ETMarkets Smart Talk | Defence and electrification are multi-year structural themes for India: Prateek Agrawal

Motilal Oswal AMC's Prateek Agrawal identifies defence and electrification as multi-year structural themes for India, driven by rising global defence spending, indigenisation, and domestic energy security. He argues this is an ideal period for alpha generation, as Nifty index earnings growth is likely to remain in the sub-10% range while disruption-led niche sectors see growth of a completely different order. He is constructive on banking following NRI deposit scheme measures that ease credit-deposit pressure, and believes AI-related valuation fears in large-cap IT are overdone, though Motilal Oswal's portfolio constructs currently have zero allocation to large-cap IT.