Ajay Bagga Bets On Defence, Renewables & Power As India’s Next Big Market Themes

As markets navigate global uncertainty and domestic growth concerns, Ajay Bagga believes the next big opportunities could emerge from defence, renewables, power and energy security themes rather than consumption. In this conversation, he explains why weak monsoon expectations and fiscal pressures may weigh on rural demand and consumption-led sectors in the near term. Instead, Ajay Bagga highlights defence as a long-term global mega trend and points to India’s growing focus on energy security, coal gasification, renewable energy and power infrastructure as key investment themes. He also discusses the government’s fiscal challenges due to higher oil and fertilizer subsidies and why industrial companies linked to grids, connectivity and energy infrastructure could benefit going forward.