1 September 2023
Rana Gupta, Senior Portfolio Manager
Koushik Pal, Director, India Equities Research
India’s growth agenda is already paying dividends via the drivers of formalisation and digitisation that catalysed reinvestment in manufacturing. The result: the country’s macro economy has become more resilient with increased capital expenditure and industrial order books, as well as a narrowing current-account deficit and a healthier inflationary picture.
In a new thought leadership paper, Rana Gupta, Senior Portfolio Manager, and Koushik Pal, Director, India Equities Research, offer an in-depth look at how the current economic foundation, based on key government reforms, has enabled the Indian economy’s next compelling stage. The paper further introduces the new drivers of growth, classified as the 5Ds: Digitisation, Deglobalisation, Decarbonisation, Demography and Deficit Reduction. They are poised to reshape the country’s commercial environment across diverse sectors, and we believe they should represent a paradigm shift for the Indian economy and how investors view it.
Given the current market environment, the paper highlights how Indian equities may participate in the country’s long-term growth story amid policy continuity and a stable regulatory environment. Overall, we think the asset class potentially presents sustainable growth opportunities at an uncertain time when the global growth outlook and corporate earnings environment remain unsettled.
India’s bond index inclusion: Attracting foreign investment; bolstering its regional position
Indian government bonds would be included in the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global index suite starting in June 2024. We examine the short- and long-term implications of this significant decision for the Indian bond market.
Bank of Japan tweaks its yield curve control policy: market implications
The Bank of Japan’s recent decision to fine-tune its yield curve control policy may have caught investors off guard; however, the bigger surprise could be that the adjustment was less hawkish than expected.
Q&A with the Portfolio Manager: Global Healthcare Equities
COVID-19 is largely behind us in terms of a global health crisis and a hard hit to global financial markets. Yet, amid a widely predicted economic recession, the world is adjusting to the post-pandemic era. In this Q&A, we highlight how our Global Healthcare Team adopts a differentiated approach by triangulating its investment thesis and quantifying key inputs into the investment framework.
The information provided on this website is for informational purposes only and is intended solely for use by Singapore residents and is not intended for distribution to, or use by, any person or entity in the United States, or any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Manulife Investment Management (Singapore) Pte. Ltd. (Company Registration No. 200709952G) and/or its affiliates (collectively hereafter "Manulife") or any of Manulife's products or services to any registration requirement within such jurisdiction or country. Nothing on this website shall be construed as financial advice or an offer, invitation, solicitation or recommendation by or on behalf of Manulife to any person to buy or sell any Fund and is no indication of trading intent in any Fund managed by Manulife. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended.
Investments in any Fund are not deposits in, guaranteed or insured by Manulife and involve risks. The value of units in any Fund and any income accruing to it may fall or rise. Past performance of the Fund is not necessarily indicative of future performance. The Fund may use or invest in financial derivative instruments. Investors should read the prospectus and seek advice from a financial adviser, before deciding whether to subscribe for or purchase units in any Fund. In the event an investor chooses not to seek advice from a financial adviser, he should consider whether the Fund(s) is/are suitable for him. Copies of the prospectus and the product highlights sheets can be obtained from Manulife or its distributors, for further details (including the risk factors) and charges.
The Manager shall have the absolute discretion to determine whether a distribution is to be made in respect of any Fund as well as the rate and frequency of distributions to be made. The intention of the Manager to make the distribution and the distribution yield for the Fund is not guaranteed, and the Manager may review the distribution policy depending on prevailing market conditions. Distributions may be made out of income, net capital gains and/or capital. Past distribution yields and payments are not necessarily indicative of future distribution yields and payments. Any payment of distributions by the Fund may result in an immediate decrease in the net asset value per unit.
All advertisements or publications provided on this website have not been reviewed by the Monetary Authority of Singapore.
Manulife Investment Management (Singapore) Pte. Ltd. (Company Registration No. 200709952G)