There is a need for continuity of reforms and a stable government at the center, preferably the present one for another term or two, according to him.

Geopolitical risks that could hamper supply chains and pressurise food security, energy consumption and interrupt globalisation are the only deterrents that could come in the way of India’s highly optimistic future, he said.

Some structural reforms ensure a huge investment cycle, said Doshi.

He cites the 25.17% corporate tax rate, which has remained unchanged for five years against extremely volatile fiscal deficit. The stability in taxation amid high volatility makes investment in India a lucrative idea, he said.

Unlike in 2007-2008, top Indian industrialists like the Tatas, Bhartis, Birlas, Mahindras and Ambanis are shifting their investment focus to India, Doshi said. This makes the current capex cycle stronger than it was during the time of surplus overseas investment, he said.

Manufacturing opportunities across several industries are gradually working in favour of India, according to him. “Most importantly, critical value-added, technologically-driven manufacturing is the need of the hour,” Doshi said.

He expects banking and financial services to continue to grow over the next decade as they are well-capitalised, have a calibrated risk management framework and stand at the threshold of a fresh growth cycle.

Software services value chain will see high single-digit growth as well, he said.

In terms of areas like defence, the government is moving towards becoming self-reliant and is fortifying the space in that direction, he said. According to him, the sector is profitable from a long-term perspective.

The pharmaceutical industry seems to be undergoing some challenges due to regulatory changes, but this space also appears profitable from a long-term lens, he said.