Forum Views - January 2024
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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 New Year of 2024 brings with it new hopes and faith that our economy and lives will witness positive
changes. In the year 2023, the Indian economy demonstrated considerable strength, with a GDP growth of
7.6%, a robust figure compared to the global GDP at 3%. Notably, retail inflation increased from 4.87 percent
to 5.5 percent which is still below RBI mark of 6.percent. This provides the Reserve Bank of India (RBI) with the
comfort to maintain an unchanged Repo rate. In times of strong economic revival and growth, it is crucial that
the cost of capitalremains affordable.
The core sector holds a significant 40% weightage in the Index of Industrial Production (IIP). In October, core
sector growth reached 12.1%, surpassing the 9.2% recorded in September.
FROM
T H E
BBF SECRETARIAT
This growth is reflected in the expected IIP number for October, ranging from 6 to 8%, which bodes well for
the economy and markets. The consistent average GST collections exceeding Rs. 1.5 lakh crore indicate
robust business activity and increasing economic strength.
Looking ahead, the year 2024 is pivotal for the economy as it coincides with general elections, laying the
groundwork for the next round of economic reforms. Globally, there are expectations of a decline in US
interest rates in 2024. From near-zero on January 1, 2022, these rates have risen to 5.25%, marking a 22-year
high. With interest rates in the US, UK, and the European Union nearing their terminal levels, and global
inflation decreasing, there is a high probability of interest rates decreasing from 2024. This anticipated
reduction would provide a new boost to the world economy, spurring demand and consumption by lowering
the cost of capital, thereby encouraging corporate expansion.
With ambitious targets, the Indian economy is poised to become the third-largest in the world, aiming for a
$7 trillion size by 2030.
FORUM VIEWS, JANUARY 2024 edition
From
to You...
BBF
FORUM VIEWS - JANUARY 2024
WISHING YOU
A LUMINOUS NEW YEAR!
May the year 2024 be a tapestry
of joy, success, and cherished
moments. Embrace each day
with enthusiasm, turning
dreams into reality. Let
laughter echo, love flourish,
and the journey ahead be
sprinkled with magic!
BBF PHYSICAL INTERACTION MEETING SERIES
Ahmedabad, 22 November
Mumbai, 24 November
Kolkata, 30 November
Delhi, 8 December
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