"DEBT IS THE PLACE TO BE IN 2024"

India's leading wealth managers are upbeat about the country's prospects but cognisant of macro challenges.

- V. KESHAVDEV

INDIA’S LEADING WEALTH MANAGERS Atinkumar Saha, head, wealth management, Deutsche Bank; Rajesh Saluja, MD and CEO, ASK Wealth Advisors; Sandeep Das, MD and CEO, Centrum Private Wealth; Umang Papneja, CEO, Julius Baer Wealth Advisors India, and Yatin Shah, co-founder, 360 One anticipate a dynamic investment landscape in the coming year, characterised by a shift towards equities, particularly in the U.S. The shift is motivated by the expectation of considerable earnings growth in the Indian market and the belief in continued innovation in the U.S. Despite overvaluation in certain sectors, the overall valuation landscape in India is slightly stretched but not overly concerning. Fixed income is viewed favourably, with an expectation of capital gains due to anticipated rate cuts starting in 2024 in both India and the U.S. Gold remains a neutral investment after recent price increases, while there is a significant interest in alternative investments, such as private credit, real estate funds, and early-stage private equity funds. Edited excerpts from Fortune India’s private wealth roundtable:

We seem to be in a Goldilocks moment with GDP growth on a high, inflation cooling off and India Inc.’s revenue and profit growth robust as ever. But can global macro spoil the party?