MC GWS 2025 Highlights: All's well with Eknath Shinde, Mahayuti to contest BMC polls together, says Fadnavis

Devendra Fadnavis: Speaker will take appropriate decision on the leader of opposition

Devendra Fadnavis: Maharashtra's opposition has got lower numbers in this election

Devendra Fadnavis: Opposition should be sensible and should have a vision for the country

Devendra Fadnavis: Eknath Shinde and we are toghether

Devendra Fadnavis: Relationship was never bad with the opposition, especially Uddhav Thackeray

Devendra Fadnavis: Don't want to take revenge with the opposition, but wants to make a change

Devendra Fadnavis: Last five years have taught us in politics anyone can go with anyone

Devendra Fadnavis: Mahayuti will contest election unitedly in BMC elctions

Devendra Fadnavis: Gadchiroli is becoming new steel city of India

Devendra Fadnavis: Gadchiroli has best iron ore and dedicated pipeline to transport iorn ore mined from Gadchiroli

Devendra Fadnavis: We will not leave ineligible under Dharavi redevelopment scheme

Devendra Fadnavis: We will complete the Dharavi Project

Devendra Fadnavis: We buy cotton and Soyabean at MSP

Devendra Fadnavis: Maharashtra has made record in buying soyabean and cotton

Devendra Fadnavis: 52% of Maharashtra is drought-prone, we have worked on a plan to make it drought-free

Devendra Fadnavis: We have made river linking plans to make Maharashtra drought free

Devendra Fadnavis: This will start next year and it will take seven years to complete

Devendra Fadnavis: Maharashtra is most favoured for investment.

Devendra Fadnavis: If some projects have gone out still Maharashtra is number 1 for investment and will remain

Devendra Fadnavis: Our schemes are costing us Rs 60,000 crore

Devendra Fadnavis: Last year, we have made 23 'Lakhpati Didi', now we have a target of 25 lakh 'Lakhpati Didi'

Devendra Fadnavis: Dharavi redevelopment project has started

Devendra Fadnavis: We have started the process of giving transit camps

Devendra Fadnavis: You will see industry 4.0 in Navi Mumbai

Devendra Fadnavis: Maharashtra received three times more FDI than Gujarat

Devendra Fadnavis: If Gujarat develops, then I am happy, if Karnataka then also I am happy, afterall investment is coming in India

Devendra Fadnavis: We also hope Tesla to come; if they ask us, then we will say best case is Maharashtra for investment

Devendra Fadnavis: Semiconductor is a 7-step process, and we already have proposals with six companies

Devendra Fadnavis: Maharashtra is the startup capital in absolute numbers, and also investments

Devendra Fadnavis: We have the highest number of fintechs too

Devendra Fadnavis: We have given land to NPCI and now they are making global headquarters in BKC

Devendra Fadnavis: We have the highest number of fintechs too

Devendra Fadnavis: There was a time when entrepreneurs founded their startups in Mumbai and then moved to Bangalore. Now we are seeing reverse migration happening

Devendra Fadnavis: India's data capital is also Maharashtra now

Devendra Fadnavis: People now think that new supply chain will be India

Devendra Fadnavis: Maharashtra is the only state who have chased half trillion path.

Devendra Fadnavis: Maharashtra have power to attarct investment and we are working to leverage it

Devendra Fadnavis: Maharashtra has the power to attract investments; we are trying to leverage that

Devendra Fadnavis: FDI was best in this year for Maharashtra.

Devendra Fadnavis: In the last nine month, we got 1.39 lakh crore investment

Devendra Fadnavis: Maharashtra is defacto fintech and data capital

I came to Moneycontrol Global summit just after completing speech at Maharashtra Budget session, says CM Devendra Fadnavis

If Warren Buffet were born 20 years later, he would not have had the career he had, says Morgan Housal

Morgan Housal, Author, Psychology of Money, Same as Ever; Difrector, Markel Group:  A lot of smart people in the 1990s who thought the Internet was a fad. The Wright Brothers did not think their invention had any commercial use. People who invented the plane did not see it coming.

Amit Jeswani, Founder, Stallion Asset Private:  Next leaders of the market will be a combination of value and neglect. For instance, PSUs carried massive neglect and had value, which nobody touched. It will always start this way.

Vikas Sharma, Head - Wealth Management and Private Banking, IDFC: Typically in year when markets are expected to be muted, you will not see a lot of IPOs. That will lead a lot of activity in the private equity space, which I feel is going to generate a lot of demand and interest of the investor community to look at this space. Valuations in that space will be far far attractive.

This year will be tough to make good money. But it is okay, because we will have more bull markets going forward. Bear markets typically last for 9-10 months, then there is a wave of consolidation. But if we survive this year without losing more money, 2026 and 2027 we can again have a good bull market.

