Global brokerage firm Macquarie carries a 60 bps 'overweight' position on India, which is down from over 80 bps in February 2020 and 130 bps in December 2019. In a recent report, Macquarie noted that while 2020-2021 will reflect an anomalous COVID collapse and recovery, it is likely that India’s long-term trajectory will be closer to 5 percent than to 7 percent. This is due to erratic policies (albeit improving and supportive recent reform measures), supply-side bottlenecks and gummed-up banks preventing India from realising its full potential, added the brokerage. It also stated that India is also the most expensive EM with one of the deepest likely downgrade cycles. Despite not a very positive view, the brokerage lists 7 largecap ideas (over $10 billion mcap) with a potential 20 percent upside for 2021. Here's the list: