where do you make the investment in India..

It is probably the most difficult question I face and i really dont know... equities, debt, gold or commodities

Equities are getting cheaper day by day and may get more.. so, does it mean, one should wait.. answer for is probably yes because if the pain is prolonged, one get could similar price or cheaper even next year..

Debt is becoming expensive despite the rate cuts.. huge supply from the government and risk aversion of putting in corporate paper.. so will incremental returns not come.. answer is that returns will come but not in linear fashion.. it will be more range bound and incrementally, 1 -2% extra over the year..

Gold.. everybody is putting money.. is it the same what people were doing for equities till Jan 08 or in debt from Sep - Dec 08.. the asset class is becoming expensive and is a hedge against crisis. once the expectation of crisis is over, this asset class should come down..

commodities.. this is probably the space where one can start putting money incrementally over a period of time. lost value of 60 - 90%.. supply cuts have happened.. so when the growth comes back, this asset class is going to shoot..