Forum Views - February 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
INDIAN ECONOMY: A LEADING FORCE ON THE GLOBAL STAGE: The Indian economy has emerged as a
beacon of strength amidst the current global challenges. Despite the prevailing global headwinds, our
economy has showcased remarkable resilience, achieving a GDP growth of 7.6%, a stark contrast to the
global economy's 3% growth rate. Key macroeconomic indicators signal a rapid uptick in economic activities,
positioning India on the path to becoming the world's third-largest economy.
One significant measure of economic health, the GST collections, consistently hover around Rs. 1.5 lakh crore
over the past 12 months, underscoring sustained fiscal stability. While the Consumer Price Index (CPI)
inflation has marginally increased to 5.69%, it remains below the Reserve Bank of India's target of 6%.
F R O M
T H E
BBF SECRETARIAT
The RBI, anticipating moderate inflation in 2024, has maintained a status quo on the policy rate, potentially
paving the way for a reduction in the cost of capital.
Although the Index for Industrial Production (IIP) growth dipped to 2.4% in November from the previous
month's 11.7%, signalling a temporary setback in manufacturing, the overall performance of the Indian
economy remains robust. Direct tax collections surged by 19%, reaching Rs. 14 lakh crores, showcasing the
buoyancy of revenue generation. Concurrently, GST collections continue to exhibit strength, consistently
surpassing Rs. 1.5 lakh crore monthly.
On the global stage, the US Federal Reserve's indication of potential interest rate reductions starting in 2024
contrasts with the prevailing challenges such as geopolitical tensions and global fragmentation. Despite
these hurdles, India stands out as a torchbearer, drawing confidence from institutions like the IMF and World
Bank, both expressing optimism in India's growth prospects.
Capital markets reflect this positive sentiment, witnessing substantial inflows as the Mutual Funds industry
reaches an impressive AUM of Rs. 50 lakh crores. The monthly SIP, standing at Rs. 16,000 crores, further
emphasizes the faith of retail investors in the narrative of India's economic growth.
In conclusion, the Indian economy not only weathered global challenges but emerged as a guiding force,
garnering confidence domestically and internationally.
FORUM VIEWS, FEBRUARY 2024 edition
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FORUM VIEWS - FEBRUARY 2024
BBF physical interaction meeting series
Chennai, 11 January
Hyderabad, 12 January
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