New Delhi, Nov. 3 -- A trade deal with the US is important for India, but even without it, there are enough triggers to drive earnings growth and take the markets out of the consolidation phase, according to Hiren Ved of Alchemy Capital Management.

The government has reduced income tax and the goods and services tax, and the Reserve Bank of India (RBI) has front-loaded repo rate cuts, injected liquidity and eased credit norms, said Ved, chief investment officer at Alchemy Capital. "These measures should kickstart growth in the second half and lead to the much-wanted earnings revival."

He cautioned that the valuations in the unlisted space remain frothy. Most of the unlisted deals are structured, where the investment banker prices them t...