Historically, growth was concentrated in three FPI-dominated sectors: financials, tech services, and select consumer staples. Having reached high penetration, their growth is now normalizing toward GDP (gross domestic product) levels. The next phase of growth will come from more secular sectors—currently mid-caps or large small-caps—that will see their index weights rise. These include infrastructure, power, and hard assets like real estate, hospitals, and hotels, where growth is running at 20-25% or higher.
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