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


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.




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.


to You...



BBF conducted OVER 30 SEMINARS towards investor

education and awareness initiatives which were attended

by MORE THAN 1600 participants.

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