→ The biggest trend is that India’s rupee has become cheap, and therefore its precision engineering goods exports to sectors like aerospace, power equipment, and auto parts seem like a long-term trend. The fact that companies are looking to diversify away from China supports this trend. India’s CDMO (contract drug manufacturing) exports are also likely to be supported by this trend.

→ The second trend that is visible is that consumption is shifting from offline to online. This was a metro trend, but it’s now becoming a metro plus small-town trend. Hence, the tech companies with the largest scale will benefit the most.

→ The third big theme is India’s capital markets trend. India’s economy is getting more K-shaped. People are getting wealthier. That wealth needs to be managed.

→ The fourth trend is semiconductor assembly. India is not at the stage of assembling something as advanced as an AI chip yet, but it will develop a lot of sensor chips and lower-grade chips (28 to 110 nanometres; AI chips are made at 3 nanometres). In the long run, that could add to India’s exports.

Most of the companies in these emerging sectors are in the mid- and small-cap space, not in the large-cap space. Hence, in the long run, it might be beneficial to find these opportunities in the mid- and small-cap space.

iPhones, cars, and travel that many Indians can't easily afford are being funded through EMIs

• Nominal GDP growth: France ~2%. India ~8.9%.

• France govt spending as % of GDP60%

• India govt spending as % of GDP30%

When a richer country’s weaknesses are treated as manageable, while a faster-growing country’s strengths are treated as insufficient, the methodology deserves scrutiny

75% of Cognizant employees in the U.S. are Indian nationals.

Infosys, Tata, Wipro, and HCL are all based in India.

Since 2009, these companies alone have requested almost 3 million foreign workers, received over 230,000 H-1B visa approvals, and more than 100,000 permanent labor certifications.