Ashi Anand, the CIO of IME-branded strategies at Valcreate Investment Managers LLP, believes that the domestic pharmaceutical franchise holds greater longer-term value due to its branded nature. In contrast to the US, where generics dominate, India’s branded generics provide more pricing power in the long run. Anand also notes the potential in the infrastructure space, particularly around government spends in areas such as roads, ports, and airports. However, he cautions that infrastructure businesses may not be high-quality or free cash flow generating. Anand also shares insights on the potential acquisition of Cipla by Torrent Pharma and the financialisation trend in India, highlighting the increasing penetration of equities and financial securities in the Indian market.