Lakshmi Iyer, CEO, Investment and Strategy, Kotak Alternate Asset Managers: This is the year of snakes as per the Chinese calendar. Like that our market will play snakes and ladder. In such a market, you cannot stick with just one asset class.

Rajeev Thakkar, CIO, PPFAS Mutual Fund: During the era of extremely loose liquidity, highly competitive sectors soared. Take quick commerce, for example—everyone rushed to offer 10-minute grocery delivery. We already have two companies listed, with a third in the pre-IPO stage. Investors got caught up in the excitement, driving up valuations. The same happened in FMCG and other sectors. Now, there’s a greater need for disciplined asset allocation and a sharper focus on profitability.

Vikas Khemani, Founder, Carnelian Asset Advisors:  Three policy favours have happened - RBI liquidity push, risk-weights to NBFCs have been reduced, and interest rates have been cut. So it clearly shows that RBI is now focusing more towards growth. This will drive more money to banks and deposits when they have been complaining about liquidity crunch past 1-2 years. Overall, it will help drive earnings growth going forward as well. Corporate earnings likely to pick up in 1-2 quarters going ahead.

Vikas Sharma, Head - Wealth Management and Private Banking, IDFC: Valuation is not just the only metric to determine market trajectory. Liquidity and other factors also need to be taken into account. India is not really going to be a cheap market. Liquidity deficit, muted earnings led to a correction - I would say it is a good correction to bring India to reasonable valuations.

Amit Jeswani: I hope people learn that stocks that most own in this bull market are not coming back. There will be new leaders.

Rajeev Thakkar, CIO, PPFAS Mutual Fund: Not a fan of consumption-oriented business

Amit Jeswani, Founder, Stallion Asset Private:  There will be new leaders in this bull market. When covid happened, pharma, chemical and IT stocks were leading, nobody was looking at PSU stocks; Adani Group and PSU stocks took centre-stage after this. Typically trends are created by disruption. Like Ukraine war created a tailwind for defence stocks. The next stage will come during tariffs and trump.

Today, the market is very interesting, selective pockets look interesting and selective looks frothy, says Rajeev Thakkar, CIO, PPFAS Mutual Fund

Rajeev Thakkar, CIO, PPFAS Mutual Fund: New investors have entered the market and they are learning some new lessons.

Some weaker player have to go out to bring profitability in, says Rajeev Thakkar, CIO, PPFAS Mutual Fund

Vikas Khemani, Founder, Carnelian Asset Advisors: Corrections a part of market cycle, happened during Ukraine war. Narrative was similar and again geopolitical concerns are back in focus. If you didn't sell back then, no point selling now. Long-term investors can remain invested as India is a structural bull market.

Vikas Khemani: If you haven’t sold yet, don’t sell now. If you have money, then invest it, otherwise don’t.

Treat regret as information or signal, it will make you better, says Daniel Pink

Daniel Pink: You should treat yourself with respect and kindness rather than contempt.

Daniel Pink:  Harder regrets are that compound. Regrets of inaction are worse and stick with you.

Younger people have fewer regrets because they have a shorter history of not doing things, says Daniel Pink, Author, The Power of Regret, When, To Sell is Human

Daniel Pink: Anybody who tells you they have no regrets is lying. Only 5 year olds have no regrets. What they regret most is what they value the most.

Daniel Pink: The goal is not perfection, but doing better. Talk about your regrets and tell what they learned from that.

Large-caps will drift down and correct through time. Smallcaps are correcting through price action, says Shankar Sharma, Founder, GQuant Investech

In my view, large cap don't fall 50% , they rather slow down. The grind is going to be different. Large-cap will drift down and bring correction in overvaluation, says Shankar Sharma, Founder, GQuant Investech.

India is a bottom-up market in this situation. from a trending market, it is a trading market, says Shankar Sharma, Founder, GQuant Investech

Macro top-down, this year will be highly problematic. There will be some rallies, if you're smart enough, please play that, says Shankar Sharma, Founder, GQuant Investech

In five years, Nifty will be giving a zero return, is what Shankar said. If you're giving five-year numbers, investor expects to retire before that is what many believe

In India, there is a unified perspective you're supposed to have. In US, there is diversity of opinion. Here, if you're bullish, you're a deshbhakt. If you're bearish, you're anti-India, says Shankar Sharma, Founder, GQuant Investech

The Nifty 50 isn't going to see highs this year. You will see next to zero returns from September 2024 highs for the next four-five years, says Shankar Sharma, Founder, GQuant Investech

The markets will keep you interested for five years: Shankar Sharma, Founder, GQuant Investech

