Chief Economic Advisor Anantha Nageswaran | Image: Bloomberg
The absence of artificial intelligence focus in Indian equities, which is among factors blamed for the selloff by foreign investors, will turn into a "strength" in a year, and the same set of people will come back to bet on our other fundamentals, a top policymaker said on Thursday.
The rupee, which has seen some sessions of a depreciation and is hurtling towards its lifetime lows, is likely to continue being under pressure, Chief Economic Advisor V Anantha Nageswaran said while speaking at SBI-Amundi India Investor Seminar here.
"If the AI boom stumbles, India is well placed to gain... one year from now, we might find that the absence of an AI trade, will turn up to have been India's strength," Nageswaran said.
Acknowledging that the absence of AI opportunities is considered a drawback of global investors when it comes to the country, the academic-turned-policymaker said India is set to have a "second mover advantage" on this front.