New Delhi, Dec. 15 -- The country's macroeconomic backdrop is fundamentally resilient, with inflation under control and the fiscal situation stable. The only soft spot that remains is domestic demand, which has moderated in recent quarters but could bounce back, thanks to the government's goods and services tax-related support and rate actions by the Reserve Bank of India (RBI), believes Nimesh Shah, managing director and chief executive officer of the IPO-bound ICICI Prudential AMC. Asked about the increasing competition in the AMC business, Shah said that low household participation in mutual funds (MFs) and the track record of the fund house create enough room for growth among all contenders.

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