Never heard such confused argument about bulls. At least with Rakesh Jhunjhunwala, he was an eternal bull, says Shankar Sharma, Founder, GQuant Investech

I sold Google, Amazon, etc. Cannot handle so many things together, such as tariffs, deportations, firing of government employees. Too much confusion, very high uncertainty, says Samir Arora, Helios Capital

US cannot handle so many things together , Have tariffs, have doge, to be sending back immigrants -- very high uncertainty, says Samir Arora, Helios Capital

My definition of bull run: Samir Arora, Helios Capital

1. Should do better than debt.

2. Should do better than other countries.

Everyone is interested in India and there is a reason to be interested in India, says Vishal Mahadevia, MD, Warburg Pincus

We have to stay on top of our game to keep attarcting investments to India, says Vishal Mahadevia, MD, Warburg Pincus

India can do better in labour intensive manufacturing capabilities, says Vishal Mahadevia, MD, Warburg Pincus

India can do better in labour intensive manufacturing capabilities, says Vishal Mahadevia, MD, Warburg Pincus

Just because India can become a $10 trillion dollar economy, does not mean it will, we have to be on our toes , oppurtunity does not mean destiny says Vishal Mahadevia, MD, Warburg Pincus

Everyone is interested in India and there is a reason to be interested in India, says Vishal Mahadevia, MD, Warburg Pincus

We have to stay on top of our game to keep attarcting investments to India, says Vishal Mahadevia, MD, Warburg Pincus

We have the biggest sovereign wealth fund in the World. We want to spend this safeguard wealth for the future, says May Elin Stener- Ambassador of Norway to India and Sri Lanka

May Elin Stener- Ambassador of Norway to India and Sri Lanka: We have biggest sovereign wealth fund in the World. We want to spend this safeguard wealth for the future.

May Elin Stener- Ambassador of Norway to India and Sri Lanka: Highest possible return for the future with acceptable risk. The fund has tripled investment in India in last 5 years.

May Elin Stener- Ambassador of Norway to India and Sri Lanka: India is democracy, Norway has good relations with India. The investment will only grow.

Indian Rupee has been more stable, overweight on India Rupee, says Florian Neto, Head of Investments Asia, Amundi

Latest quarter has been showing a lot of bright spots, says Florian Neto, head of Investments Asia, Amundi

We have 14.5% growth expectations this year from India, says Florian Neto, head of Investments Asia, Amundi

SEBI’s Ananth Narayan: Two other things we are working on. FPIs, on how to make it easier for them. We still have a requirement for foreign savings to come in. Lastly, as the world changes, the startups and the value of people who are creating fresh business propositions, making sure that funds reach them is crucial.

SEBI’s Ananth Narayan: I am personally hopeful that accredited investor picks up and that that becomes a channel for people who are risk aware to invest (in such new business)

SEBI's Ananth Narayan: I want to compliment AMFI and the depositories for the work that they are doing on investor education but a lot more still need to be done.

SEBI's Ananth Narayan: Our immediate themes would be. One is that we all recognise that investor education, awareness will be a cornerstone going forward. I want to complement AMFI and depositories... One of the things we are doing in SEBI is that we are doing a nationwide survey to figure out what will it take to bring more people into the capital market, and what is the risk awarenss of these people, what are the gaps in their understanding etc. Get more people into the fold and encourage responsible investing

SEBI's Ananth Narayan: While domestic savings have picked up, we still need foreign money to come in and we will do what is needed for that

Ashish Chauhan: Broadly several types of risks, some are transactional and some are long term. In transactional risk, there are centralised and peripheral risks. Each risk we need to measure and figure out, then the regulator's job is to assess where the metrics and how they want to finetune so that risks don't overwhelm. The risk may arise in a corner and have a domino effect. When things cool down there are different ways of looking at things, when things heat up different ways of looking at things... the arguments therefore may change

Ashish Chauhan: I don't see a magic pill. It will continue to evolve. Whatever SEBI has done over 30 years or over 5 years will look tough but they make markets more safer. People's trust in the market improve

Ashish Chauhan: What SEBI has done over the last few years are tough, but the are important and make markets safer. I fully vouch for what has happened in terms of tougher regulations.

Ashish Chauhan: I fully vouch for what has happened in terms of tougher regulations. Regulations also have to be true to label... whatever is avowed is what is coming out in the regulations

Groww's Harsh: When there is lot of education and awareness, like with mutual fund industry, there will be better investor participation.

DP Singh , SBI MF: We try to take capital creation to the bottom of the pyramid to people who have not been able to participate in capital market.

DP Singh , SBI MF:We are doing it responsibly ( small SIP). We are taking capital creation to the bottom of the pyramid.

