We are in a world of moderate returns: ICICI Prudential AMC's S Naren

'The biggest challenge is that investors are increasingly focusing on mid- and small-caps, where valuation is costly'

The markets have been on a roller coaster ride these past few days. S NAREN, executive director and chief investment officer at ICICI Prudential Asset Management Company, shares in an email interview with Puneet Wadhwa that the biggest challenge they are facing is that investors are increasingly focusing on mid- and small-caps, where valuation is costly. Edited excerpts:

What is your assessment of how the markets have played out these past few weeks?

India possesses one of the most robust structural stories in the world. No other country has such a compelling narrative for the next decade. Given its favourable demographics,