Key Points
So, HDFC is no longer in the index, but its earnings are not getting considered as part of the Nifty earnings and therefore PE ratio looks a little bit higher than it is..
I also feel that longer term, the scope for the Nifty and generally the markets in India to go up are tremendously high simply because in relative terms we seem to be in better economic shape as a country, corporates are relatively less leveraged and overall the triggers coming in the future will be relatively, if inflation were not to spike going forward, give the scope for interest rates to correct and therefore the economy to get some kind of respite..
What are you making of the aspirational Indian who now wants to holiday more and holiday better, buy better cars and better phones pretty much across the board?..
Income levels have gone up at least for a relatively small percentage of the population but that is really the India that can be targeted in a meaningful way by most of the players be it cars or food delivery and all of that stuff..
This premiumisation is partly coming out of Covid where incomes got generated but not spent, but also coming out from the fact that while the prices of these goods have not increased in any meaningful fashion, people have been able to upgrade their income..
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