Viktor Shvets of Macquarie said that foreign institutional investors (FIIs) are looking at coronavirus cases across many regions.

Speaking in an interview with CNBC-TV18, he said, “The foreign investors are looking through the coronavirus not just in India but in other places. The expectation that we would go back exactly to pre-COVID days, its largely dissipating and so investors are trying to adjust their expectations whether it’s India, Europe, United States. Therefore, don’t think India is specifically penalised and neither should it be because it is not an India specific issue.”

He further said that COVID provided India with a great opportunity to restart reforms. “COVID provided India with a great opportunity to restart structural reforms; the structural reforms were absent for at least 3 years. However, what India has done over the 6-9 months is quite remarkable – everything from the labour market to agriculture to education reforms and that will become important as we go forward,” said Shvets.

According to him, there are opportunities in the banking space in India due to low penetration. “The sectors and the areas are the areas where India has advantage like pharmaceuticals, some of the automotive sectors, technology and IT. There are opportunities in the banking sector as well because India, unlike most other countries when banks are almost becoming un-investable, in India there is a much lower level of penetration and so there are still opportunities for growth,” he said.

For the entire interview, watch the video

(Edited by : Abhishek Jha)