By: A. Balasubramanian
Managing Director and CEO,
Aditya Birla Mutual Fund
As we enter the second quarter of this financial year, the macroeconomic outlook for India remains broadly positive. India has prospered against the backdrop of muted global growth, maintaining its position as one of the fastestgrowing economies in the world. Most global and domestic forecasters predict healthy growth in the range of 6-6.5%.
The positive sentiment is supported by strong fundamentals. These include a healthy GDP print for FY23, a narrowing current account and fiscal deficit, moderation in inflation, a stable interest rate, robust tax collections, increasing foreign exchange reserves, a steady manufacturing PMI, better capacity utilization, lower NPAs, an improvement in credit culture with higher repayment intent, and rising tax collections. These are all positive indicators for the economy to sustain its growth momentum. The government's emphasis on infrastructure development, digital transformation, and reforms in various sectors bodes well for the economy. Our economy is intrinsically better placed, mainly because of its reliance on domestic demand, supportive demographics, political stability with a progressive reform agenda by the government and domestic manufacturing getting a boost from the China+1 strategy.
Global economy remains uncertain with a prolonged fight against inflation
This story is from the August 2023 edition of Investors India.
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This story is from the August 2023 edition of Investors India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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