After early shock in 2023, things will improve in H2 and EMs shine: Rob Subbaraman, Nomura

“On the growth outlook, we think it is going to get a bit more challenging for India. The best is kind of over in terms of growth and we are going to see growing headwinds. One particular one is external headwinds. We do think Indian and Asian exports are going to turn down quite sharply and that will have some knock-on effects on capex.”