India set to be among fastest-growing economies until 2030: Goldman Sachs

Consumer cyclicals could see the highest absolute growth, said the brokerage.

India is poised to be the among fastest growing economies in the medium-term, said international brokerage Goldman Sachs in a recent note.

The brokerage noted that after a decade-long downcycle, India's earnings have started to stablise over the past few years, with mid-teen profit growth momentum that might sustain until 2030.

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The Nifty's total earnings growth and market cap have both achieved an 18 percent CAGR over the past five years.

As this evolves, the profit pool is likely to shift towards investment cyclicals, which includes autos, real estate, chemicals along with industrials, which could see the largest rise in profit share. Consumer cyclicals could see the highest absolute growth, said the brokerage. Additionally, there could be rotation in growth leadership towards power and new energy.

The brokerage has issued a 'buy' call on 20 stocks: RIL, L&T, NTPC, M&M, UltraTech, Power Grid, Adani Ports, IndiGo, Eicher Motors, Havells, Polycab, Ashok Leyland, Phoenix Mills, Uno Minda, Hitachi Energy, Astral, Embassy REIT, Kajaria Ceramics, Blue Dart, and Amber Enterprises.

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