This is Exchanges at Goldman Sachs and I'm Allison Nathan as senior strategist in Goldman Sachs research.

Today we're going to take a closer look at a country that's going through a digital

transformation that's reshaping its markets and economy, India. To do that, I'm joined by three people from

Goldman Sachs's Global Investment Research Group, Tim Mo, our chief Asia

Pacific Equity Strategist, Shontanoe San Gupta, our India economist and Sunil Cole, a senior Asia Pacific Indian Equity

strategist.

Tim Shantanu and Sunil welcome to the program.

Thanks, Allison.

It's great to be on.

Thanks, Allison. Tim, you and your team just published your 2022 outlook for the Asia Pacific region.

Start by giving us a sense of where countries in the region stand in terms of the pandemic recovery and where India falls and all that.

Well, the pandemic recovery is a key part of our outlook for 2022 and just to paint the background sketch very quickly the key issues that are

affecting markets in 2022 are generally slowing growth and generally rising

rates because inflation pressures have been building and monetary policy starting to normalize.

So we have a somewhat more downbeat view, not absolutely negative.

We think markets will deliver positive returns,

but generally it's somewhat more downbeat view just because slowing growth

and rising rates typically aren't the best

backdrop for equity markets. And this is where the pandemic response comes in because not everyone is at the same stage of recovery

from the pandemic. So we have an indicator we call our E.L.

Which is the effective lockdown index

that our economists produce.

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