1. Exemption regime is going to go
2. Subsidies are going to go (except for the poorest of the poor)
3. Lending rates will also go up before they taper down - following the path of interest rates.
Nifty is trading at a 12-month forward return on equity (RoE) of 16 percent, above its long-term average. On the other hand, India's market capitalisation-to-GDP ratio stands at 108 per cent of FY23E GDP estimate, above its long-term average of 79 percent. Thus first half of 2023 will see some pain due to the hawkish stance by USA Fed and second half we will see a good return.
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