The job creation in India is likely to pick up, which will drive domestic themes, Mihir Vora of Max Life Insurance said, adding that there are plenty of good companies to invest in even during the correction.

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In an interview with CNBC-TV18, Vora said, “The big bet is that private sector capex, infrastructure, PLI linked exports and imports should lead to good urban job creation, which should drive the domestic theme. So broadly, in the next 2-3 years, domestic infra, as well as consumption themes, drive the market.”

Vora said he is surprised by the recent underperformance of good quality private banks. “I personally am surprised why the good quality private banks have underperformed in this last correction in the market because as far as the commentary is concerned, we are hoping that credit growth is finally going to pick up, retail has been doing well in any case, but the corporate and MSME credit should pick up and more importantly, the commentary from the well run private banks as far as the asset quality is concerned was also positive. So this underperformance is a bit puzzling,” he said. Vora expects disruption in the auto and auto ancillary space owing to the entry of electric vehicles.

“There are two or three exporters especially who are doing quite well, supplying to some of the large electric vehicle (EV) players in the world, those should do well; but as far as the rest of the original equipment manufacturers (OEMs), as well as auto ancillaries, is concerned, there can be a lot of disruption,” he said.

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(Edited by : Yashi Gupta)