India's economy is going through structural change and this will, in the longer term, reflect positively in corporate earnings, says Shilpa Kumar, managing director and chief executive officer at ICICI Securities. In an interview to Samie Modak, she also says the high valuations suggest investors are giving more importance to the long term than the current fundamentals. Edited excerpts:
We have seen a sharp rally this year. What has driven it?
Structural changes enacted by the government and the increase in domestic liquidity. Both demonetisation and the goods and services tax (GST) will have far-reaching implications. Both will support the