Forum Views - December 2023
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Dr. Vispi Rusi Bhathena, PhD (h.c.)
Chief Executive Officer
Dr. V. Aditya Srinivas
Chief Operating Officer
and Chief Economist
The Indian economy has emerged as a torchbearer for the global economy, demonstrating
consistent GDP growth and a significant resurgence in domestic consumption.
The International Monetary Fund (IMF) has released growth rate forecasts for various
economies, with India leading the way: Country GDP Forecast for 2023 (Reference: Economic
Times)
World 3.0% • India 6.3% • China 5.0% • Russia 2.2% • USA 2.1% • Japan 2.0%
• Eurozone 0.7%
F R O M
T H E
BBF SECRETARIAT
This above clearly indicates that the Indian economy is considered one of the most promising
in terms of growth, even amid global economic uncertainty.
Consumer Price Index (CPI) inflation has shown signs of cooling, providing substantial relief to
the Reserve Bank of India (RBI). CPI inflation has decreased from 6.83% to 5.02%, a significant
drop of 181 basis points. This decrease ensures that the RBI will continue its pause on interest
rate hikes. The Repo rate has been raised from 4% to 6.5%, a 250 basis point increase, bringing
it close to its terminal level.
The Index of Industrial Production (IIP) has surged from 5.7% to 10.3%, indicating a robust
outlook for the manufacturing sector. The simultaneous rise in IIP and fall in CPI inflation
appears to be an ideal combination for the economy and the Central Bank's objective of
controlling inflation without compromising on economic growth.
GST collections have reached Rs. 1.62 lakh crore, reflecting the resurgence of robust business
activities.
FORUM VIEWS, DECEMBER 2023 edition
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FORUM VIEWS - DECEMBER 2023
BBF has conducted over 30 seminars to promote investor
education and awareness, attracting participation from
more than 1350 individuals.
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