DP Singh , SBI MF: We were very sure that we can make it very big. This is just the start. We are very excited about daily SIP

DP Singh , SBI MF: More than Rs 250 SIP, we are lot more excited about daily SIP

DP Singh , SBI MF: We want to encourage daily SIPs through direct investments, DIY

DP Singh, SBI MF: We don't want to distribute (Rs 250 SIP) through distributor channel because the economics will not work out... but daily SIP will become a rage

Harsh Jain, Groww: Nothing changes for us as a particpant in the industry ( with a new chariperson)

Groww Jain: We started in 2016 with mutual funds, later stocks... in 2020 we launched derivatives. Our experience with derivatives is less

Harsh Jain, Groww: I think true to label is a fair change. We have seen many changes over the last few years that have played an important role and we are sure that we will see more changes in the entx few year

DP Singh, SBI MF (on thematic funds): When market cap is going up there are things which have a sufficient universe of stocks... for example, within energy opporutunity, within that you have a sub-sect... we had a universe of companies where the mcap of the companies are 2.7 lakh crore. When the universe is there it is the responsibility of the mutual fund industry also (to tap the opportunity for investors).

DP Singh, SBI MF: On thematic funds risk - In bull run, there are themes where there are enough stocks, which are working - there is an opportunity - that is how we are going about with it. As a responsible player we are careful.

It is not comparable (our derivative markets with other countries' markets), says Ashish Chauhan

There are ways to manage concentration like having incentives on early roll over etc. Stopping daily expiry is easy to do, says Ashish Chauhan

SEBI's Ananth Narayan: The good news is that Oct measures that we took (three-four months we did consultation)... even the latest one has been done after weeks and months of consultation. We will be watchful of incoming data. Our regulatory intent is clear. There are plenty of metrics that has shown that the size of our derivatives markets in relation to our market cap has been extraordinarily high compared to global standards. Why we said we have to take steps... we found that 89 percent of FnO investors have loss. 93 percent of all trades mostly in index derivatives were losing money. People who were losing two years in a row continue to trade in the third year as well. Options trading was becoming a national pastime and we needed to use our national resources for better purpose

SEBI's Ananth Narayan: We will continue to do so (whenever there is systemic risk) and we will do it with consultation. We did our earlier (Oct) steps based on 60,000 responses we got

I think some of the measures on F&O are yet to come play. In the meantime newer measures will come out. Many other exchanges are also asking for new expiries, says Ashish Chauhan, MD and CEO, NSE

Overtrading and people who are not supposed to participate is always a concern, says Groww's Harsh Jain

There is a volume reduction. Out of the 2-2.5 cr investors less than one percent do derivative trading (for Groww), says Groww's Harsh Jain:

The regulatory intent which was co-created with market participants is clear. We did find it necessary to reduce volumes on expiry day. Even today the total number of contracts traded on NSE is 40x higher than the next best exchange, says SEBI's Ananth Narayan\\

We did find it necessary to reduce volume trade on expiry and we will find a way to work with the ecosystem to rationalise expiries, says Ananth Narayan

We don't want multiple expiries. We will find a way to rationalise it. Those who want to have more derivatives market, then develop cash market as well... derivatives for the sake of derivatives isn't desirable, says SEBI's Ananth Narayan

Our contract size is very small in derivatives. It is one-fifth or even one-tenth of what is there in Europe and other countries, says Ashish Chauhan MD and CEO, NSE.

SEBI's WTM Ananth Narayan: SEBI's view of derivatives is clear. Whether it is derivatives, trading etc are essential to risk management and therefore for capital creation. Make no mistake we are for derivatives and market making

SEBI's WTM Ananth Narayan: SEBI's view of derivatives is clear. Whether it is derivatives, trading etc are essential to risk management and therefore for capital creation. Make no mistake we are for derivatives and market making

We took the six steps to target over over-trading of index derivatives on expiry day

Index options volumes have come down. Dec Jan Feb this year 23 percent YoY it has come down. Compared to two years ago it has gone up by 15 percent

Trading in index options has come down without affecting the whole family of derivatives as a whole. We are happy with the outcome

Seeing interests coming from family offices looking to invest in crypto, says Vikram Subburaj, Co-founder and CEO, Giottus

Crypto is getting real. Until last 4-5 years, only a few tech geeks were looking at crypto, says Sumit Gupta, Co-founder and CEO, CoinDCX

Crypto is a global asset...any one country treating it in a siloed way won't work. There needs to be global consensus, says  Edul Patel, Co-founder, Mudrex

Sumit: Let global crypto players set the field, create the market. In the next 10 years, domestic players will ultimately win.

