Over the past 12 months, the benchmark indices tracking Japanese and Indian companies, the Nikkei 225 and the NIFTY 500 respectively, have soared more than 40%.

According to Fidelity International's Amit Goel, Japan's rebound isn't about economic growth but instead capital management - with companies now focused on improving shareholder returns as the Bank of Japan raises interest rates for the first time in nearly two decades.

India's rebound, on the other hand, is the exact opposite.

India has "the strongest growth in any emerging market for the size of the economy. You have 1.4 billion people at $2,500 GDP per capita growing at 6-8% real, 8-10% nominal. This is very high growth for any large economy to have," Goel says.

In this episode of The Pitch, Goel discusses the growth in Japanese and Indian equities, outlines some of the risks investors should be aware of, and shares why he is seeing "unparalleled" opportunities in India today.

Note: This interview was recorded on Thursday 21 March 2024. You can watch the video or read an edited transcript below.