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India’s Growth Rate to Surpass 9% in FY23: Report

    6 January , 2022         Fdiindia

India’s Growth Rate to Surpass 9% in FY23: Report

A report by Aditya Birla Sun Life (ABSL) Mutual Fund has predicted that India may see a growth rate of more than 9 percent in FY23, higher than what the International Monetary Fund (IMF) has forecast for the nation (4.9 percent for 2022).

The report titled ‘Aditya Birla Sun Life Mutual Fund’s Equity and Fixed Income Outlook for 2022’ lists three main factors that can prove instrumental in India’s growth.

  • Massive FDI inflow – The report states that India can see a large amount of foreign direct investment (FDI) inflow in the foreseeable future. This shift results from foreign entities moving away from China, with close to 32 nations removing China from their most-favored-nation list.

Foreign investors are now likely to invest in Indian industries in fields like textiles, pharmaceuticals, and chemicals.

“In the last few years, the FDI investment has crossed net of $50 billion as against the normal run rate of $40 billion. It is an indication of how FDI investment in India is going to contribute significantly as a source of financing,” said A. Balasubramaniam, managing director, and chief executive officer, ABSL Mutual Fund.

“While the FIIs’ flow will remain volatile and it could be more opportunistic, the longer-term FIIs’ flow in India would probably be increased significantly on the back of rating index for India going up in MSCI,” he added.

  • Higher consumption – The report highlights India’s falling unemployment rate and GST collections of more than Rs. 1.3 lakh crore for the sixth consecutive month as signs of a fast recovering economy. The main forces behind the rapid economic growth will be higher exports, more consumption, investment, and capital expenditure on technology.

“We need traditional sectors to start firing up again to make it durable to bring growth faster. There are “enabling conditions” in the form of negative real rates, higher liquidity, clarity on policymaking, stronger and cleaner banking and borrower’s balance sheet(s) to support Capex but agents are not levering up yet,” the report stated.

  • Advanced IT architecture – The COVID-19 pandemic has bolstered the demand for digital services. An increasing number of people are relying on online services, inspiring more startups and motivating businesses towards new and innovative technologies.

“Cloud adoption is likely to remain the key underlying tech trend to drive digital and modernization agenda,” said Mahesh Patil, chief information officer, ABSL Mutual Fund.

Greater attention on the IT sector, fueled by business-friendly government policies, will enhance the IT services in India and develop an emerging business ecosystem.



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