Market strategist Madhusudan Kela argued that small and medium enterprises are at the heart of India’s future equity returns, asserting that gold may glitter, but equities—especially SMEs, NBFCs and niche manufacturing—offer sustainable wealth creation. He points to rising liquidity, policy tailwinds, AI adoption and improving earnings cycles that support long-term upside. Kela cautioned that selection is critical: investors should focus on SMEs with robust fundamentals, scalable business models, and governance structures rather than speculative names. Source: Economic Times