India can move out of emerging markets pack to a standalone destination: Uday Kotak

With the Indian equity market outperforming both developed and emerging markets so far in the calendar year 2022, CEO Uday Kotak on Monday said India is now at a turning point in the global economic order.

“China, Europe, UK struggle on geo-politics and economics. India has navigated geo-politics deftly,” Kotak said on Twitter.

If we manage both inflation and growth, we can move out of the emerging markets pack to a standalone investment destination, Asia’s richest banker said.

When seen on a year-to-date basis, Nifty has gained 1.66 per cent. On the other hand, the Dow Jones is down by over 15 per cent, FTSE100 2 per cent, Shanghai index 14 per cent and Hang Seng nearly 21 per cent.

The outperformance of the Indian equity market was led by strong buying by retail and domestic institutional investors. July onwards, the FIIs have also started being net buyers. NSDL data shows that after buying equities worth about Rs 5,000 crore in July and Rs 51,000 crore in August, FIIs have poured in over Rs 12,000 crore so far in September.

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