Forum Views - September 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
FORUM VIEWS, SEPTEMBER 2023 edition
The Indian stock markets and the Indian economy both are witnessing strong support from the
macro-economic indicators. The RBI monetary policy came with no surprises as the Repo Rate was
kept unchanged at 6.5% for the third consecutive time. The inflation forecast has been slightly
elevated to 5.4% from the earlier forecast of 5.1%. The GDP projection has been kept unchanged
at 6.5%. This means that the Central Bank is quite confident that even though there are headwinds
in the global economy still the Indian economy variables are very strong.
F R O M
THE
BBF SECRETARIAT
The US Fed Reserve increased its benchmark interest rate at 25 basis point which was factored in by
the market. Now the US Fed rate range is 5.25% which is at 22 years high. The interest rates are near
their terminal level and if the inflation continues to fall then the interest rate journey will start
downwards. The US inflation is at 3% which was around 9% one year back.
GST collections for July 2023 at INR 1.65 lakh crores which is 11% higher than July 2022.
Manufacturing PMI index strong at 57.7 which shows that the manufacturing is also at strong
footing. The UPI transactions at 9.96 billion in July which is 58% more than last year’s July which
shows that more and more people are shifting towards digital payments which will also increase the
financial inclusion. Electricity consumption at 139 billion units compared to 128.2 billion units a year
ago is an indicator that the demand and consumption pattern is very strong and robust. Auto sales
at 3,52,500 units highest ever in July month.
The markets are witnessing strong flows from the Foreign Institutional Investors as they continue to
pure average INR 35000 crores each month in the last three months. The domestic mutual funds are
also witnessing good inflows from the retail investors as the SIP flows have been INR 14,700 crores
which shows the confidence of the retail investors in the Indian economy long term growth story.
From
to You...
BBF
FORUM VIEWS - SEPTEMBER 2023
BBF conducted OVER 30 SEMINARS towards investor
education and awareness initiatives which were attended
by MORE THAN 1600 participants.
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