Key Points
I would say broadly returns should track earnings growth or nominal GDP growth, says Prashant Jain, Founder, 3P Investment Managers...
Yes, if you look at markets, the last 18 months have been flat and they have been range-bound and the time correction has led to moderation in multiples and even globally interest rates seem to have peaked, at least for the time being..
Is it a good idea to look at historical benchmarks because when these PE multiples were there in the past, the conditions were very different be it liquidity, underlying growth of the economy or global interest rates..
Now that we are the official big boy or the good boy in the world, what are the chances that this years flows could reverse and PE multiples could actually surprise us on the upside?..
If you think slightly ahead take a three, five-year view, India could enjoy larger allocation in the scheme of things from foreign investors because if you look at the EM basket, India is probably one of the best placed economies in the EM basket..
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