While India may not have a direct listed play on the global semiconductor and AI boom, another theme is quietly gathering momentum on Dalal Street, and it's not power. The connection with water is stronger than it appears.
Water is critical to the functioning of AI infrastructure and data centres. So much so that Moody's recently cautioned about rising water stress due to rapidly growing demand from data centres. It also warned that India's fragmented water management framework raises fiscal and credit risks.
