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Expressing optimism over the India’s economic condition, Chief Economic Advisor (CEA) V Anantha Nageswaran has said that the country’s economy is poised to grow at an average of 6.5 per cent annually between 2023 and 2030. He said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy. The economy had 9.1 per cent growth in FY22 and 7.2 per cent in FY23. He asserted that India has made progress in the last eight years as it has now become the fifth largest economy from the 10th rank globally in 2014, and within the end of this decade, it will become the third largest economy in the world.
He said ‘Why I am talking about 6.5 per cent and not 7.5-8 per cent? It is because we are not experiencing the kind of global growth that we experienced between 2003 and 2008’. He noted global economy is going to go through a period of uncertainty. Geo-political fragmentation, geo-economic inefficiencies, and reversal of globalisation, and all these factors are currently underway. He said ‘Whereas between 2003 and 2008, globalisation was in its heyday. Interest rates were low or were being lowered globally… now interest rates either are rising or going to remain at a high level. We are realistic about our growth prospect, which is still going to be one of the world’s highest growth rates at 6.5 per cent in real terms and 11 per cent in nominal terms’.
He also emphasised the importance of increasing the share of manufacturing in Gross Domestic Product (GDP), and the country’s contribution to global manufacturing. Another important contributor to improving the economic growth rate is the country’s willingness and ability to take care of micro, small and medium enterprises (MSMEs). He said the private sector must think in terms of long run and large scale and invest in R&D to improve the country’s manufacturing share to GDP, and added that manufacturing employs low and semi-skilled workers. He stressed the role of the state governments in easing land use conversion laws and facilitating land acquisitions. According to him, farming is still going to be an important activity for a large country with a huge population like India, tech companies can contribute to it.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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