Veteran investor Ramesh Dhamani sees the market and economy transforming into Madonna's "material world" over the next decade or two, as materials, particularly the critical minerals, will continue to constitute the apex of value creation.
"A modern economy cannot function without critical minerals, without strategic alloys," he stated during an interview with NDTV Profit.
Referring to a changing world order, Damani said he sees a trend shift in the market, and two themes that are emerging in the market are centred around defence prowess of a country and access to critical minerals.
"I think two trends that I see is that every country or every regional block wants its own defence. So you have NATO, you have Europe, you have Asia, you have everyone trying to make their own defence industry. So that'll be an industry that'll continue to attract attention and talent over the next few years," the market veteran explained.
He pointed out that a dynamic defence industry requires access to critical minerals such as aluminum or permanent magnets.
"So I think people who control the stockpiles, people who have the ability to process them, will probably get a higher and higher rating because of the strategic value of that price," he added.
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Damani, who identifies as a software, intellectual property, financial instrument centric person, expects defence to do well. Further, he believes that the market will come to value control of strategic resources and the ability to process them.
He also reinforced the idea of self-reliant India in the context of defense and metals, stating that to reach the status of a middle power a country needs to have its own sources of supply especially for these two industries.
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