher government expenditure are also expected to boost spending in rural areas. Overall, India’s position is quite promising, both in terms of economic growth and strategic advancements.

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