Davos 2024: India Engine Of Growth In Geopolitically Choppy World, Says JPMorgan EMEA CEO

India is the engine of growth that the world lacks and the country has managed to navigate geopolitical crises over the years favourably, according to Vis Raghavan of JPMorgan.

India is a beneficiary of global supply chain reform, Raghavan, chief executive officer for JP Morgan in Europe, the Middle East and Africa, told NDTV Profit's Niraj Shah on the sidelines of the World Economic Forum 2024 in Davos.

He highlighted the country's political stability and policy initiatives as major drivers of optimism.

Valuations in India are at "healthy" levels that augur well for the market, Raghavan said. "This brings responsibility: to show earnings growth and momentum and share price momentum. If that does not come organically, it has to come through acquisitions," he said.

Geopolitical Headwinds For The World

"It's going to be a choppy year; factor in a lot of volatility driven by geopolitical factors," Raghavan said. Further risks can be political in nature, given that half the world's economies will head to elections this year, he said.

The crisis in the Red Sea will also have an impact on the global fight against inflation, according to him. The critical shipping lane has seen tensions flare up as a fallout of the Israel-Hamas conflict.

The fee pool for investment banks in 2023 was $66 billion—the lowest in nearly a decade, he said, highlighting the bleak phase in dealmaking globally last year.

Watch the full conversation here: