I do see signs of rural consumption picking up and a normal monsoon would only reinforce that, said V Srivatsa, Executive Vice President and Fund Manager (Equities), UTI Mutual Fund.

Speaking to CNBC-TV18's Ekta Batra and Prashant Nair, he said, "As far as the entire industrial manufacturing is concerned, we are probably seeing some signs of private sector capex picking up over the next couple of years."

There has been a huge amount of spending by the government last year and given the fact that this is the last year before the election, it can only be assumed that the spending will go up. So, it is logical to increase our allocation in this space,” he added.

“I am positive on hotels, where we have seen a fair amount of demand supply contracting. This sector should see some buoyant growth over the next three-five years,” said Srivatsa.