Akash Prakash

Absolute foreign ownership of the Indian market is at a 15-year low, and we see foreign portfolio investors (FPIs) selling on a daily basis

Markets disappointed as Budget 2026 sticks to fiscal discipline but offers no big ideas to revive investor confidence or attract fresh foreign capital

After being shunned by foreign investors and missing the AI boom, a cheaper market, earnings revival, and macro stability offer a contrarian opportunity

The concerns around India remain the same. Valuations are too high. There is no economic & earnings momentum. We have no artificial intelligence (AI) play or beneficiary

The believers are convinced that AI will solve the demographic and fiscal challenges of the West

AI has already proven its value in customer support and programming, and its applications will only broaden as the technology matures and enterprises grow more comfortable with the tools

Many investors have lost faith in the EM asset class, cut exposure, and India has been a funding source, given its relative outperformance

The PLI for smartphones was extremely sophisticated in design, a win-win for all parties

India needs to get on the innovation cycle - and everyone has a part to play. The government must provide basic funding and strengthen linkages between industry and academia

One company turned China into a manufacturing powerhouse. Now India must ride the diversification wave to do the same

The biggest theme has undoubtedly been the unveiling of new thinking towards trade and tariffs

As a hegemon, the US no longer derives its hegemonic powers from manufacturing and goods

Exports have been a major driver of China's growth and prosperity. However, there is a clear disconnect between its share of global manufacturing and consumption

It is far better for the US to gradually underperform global markets, as we have seen from the beginning of 2025

By providing an effective tax cut of Rs 1 trillion to the middle class, the FM will improve consumer confidence and boost consumption

I am less positive than many on the US equity markets and American exceptionalism. I worry about elevated valuations, surging retail sentiment

The US today accounts for about 67 per cent of the MSCI World equity indices, meaning that corporate America is worth more than twice all other markets combined

China was unable to deliver returns when its economy was on fire, and today it faces geopolitical challenges

The industry, however, seems to be at a crossroads, with many funds' lifespans being extended and distributions at all-time lows

China is creating emerging industry leaders, and regardless of what happens in the Chinese stock market, the country cannot be ignored as a fierce competitor