UAE: NRIs investing in India told to look at broader picture, 'ignore short-term dramas'

Experts highlighted that India is generating job opportunities in various sectors

Waheed Abbas

Published: Sun 15 Dec 2024, 3:52 PM

Last updated: Sun 15 Dec 2024, 4:03 PM

Investors and non-resident Indians (NRIs) investing in Indian equity markets should look at a broader picture rather than make their decisions based on individual events, industry experts said on Sunday.

While speaking during the second day of the 42nd annual international conference organised by the Institute of Chartered Accountants of India (ICAI) Dubai chapter, they asked investors not to pay undue attention to events like elections in one or two states, Adani saga and other day-to-date issues.

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“I am bullish about the Indian market. Whatever correction happened is final and we are again up for a new high which may come after the budget. I think the worst is over,” said Vijay Kedia, investor and founder of Kedia Securities.

Vijay Kedia

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“We see rural and urban slowdown, forex problems or China issues. These are part and parcel of daily life. Ultimately, we need to look at the broader picture and not at smaller issues… I just flow along with time when I invest, as long as the company is doing well,” Kedia added.

Indian brands on the rise

Earlier in the day, Rajesh Somani, chairman of ICAI Dubai Chapter, and Jai Prakash Agarwal, vice-chairman of ICAI’s Dubai Chapter, delivered the welcome address. While Dr R. Vaidyanathan, former professor of finance IIM – Bangalore and MR Venkatesh, advocate Supreme Court, delivered keynote speeches on the second day of the conference.

Radhika Gupta, managing director and CEO of Edelweiss AMC, also called on investors to “ignore the short-term dramas".

"India has tremendous opportunities but it is also about patience and staying invested,” added the CEO.

Radhika Gupta

She elaborated that brands are being created in India in every sector.

“We used to have a couple of suitcase companies. Now we have multiple companies. For example, many branded saris (women's garments in India) have come up. It was a highly unorganised segment. But now local Indian brands are emerging. Similarly, many F&B brands are coming up and people are preferring to consume local brands.”

Jobs in India

Varun Daga, co-founder of Girik Capital, said the Indian mutual fund industry’s journey “has been phenomenal".

“In markets, discipline is more important than intelligence. Fifty lakh crores have been created into equities through mutual funds and it mainly came from discipline – not just intelligence. We just scratched the surface and it is going to get better and better. Of course, we will see a correction in the course. The industry is doing a great job of managing the capital. It is just the beginning,” Daga said during a panel discussion at the annual conference.

Varun Daga

Varun Daga added that India is generating job opportunities in various sectors.

“The food industry alone has created 0.8 million jobs. There are sectors where employment is being generated that we can’t even think of. There are plenty of opportunities in the economy and businesses. But we have to believe in ourselves. Once you start believing, you’ll see a sea of opportunities. Courage is important too to make money in the market,” Daga said, adding to “never go by tips, rumours and perception".

"You play by your own playbook.”

“There is a strong optimism among NRIs in the UAE, also helped by a stable government. It is impossible to ignore India. There is a lot of affinity among NRIs to invest in India,” he said.

Daga noted that India is a growing market, therefore, the earnings of some firms can go 100 times as well. “You have to look forward.”

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