Views on Morgan Stanley`s upgrades India`s rating to overwight on behalf of Shantanu Bhargava, Waterfield Advisors.
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Below the Views on Morgan Stanley's upgrades India'srating to overwight on behalf of Shantanu Bhargava, Managing Director, Head of Discretionary Investment Services, Waterfield Advisors.
A combination of the long-term structural factors and the near-term strengths seems to have inspired Morgan Stanley’s decision to upgrade its views on India's markets to overweight.
In the latest quarter, India grew by 6.1%, exceeding market expectations by ~100 bps and continues to be the fastest-growing big economy in the world. The service sector, construction and agriculture saw a faster increase than predicted. Plus, India is experiencing an extended period of macroeconomic stability with a much better current account deficit, adequate reserves, and manageable inflation.
India has long-term structural interest among most investors. The prevailing narrative among global FPIs is India's growing business and political stability, superior demographics, regulatory strength, manufacturing potential, and sovereign investor friendliness.
Over the next few years, FPIs will allocate more to India if this structural narrative remains intact, macroeconomic stability is maintained, and relative values don't become completely irrational.
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