We expect the corporate earnings to decline in FY21, given our expectation of contraction in GDP. We remain overweight on Pharma, Telecom, Insurance and maintain underweight on cyclical sectors like Industrials, Metals & Mining, etc.

A spending plan of three to five percent of GDP directed at small businesses, low- income households and financial sector along with long-pending reforms can drive a rapid recovery.

The lockdown has shut down non-essential businesses for weeks and most likely result in GDP contraction in 1QFY21.

What we have is the biggest ever lockdown in the history of mankind! There is an opportunity to do things we could not do before.

Understanding this predicament of many an IFAs spread across the length and breadth of the country, IIFL Securities has developed a solution.

We are passing through the last phase of pain that began with demon, followed by GST implementation and then IL&FS defaults. We believe that economic indicators will start looking up over the next two quarters.

The government has demonstrated flexibility and humility to change its own decisions quickly and prevent damage. The corporate tax increase done in the Budget, has been more than reversed in less than three months.

I am convinced that passive funds will do well in India. We launched the least cost ETF some years ago but had to restructure as increasing the AUM to respectable levels was a challenge.

In May 1999, the benchmark indices had risen 16% and in May 2004, the Nifty had plunged by 17% after UPA came to power with help of left.

Over the years, IIFL has metamorphosed into a leading financial services firm while continuing to devote millions of pages on the websites to keep investors updated about all that matters in the investment world, R. Venkataraman said.