India: The uncorrelated allocation
Join Rashi Talwar (Portfolio Manager for India Equity & CEO, Ashmore India), in conversation with Ben Underhill (Research Associate), for a discussion of the key themes in the Indian equity market and how Ashmore is positioning.
India is one of the few large equity markets without meaningful exposure to the AI complex, and that diversification is increasingly the draw, alongside valuations that are beginning to look attractive again.
The domestic machinery behind the case is intact. Deposit scheme inflows are underpinning better banking system liquidity, large private sector lenders are meeting genuine credit demand, and consumption has stayed resilient — an earnings stream largely uncorrelated with AI capex, the dollar or the global rate cycle.
Thursday, 10th September 2026
11:00am EDT | 4:00pm BST | 5:00pm CEST
Key discussion topics
- Flows - foreign investors diversifying out of AI concentration into cheaper markets, and whether it has more legs
- Liquidity and the rupee - how far deposit scheme inflows can support the credit cycle, and what renewed INR pressure changes
- Banks - why large private sector lenders are the cleanest expression of the domestic cycle
- Consumption - where to find earnings genuinely uncorrelated with AI and global macro
- Women in the labour market - whether the participation theme is still intact
- Software - tactical positioning
This webinar is intended for Investment Professionals only. The content is provided for informational purposes only and should not be used as the basis for any decision to purchase or redeem investments in any Ashmore fund. Not to be shown or distributed to the public. Investors should consider certain risk factors specific to investing in Emerging Markets (EM), before taking any investment decision. EM carry risks as well as rewards. Capital at risk.
Speaker biographies
Rashi Talwar Bhatia
Rashi Talwar Bhatia is Head of Ashmore’s India office and is responsible for managing long-only India equity mandates. Rashi joined the Ashmore India team in 2007 as a senior research analyst and became a Co-Portfolio Manager in 2011. In January 2022, Rashi became the lead Portfolio Manager and is also Chair for the India sub-Investment Committee.
With over 20 years of Indian equity market experience, she is skilled in combining macro top-down view with a bottom-up analysis to generate investment ideas for the portfolio. Before joining Ashmore, she had worked in multiple roles in Kotak Institutional Equities and Motilal Oswal from 2001 to 2007.
Rashi holds an undergraduate degree in Economics from Hindu College, Delhi University and an MBA from Owen School of Management, Vanderbilt University, USA.
Ben Underhill
Ben Underhill joined Ashmore in September 2022 as part of the 2022 graduate rotation program which he completed in May 2024 and joined the Research team in June 2024 as a Junior Analyst reporting to Gustavo Medeiros. Prior to Ashmore Ben completed internships at ILLIQUIDX (as an Analyst), Clyde & Co (in Research), Sturgeon Ventures LLP (including portfolio management) and KIO NETWORKS (in Marketing and Investment). Ben holds an MA in Spanish and English from Edinburgh University, the IMC and is currently studying towards the CFA.