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DECLINING NPAS, IMPROVED PROFITABILITY OF NBFCS BOOST RESILIENCE OF BANKING SECTOR
The Business Guardian
|September 24, 2023
Reinforcing the Indian growth story on a day that saw a JP Morgan move to include India in emerging market index unleashing the potential of massive capital flows, the Economic Report of the Finance Ministry for the month of August 2023, shows strong domestic demand for consumption and investment as the driver of a GDP growth of 7.8 per cent in Q1 of FY24, also tangible in the performance of high-frequency indicators (HFIs), even as it flags risks of steadily climbing crude oil prices
With all factored in, the report suggests continuing comfort with the Finance Ministry’s 6.5 per cent real GDP growth estimate for FY24 with symmetric risks.
The healthy performance of the corporate sector has vindicated and strengthened investors’ confidence in the Indian growth story, as highlighted by the report. This confidence is reflected in the impressive performance of the Indian capital markets which outperformed some of the emerging market and advanced economies. Foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) supported the buoyancy in the markets. In the bonds segment, while there was a marginal uptick in G-sec yields, these are expected to fall as inflationary pressures abate. Government commitment to fiscal prudence will also aid in keeping G-sec yields in check.
This story is from the September 24, 2023 edition of The Business Guardian.
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