“Global growth is likely to be just about 2% or sub-2%, not just this year but probably next year despite the fact that the Fed has raised its outlook from about 1% to 1.5% for US GDP growth for next year. Even there, we should not take the Fed outlook at face value.”
The mid-cap and small-cap indices, which is proxy for the India growth story - probably a more accurate one than the large caps - have given returns of over 20% in the last six months against a mere 6% return in large caps, on the back of an impressive rally in capital goods, realty, PSUs and healthcare stocks. Further, a reasonably steep yield curve, even after interest-rate hikes of 250 basis points, is reflecting elevated inflation expectations, which is also backed by growth.
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