Sumit: In the financial sector, it's very rare that global financial businesses have come to India and have reached the top spot.

Sumit Gupta, Co-founder and CEO, CoinDCX: Any investor today needs to look at crypto to diversify their portfolio

Sumit: Crypto is getting real. Until last 4-5 years, only a few tech geeks were looking at crypto

Since January of this year, we have seen a lot of promises from the Trump government come into life, says Sumit Gupta, Co-founder and CEO, CoinDCX

The crypto president has helped create a lot of excitement. It's certain now that crypto is not going anywhere, says Edul Patel, Co-founder, Mudrex

Nuanced conversations are now happening around crypto added Edul Patel

Ramesh Nair, CEO, Mindspace REIT: Doing five data centres, three hotels as part of REIT

Ritwik Bhattacharjee, CEO, Embassy REIT: Investors should look at a basket of REITs

Alok: REITs are a great way to create passive income

Ramesh Nair, CEO, Mindspace REIT: All REITs have their strengths, geographical spread

Ramesh: REITs tightly regulated space, high on governance, regulation

Alok Aggarwal, MD & CEO, Brookfield Properties:\\: Industry will have data centre, hospital REITs

Alok: In India 10-12% of real estate is in REITs

Alok: REIT AUM can grow 15-20 times in the next 15-20 years

Ramesh Nair, CEO, Mindspace REIT: REITs hold around 100 million sq ft of total industry size of 800 million sq ft

Ritwik Bhattacharjee, CEO, Embassy REIT: Indian office rents still very attractive

Ritwick: Data centre, logistics, value-added services to follow offices in REIT opportunities

Alok: Investors have realised that REIT story is panning out well

Alok: Investors have realised that there are no substitute to offices

Ramesh: January-December 2024 returns for REIT were around 21%

Alok: Investors focused on rental growth, occupancy, ESG

Ramesh Nair, CEO, Mindspace REIT: Work from office rates have increased, SEZ vacancies decreasing due to government demarcation policies

Alok Aggarwal, MD & CEO, Brookfield Properties: Occupancy has gone up in 9-12 months to above 90%

Ritwik Bhattacharjee, CEO, Embassy REIT: REITs are high dividend paying stock. We are at an early stage in the commercial cycle

Alok Aggarwal, MD & CEO, Brookfield Properties: Best of times unfolding for REITs in short, medium, long terms. Office will continue to dominate the REIT space

Abishek Laxminarayan, Strategic Advisor, Sharrp Ventures: Family offices have a lot of great advantages. They have the ability to have long term horizons for returns and risk

Family offices need to become more sophisticated and mature to approach asset allocation

Rahul Goswami, Co-founder & Managing Partner, Greenstone:  The skillset required to create wealth in the first place may not be transferable into managing wealth and investment allocation

Rahul Goswami, Co-founder & Managing Partner, Greenstone: There are different approaches families can take to manage wealth, and accountability and capability are key in managing risk and returns

Notion of risk is defined differently by family business. Every family office is very idiosyncratic in their approach.

The notion of risk is also viewed differently by different generation of family offices

A lot of family offices currently have not seen a bear cycle

- Rahul Goswami, Co-founder & Managing Partner, Greenstone: There is a difference in mindset in terms of risk between younger and older demographic

- Abishek Laxminarayan, Strategic Advisor, Sharrp Ventures: Short cycle of correction is an opportunity for us

Rahul Saraf, Head, Investment Banking, Citi: While many IPOs involve OFS and secondary sell-downs, the goal isn’t just to cash out at high valuations. Going public also empowers companies to plan future investments—both organic and inorganic. If the parent company trades at 5x earnings while its Indian arm commands 15x, any expansion decision in India—whether through capex or acquisitions—will be based on a 20x multiple. This becomes a crucial strategic consideration for MNCs navigating their growth plans.

GV Ravishankar Peak XV MD: Several fintech IPOs are expected to hit the market in the coming years.

Sarthak Misra, Partner, SoftBank: We expect a wave of consumer tech companies to emerge soon. Stock broking firms are also on the horizon—it's only a matter of time.

Jibi Jacob, MD and Head of Equity Capital Markets, Jefferies India: We anticipate a surge of new-age companies and financial firms launching IPOs this year.

Rahul Saraf: A lof of Maharathnas are listed in the country. The government has actually had a program to sell down and we believe it will continue

We’ve seen companies go public too early—at valuations of Rs 500-1,000 crore, with modest profitability, assuming a long compounding journey ahead. But in reality, their market caps often plateau at Rs 3,000-4,000 crore, with little to no liquidity.

Unless a company is valued at $2-2.5 billion, trading activity remains limited. These firms may be publicly listed, but in effect, they operate like private companies with restricted market participation.

