Rising Bharat Summit 2024: Market frothy but not in bubble zone, says ace investor Ramesh Damani [Video]

Ace investor Ramesh Damani sees India’s burgeoning middle class playing a pivotal role in propelling the country’s economic growth—a trend akin to Japan’s growth in the 1960s. According to Damani, India’s rising consumption patterns and economic participation mirror the transformative phase Japan experienced in the 1960s, which propelled it to become the world’s second-largest economy.

“Japan went from a third-world country to the second-largest economy in the world. Companies that were unknown in Japan—Sony, Hitachi, Honda—became household names.  India is on a similar trajectory,” said Damani as part of a panel at the ongoing Rising Bharat Summit 2024 in New Delhi that also included Jefferies’ Aashish Agarwal, Advent International’s Shweta Jalan and Convergent Finance’s Harsha Raghavan.

India a multidecade story

Chipping in with his view, Agarwal, Managing Director and Country Head, Jefferies, India, said that the brokerage just came out with a big report focused on India’s march onto the global stage.

“The economy …