Ridham Desai expects earnings growth to exceed current consensus estimates, supported by the Reserve Bank of India’s dovish stance, which should encourage credit expansion and economic growth. He also sees potential reforms, including GST rationalization, and an uptick in private sector capital spending further enhancing growth. However, Ridham Desai warns that global risks remain, such as the unresolved tariff war and deflationary pressures in China, which could pose downside risks. Despite these uncertainties, he believes India is likely to remain less volatile and continue its outperformance relative to global markets.