GV Ravishankar, MD, PeakXV: DIIs have become so much more important in the current scheme of things. They have a massive say in pricing. They're pushing very hard for a more attractive price. It is a good balance. I do think they bring stability now and have a much better knowledge on the ground.

Jibi Jacob, MD and Head of Equity Capital Markets, Jefferies India: Back in 2021-22, companies talked about achieving profitability in 3-5 years. That narrative has shifted - now, businesses are eyeing IPOs as soon as they reach breakeven in just 18 months. We anticipate that 2025-26 will bring a surge of new-age companies entering the market.

If you look at 120 IPOs, median returns are 25-28%, if pricing wrong it should be more towards negative. Pricing of IPOs are somewhat reasonable.

From the highs of market, 30% of value has been destroyed. As the tide goes down, whether IPO company or secondary listed entities, it will all come down. Singling out IPO companies alone as a big cause of value destruction is not right.

The real value that bankers provide is judgement on valuation, positioning of equity story and choosing anchor investors

Allocate more to anchor investors, and allocate judiciously to them even if means at a lower price. We actually recommend having the right anchor investors on the book

Sarthak Misra, Partner, SoftBank: I started when Facebook went public in 2012 then quickly collapsed. And that summer no IPO happened, I won't be surprised if we have something similar during this period. We all hope for excitement in next 2 quarters but it is a long journey.

Jibi Jacob, MD and Head of Equity Capital Markets, Jefferies India: IPO feeds on what is happening on secondary markets. First 3 months, we are around 8-9 IPOs, whether or not we can see 25 IPOs this year or not is a tough task.

Utpal Sheth, Senior Partner and CEO, Rare Enterprises: Think about superlative management teams instead of themes. Teams that are able to pivot and able to face volatility with their competitive advantage. We are looking for compounders rather than multi baggers.

Prashant Jain: Industrials should grow faster than GDP. Love all PSUs together. Even the good ones there is not any meaningful pricing.

Rashi Talwar Bhatia, Partner & Portfolio Manager, Ashmore Investment Management: For years it has just been India, , US, China and Japan. It cant be so narrow. It is healthy for global markets to have alternatives.

Neelkanth Mishra, Axis Capital: Think India also needs a ministry like DOGE in the US. In a an economy seven times or size, the US has lesser ministries as compared to us. Clearly as the world moves towards industrial policy, we need to have a better aligned government structure. Definitely needs a government restructuring for us to be more competitive.

Sunil Singhania: Sectors and companies which look good they're still not cheap. We are obsessed into making multi-bagger. We are not in the phase where we are growing 25 percent CAGR.

Anish Shah, MD, Mahindra and Mahindra: Haven't seen a slowdown due to a function of products we've had. Our SUVs will grow at 20% on year and for the farm business, we expect a 15% growth in Q4. Our hospitality business is seeing 80-85% utilisation.

Rashi Talwar Bhatia, Partner & Portfolio Manager, Ashmore Investment Management: In the large cap space we are reaching a point were we are seeing interesting valuations. In the smid cap space we are still in a pretty expensive territory. I believe in the India story but there needs to be some rationale. See some opportunities in the large cap space.

Sunil Singhania, Abakkus Asset Managers: The only focus we should have is whether the economy will have a 7 percent growth. We should not be concerned about FII flows.

Utpal Sheth, Senior Partner and CEO, Rare Enterprises: The quantum and pace of change that it taking place now is at unprecedented level. This will have an impact on growth, risk and profitability and will play out over a period of time. There are many factors like AI, Deglobalisation etc. In the past whenever such major changes have taken place then those changes have resulted in phenomenal opportunities. It is wise to take those opportunities now.

Neelkanth Mishra, Axis Capital: It is a cyclical slowdown, a self inflicted one. There were three factors--fiscal, monetary and regulatory. The fiscal one was the in the first half of FY25, we saw unduly slow government spending due to elections, but that has picked up now. The regulators have become too risk averse, but at least some of the regulatory tightening has eased. On the monetary side, I think we've been unduly tight. The cost of liquidity is very high. RBI has announced measures to ease liquidity but I think another Rs 2-3 trillion of liquidity injection is needed. Once these headwinds are solved, we should get back to near 7% GDP growth.

Anish Shah, MD, Mahindra and Mahindra: Would give a lot of credit to the government for saying consistent on capex because the multiplier effect is far greater. From a private sector standpoint, capex will depend on capacity utilisation.

Anish Shah, MD, Mahindra and Mahindra: Very optimistic on the Indian economy, it is just a matter of time that private sector capex will happen.

