- India faces global challenges like war, inflation, and AI-driven capital shifts impacting markets
- RBI Governor emphasizes price stability as inflation acts like a tax on citizens
- PM Modi highlights India as the fastest growing economy despite global gloom
Over the last two weeks, I have had the good fortune of hearing from and speaking to people who truly have their finger on the pulse. Newsmakers like the Prime Minister and the Reserve Bank of India (RBI) Governor at the NDTV World Summit. The Securities and Exchange Board of India (Sebi) Chairman and top market veterans at NDTV Profit Ignite: Diwali Edition. Distilling all of it was not easy, but a few themes stood out.
These are times of crisis. The war in the Middle East has dragged on longer than expected, and the pain shows in the rupee, crude oil prices, inflation and the equity screen. It shows in sentiment too. Drought-like conditions in parts of the world and an AI boom that is guzzling global capital will keep hurting for some time. Veteran investor Ramesh Damani warned that the next two weeks are crucial, as the US-Iran war could escalate after the US midterm elections on November 3.
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But while the global horizon looks gloomy, India is well prepared. RBI Governor Sanjay Malhotra told me price stability will remain the central bank's objective, and explained why inflation is effectively a tax on citizens. Prime Minister Narendra Modi said from the NDTV World Summit stage that India continues to be the fastest growing economy in the world.
READ | Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness
Less than a week later, at NDTV Profit Ignite, the conversation turned to foreign investors heading for the exit. National Stock Exchange (NSE) CEO Ashish Chauhan said the pull of AI trades and a weakening rupee make the outflow of foreign capital understandable.
Ramdeo Agrawal, Chairman and Co-Founder of Motilal Oswal Financial Services, likened foreign investors to baraatis, the groom's wedding party, and said we will have to find ways to welcome them. Asked directly about foreign portfolio investors (FPIs), Sebi Chairman Tuhin Kanta Pandey spoke of steps being taken to ease their onboarding.
India will look for ways to protect its economy and stay an attractive destination for capital. The question that remains is what investors should do. Those who have spent decades in Indian markets were clear: sit tight and keep the faith. Not blindly, not out of patriotism, not because there is nowhere else to go, but because it makes sense.
READ | SEBI Chief: Direct MF Plans Default From Nov 1; IPO Rules, SME Framework Under Review
Post Script: Speaking with actor Tamannaah about her jewellery venture was a pleasant break from the usual fare of corporate and market conversations. Here is an artist unafraid to try the new, whether in her films or in the different roles she plays as an entrepreneur. Her response to comments that objectify her was refreshing: she filters out the noise.
Maybe that is what we all need to do right now. Filter out the noise, and focus on the fundamentals.
Watch Video: What Raamdeo Agrawal Thinks About The Bear Market In India
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