First-time entrepreneurs making a mark on the market: Raamdeo Agrawal

India is entering a multi-decade wealth creation cycle, says Raamdeo Agrawal, who believes rising financialisation and equity participation will keep Sensex returns structurally strong

India is entering an era of extraordinary long-term wealth creation, and the financial sector is likely to be its biggest beneficiary, says Raamdeo Agrawal, chairman and cofounder, Motilal Oswal Financial Services. Speaking to Samie Modak in Mumbai ahead of the release of his 30th Wealth Creation Study, Agrawal argues that a 12–15 per cent annualised Sensex return remains structurally sustainable, supported by rising household participation and a powerful wealth effect. Edited excerpts: 

What is the theme of the latest Wealth Creation Study? 

Over the past few centuries, the very nature of wealth has undergone a dramatic shift. For most of