AlfAccurate’s Rajesh Kothari sees consumption, capex and credit driving next growth phase

After a strong festive season and with markets hovering near all-time highs, optimism is returning to Dalal Street.

According to Rajesh Kothari, Managing Director of AlfAccurate Advisors, which manages assets worth nearly ₹3,406 crores, the next leg of the rally may just be beginning — driven by what he calls “double-engine growth” in consumption and capex.

Kothari believes India is entering a phase where both public and private investments will fire together. “From 2022 to 2024, consumption was under pressure while the government drove growth through heavy capex. Now, consumption is reviving, and capex continues. So all growth engines — credit, consumption, and capex — are turning on,” he said, adding that valuations across sectors remain comfortable.

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