Fidelity still bullish on India
India remains an attractive investment destination despite recent concerns over inflation and policy risks, according to Fidelity International.
Those concerns have restricted Indian equity growth so far this year, while investors also withdrew money to seek investment in developed markets following stronger growth indicators there, according to the portfolio manager of the Fidelity India Fund, Teera Chanpongsang.
But this trend has reversed somewhat since the start of March, helping Indian equities to stage a recovery, and the nation is the only large global economy besides China expected to continue growing by a high single-digit rate this year, he said.
GDP growth rates of seven to 8 per cent are attractive in the current global context and inflation will have a limited short-term impact as food prices begin to ease, he added.
India is buffered from rising oil prices through a low reliance due to its high coal usage and new oil and gas discoveries, he said.
Chanpongsang remained bullish on India because it is a large domestic-demand driven economy where the main drivers of growth are structural and long-term in nature. Major risks have already been priced into equity valuations and any incremental changes, such as stalled environmental clearances to key mining projects, are positive, he said.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
