THE INDIAN STOCK MARKET gained 13.8% in 2019 despite high volatility. Making gains in 2020 doesn’t look easy with indications of domestic and global headwinds: slow growth in India, and geopolitical tensions between the U.S. and Iran. However, Motilal Oswal, managing director and CEO of Motilal Oswal Financial Services Ltd (MOFSL) which he co-founded with Raamdeo Agrawal in 1987, is optimistic about the world’s seventh-largest stock market. In an interview with Fortune India, the 57-year-old Oswal says the stocks of many companies, mostly with good quality businesses, are trading at a discount to their long-term averages. It is a great time to construct a well-diversified equity portfolio for long-term wealth creation, he says. Edited excerpts:
Economists say India’s gross domestic product (GDP) needs to grow at over 10% to make the nation a $5-trillion economy by 2025. How realistic is this goal?
The government’s vision of the nation to become a $5-trillion economy by 2025 is definitely challenging but not impossible. We believe India is well on its path towards achieving this target, albeit it may get there a year or so later. India’s economy crossed $2.6 trillion in 2018-19 and would need to grow upwards of 10% on a nominal basis over the next five years to reach the $5-trillion mark.
While the near-term growth has been slower than expected, the longterm growth prospects continue to remain sanguine. Some of the key components of the economy which would-be contributors to this growth would be consumption, private investment, and exports, as government expenditure alone cannot help in achieving this mega target.
This story is from the February 2020 edition of Fortune India.
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This story is from the February 2020 edition of Fortune India.
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