Sunil Singhania, Abakkus Asset Managers: The only good thing is that every time there is euphoria, we need a clean up. We will see a W shaped recovery instead of a V recovery.

Don't think there is a healthy market-cap-to-GDP ratio that you can prescribe at all time. There's always going to be a range within which the market will be trading.

Don't think profits will be growing slower than nominal GDP in the next 5-6 years. That should be supportive for a higher market-cap-to-GDP

Multiples by definition will remain volatile. We are coming off of a record high, levels we did not see before. Can it fall another 10%? Yes. Will it be because nominal GDP grows and m-cap remains the same? I think that's the most likely scenario.

Each person must set balance for themselves in work and personal life

Sovereign gold bonds are good for the investors, perhaps were not so much for the government

The added push to gold will come from continued central bank buying, particularly developing central bank with relatively low exposure to gold. In the backdrop of economic uncertainty, they manage their reserves like yourselves.

Reason for hoarding of gold in the US a precursor to imposition of tariffs.

The insurance industry in China has opened up their insurance industry to the possibility to investing in gold. It's just 1% now, but it's a $4.8 trillion market.

Due to burgeoning debt through the world, long-term sovereign debt of $76 trillion at the moment…Financing that debt will be relevant. One asset class that steps in at that time is gold – no alternative to gold going higher

There is enormous opportunity in India, China and Japan for the growth of the ETF industry and that would bring many asset managers, MFs, pools of capital to the market.

Gold ETFs are safe - backed by gold, listed... The amount of money in this country presents an enormous opportunity.

How do we create awareness? We must plan how to make people aware of risk, to do wealth management that suits that, how to allocate capital to portfolio that derisks them and take necessary allocation between debt and equity in a manner that suits them

We have to use tech to bring more transparency and give integrity to market institutions. For that we need teamwork

Teamwork is more than what is inside but it is also what is others. SEBI plus others

Trust and transparency, teamwork and technology. Teamwork includes within SEBI and with various participants. Together we can create further conducive ecosystem. We need to think of next 25 years, how 2047 will look like

An informed investor is well protected. SEBI will put in effort towards this.

Country has attracted global investments across the years. The presence of long term capital will further support entrepreneurship. We are aware of need to have conducive environment to encourage foreign investment.

Will be happy to engage with FPIs and AIFs to ease regulation and ease of operation

Maintaining trust and transparency is paramount. Well regulated market instills confidence in investors. Regulatory bodies and market participants need to uphold highest standards of governance, transparency

Increasing participation by domestic institutional investors has resulted in greater domestic ownership and made Indian markets more resilient

To grow at speed we want, we need both domestic and foreign investments

Govt vision shared in Budget built on four pillars agriculture, MSME, investment and exports. Major reforms in taxation, power sector, urban development, financial sector and regulatory reforms

Savings and investment ratio is one of the very important elements in our economic planning.

49 million unique investors in SEBI regulated ecosystem in 2020 136 million now

This access to funding, to the capital markets drives expansion, productivity and innovation which is needed for economic growth. We need long term capital through equity and debt for fostering economic growth. New products like REITs, InvITs are important

SEBI has taken measures to reduce risk in the system to protect investors. Broadly the reforms are at enhacing efficiency, transparency in market. Used technology in a big way

Aspiration of viksit bharat propelled by three Ds, democracy, demography and demand

India has shown resilience in face of global headwinds. We need to build on our resilience to sustain growth

As per IMF estimates overall growth in EM is 4.2 percent in 2025 while India is estimated to grow higher, many estimate it to be 6.-6.5 percent

In next 10-years with reforms, infrastructure, digitisation focus, one thing is certain that India is capable of creating wealth

Using digitisation will help wealth creation more

Things have been multiplying in 2.5-3 times in last 10 years, in terms of growth in asset classes

India is capable to pull out amazing reforms such as GST, among others

India is something we want to stay long-term. We want to be in any asset class where we are good. India is something we thought we can do local business. We just don't want to get global capital from China but we want to develop domestic business.

We've been investing here for so many years.

We were one of the economies who decided to do local business. We're not gonna simply switch from china to india. We can manage indian money better than US.

India is really a market we wanna invest both offshore and onshore

I think the dollar is expensive, it needs to weaken. Rate cut is not enough to drive a weakness from here.

I spoke to our clients in Asia and us, they say "we can't buy anymore of it".

European countries would be much more beneficial

I think we're seeing investors sort of take stop. They have strategic allocation. So they're nervous they brought it all down tactically through 23-24. So US is very much an equity markets . But we are seeing tiny bit of interest in Mutual Fund space.

if you've too much uncertainty, the first thing investors will do is get out.

