Sunil Subramaniam on why India is the place to bet on

economictimes.indiatimes.com:

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says he “would tend to be underweight on external oriented sectors. This includes metals, energy and even IT to that extent. We believe that the growth story of the world is at least a couple of years away in terms of the world booming back to growth. It is going to be an extended slowdown. False alarms will keep coming. We would rather stay cautious on the side lines.”
What will happen to global sectors? Metal is a bet on China. IT is a bet on the US. Manufacturing is a bet on Europe. What happens there?
Globally we are not very positive on what is happening in the US GDP data and all seems to keep surprising us. But if you look at the credit cycle that is happening there, people are revolving credit like there is no tomorrow. There is a slowdown in jobs. So, we believe that a slowdown is inevitable. Now, between a hard landing and soft landing, one could have probability factors but we do not think that there is a growth story in the world yet.

We believe that the world is going to go through an extended period of slowdown. Europe will suffer a little more. So, we would tend to be underweight on external oriented sectors. This includes metals, energy and even IT to that extent. We believe that the growth story of the world is at least a couple of years away in terms of the world booming back to growth. It is going to be an extended slowdown. False alarms will keep coming. We would rather stay cautious on the side lines.

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