Bank Julius Baer & Co sees emergence of a big tech sector in India, Mark Matthews told CNBC-TV18.
“The thing that’s changing quickly is the emergence of a big tech sector, the new economy sector and that’s primarily in the private equity market, but there is a wave of tech initial public offerings (IPOs) coming up and intuitively that’s bad for existing shares because it will suck money out of the existing companies; people want to raise money to invest in the new ones but looking at the history of the other markets, they had big tech IPO waves, it just boosted the whole market. It will put India much more on the global map,” said Matthews.
On digital currency, he said, “This is as important as the internet, arguably more important than smartphones and we know it is happening, it's going to be hugely disruptive, a little bit like back in 1999, when we did not know exactly what the internet would end up looking like today.”
“We really cannot define what the digital asset universe metaverse will look like, but we just know it's going to be there and it's going to be huge and it's going to be very much a part of our lives and every single sector of the economy. So people should start to acclimatize themselves with it and that would include making some small investments in it to just start to follow it and understand how it works,” he said.
On Indian market, Matthews said, “We still like India. We are overweight on India in the global context. It’s our preferred market within Asia. We like the financial sector. It tends to be a beneficiary of an economic recovery and the non-performing assets (NPAs), we will see them starting to come down as the economy improves."
Also Read: Startup Street: Paytm’s IPO sees strong retail participation; edtech start-up Brightchamps raises $63 mn
For the entire interview, watch the video