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1 minutes to read by  RBC Emerging Markets Equity team, G.Giammattei Jan 24, 2025

The team’s recent trip to India has strengthened our conviction in the country’s prospects. India’s economic growth is supported by several structural factors, with its demographic profile being a key driver. While equity valuations in India are relatively high, they may be justified if there is sufficient confidence in the sustainability and quality of the country’s economic growth and corporate performance.

In our full note, we discuss:

  • India’s most compelling areas for equity investments include infrastructure, manufacturing, financials, and, to some extent, the consumer sectors.

  • Infrastructure has emerged as the primary driver of growth in the country, overtaking consumption for the past several years.

  • India presents significant potential in the manufacturing sector and is on the cusp of shifting from a service-driven economy to one focused on design and manufacturing.

  • From a long-term standpoint, three key areas to monitor are reforms, education, and the participation of women in the workforce.

Original publication date December 2024

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