Long-term investment case for India remains very strong: Kevin Foley, co-head of global investment banking at J.P. Morgan

J.P. Morgan's Kevin Foley said India's long-term investment case remains very strong despite foreign outflows and valuation concerns, citing 7% GDP growth and deepening capital markets as key drivers. India has seen market multiples correct over the past 18 months while growth prospects stay intact, and foreign outflows have begun to decline with the rupee stabilising. Near-term, oil prices linked to the Strait of Hormuz are flagged as the key risk, but India is better placed than in previous cycles to absorb volatility given stronger fundamentals and larger FX reserves. Foley added that J.P. Morgan is expanding its local team in India and aims to be number one in global investment banking across the country.