Goldman Sachs has set a target of 27,000 for India's Nifty index by December 2025, projecting earnings growth of 13% to 16%. The firm anticipates that the market will remain range-bound for the next three months. In contrast, Goldman Sachs expects the S&P 500 to achieve an annualized nominal return of only 3% over the next decade, significantly lower than the 13% return seen in the previous decade. Current valuations of the S&P 500 suggest even more modest returns, with estimates indicating annual returns between 0-1% over the next ten years, and a projected annualized return of just 2.9% over the next three years based on a forward P/E ratio of 22x.