Migration of money from equity into debt is the biggest theme of 2023: Vikash Kumar Jain

“We find that in the US and India, equity is significantly more expensive than debt. In fact, in the case of the US, the differential between earnings yield and bond yield is at a level which it has not been in the last 15-16 years at least. In India also we are well above what I would call the danger zone in terms of that differential.”