New Delhi, July 27 -- Finding the proverbial needle in the haystack of equity is every investor's dream. While identifying long-term winners is never easy, experts believe India's push to reduce external dependence could create a structural, multi-year investment opportunity for patient investors.

The key, however, lies in looking beyond policy announcements and identifying companies that can convert government support into sustainable earnings growth.

"Reducing external dependence is not simply a question of increasing tariffs or restricting imports. Sustainable import substitution is achieved only when domestic manufacturers become globally competitive on cost, quality and technology," says Deepan Kapadia, Executive Director and CIO, ...