The things to really look for are activity status, consumption levels. Employment is low, inflation is a problem. Many of those are gonna wait and see, waiting to invest their cash, also looking at bonds

We will probably not get lot of rate cuts. But the real question is will you get a rate increase. If inflation doesn't drop below 3 percent they will do nothing.

I think they felt India was expensive, very expensive, and then saw China is cheap. But they're also starting pick winners, choose single countries, and they're already picking India

They're looking through Asia and wondering is it time to buy India right now

India is on its way to becoming an asset class for sure. It depends on geopolitical aspects about how long will this change take to occur, and other factors.

As domestic markets are getting bigger.

But also global investors will also start to see which winner to pick.

China was a hell of of cheaper and Indian markets has become so expensive, so lot of investors were switching. But this is not a permanent outflow.

It is a natural choice for global investors to look for big markets to play. The equity in particular, where they can change their mind. They did ask - Has india run too far?

And based on long term, the level of PE in small and midcap was ofcogher hifher

But people were also hanging in on there while China has been slammed for so long.

India is more attractive in long term compared to China, even structurally

We've been investing for a long time, both in China and India. You always have issues in China - Is there a level playing field with the state is a concern

You see the fear amomg domestic investors but also global investors, to pick between India and China - the thoughts are there.

You may consider China as the biggest competitor globally.

Global investors will try to pick up the winner between India and China. If you are a American president, then China is a competitor. If you are not a chinese investors, it makes it difficult if there are policy changes. Investors want to be in country where policies are certain

if you're not a chinese investor it's difficult for you to decide on investment . It has big structural challenges.

We need to understand at what time tariffs are supposed to come. We need a little time to see how it works out. The devil is in the detail.

As a whole, there are more people attracted to the emerging markets through the 2000s

So the minute we don't know what degree of tariff and on what sectors, I think things need to settle

I think the problem with policy is that people like certainty so do investors

Buffett and mine lottery was to be born as a white male in America in the mid 20th century.

Today you don't have to be born a white male in America to achieve success. It is not dependent on your gender, race or vocation.

You don't want to miss out on India of the next ten years

The greatest luck is to be born at this time, instead of 200 years ago and have access to education

India has incredible opportunities. Incredibly constructive government.

India has benefitted from the fact that people are less positive on China

I'm optimistic on India

India has benefitted from the fact that people are less positive on China, says veteran investor Howard Marks

I think China has great potential: good human resources, highly motivated, good education. Has problems of declining populations.

China has done very well for the last 30+ years.

If China settles on the right policies, it can continue to do well.

China has to make up its mind to become socialist or encourage the private sector

The overarching that everyone should keep in mind is that Donald Trump is a pro-business president.

There's an old saying from my youth: What is good for General Motors is good for America.

Donald Trump will try very hard to make business do well, to make American businesses do well.

However, some of his actions will have short-term negative effects.

His tariffs could have an inflationary impact.

His policies are taken to their logical extreme and we don't know how far he will take it.

His policies will lead to lower levels of globalisation. In my opinion, globalisation is a wonderful thing. Everyone gets to excel at what they're good at.

Donald Trump less concerned with the whole pie, focused on America's slice of the pie.

The pandemic didn't really last and have a profound effect on the markets. Optimism has prevailed for 16 years. That's a big part why growth stocks have done so well. But there will come a time for value.

I think people will return to value stocks.

The trend toward passive index investment has amplified the power of the S&P 500 companies, compared to the non-index companies. That has pushed growth stocks, as there is an overlap between growth stocks and S&P 500 companies.

You would think that the S&P 500 firms would become to rich that they can't keep performing. My answer to that is, "We'll see."

Wealth creation in India matters, not just for Indians but the rest of the world, said Moneycontrol Managing Editor Nalin Mehta earlier during his opening address

If you're looking at a business to hold for the long-term, you want to make sure the price is reasonable. That makes sense. This morphed into value investing, with a capital theme.

This turned into disregard for the future, and discounted valuations.

People suggest growth stocks are stocks with high rates of growth in the future, while value stocks are modest prices, focused on the present. if you think of it that way, i you believe growth investing is future oriented, it is accepted more during optimistic times. But when people are more cautious, they look for value in the here and now.

The details of history change, but certain things do persist from generation to generation. Most of these things are behaviour. People will always get overexcited when things go well, taking asset prices too high.

When things get depressed, people get too depressed and take prices too low.

People take leverage during good times, but forget that it can magnify losses during bad times. This is something people forget from generation to generation.

Bad deals will be done when things are too positive, which will be exposed during slower times, turning to losses.

"I think rates are within the band of normalcy, can stay there. The US economy is functioning well, it is not booming, so it doesn't necessitate a bust. It's performing well. Today's rates are appropriate for that," says Howard Marks