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Indian Equities Expensive, But Supported By Domestic Growth

Jaisal Pastakia, Investment Manager at Heartwood Investment Management, believes the investment case for India remains constructive over the long term. He offered his thoughts below on the market. "The Indian equity market is now trading at an all-time peak in local currency terms and questions arise as to whether this market is fully valued. In sterling terms, the MSCI India gained 49% in the two years ended 31st December, 2017. This strong performance has been all the more notable as Prime Minister Modi’s government implemented demonetisation measures in November 2016, as part of broader efforts to curtail the shadow economy. While recognising...