With robust macro fundamentals of India's economy, the Confederation of Indian Industry’s (CII’s) business confidence index improved to 67.1 in the July-September quarter of FY24, despite global headwinds. The index showed a reading of 66.1 in the previous quarter (April-June FY24) and 62.2 in the same quarter last year. It said ‘The reading reaffirms the sustained positive momentum seen in host of high frequency indicators such as GST collection, air & rail passenger traffic, PMIs, among others in the second quarter’.
It further said the buoyancy seen in rural demand in the recent period, too, was mirrored by the results of the survey which established that nearly half of the respondents (52 per cent) anticipate an improvement in rural demand in the first half of the current fiscal. A majority of the respondents (66 per cent) feel that the Indian economy will grow in the range of 6-7 per cent in FY24, broadly in line with the forecast of RBI and other multilateral agencies.
On interest rates, more than half of the respondents (58 per cent) anticipate that RBI will stick with a pause on the repo rate in the second half of the current fiscal to let the lagged impact of the rate hikes effected so far to work through the system. The survey results highlighted that about 55 per cent of the respondents are of the view that improving ease of doing business along with government's thrust on capital spending, especially in infrastructure related sectors will help further crowd-in private investments. This will stimulate growth in other sectors of the economy through its multiplier effect.
The chamber further observed that improving domestic demand in the economy has bolstered the sentiments of the companies. According to the survey, two-third of the respondents expect sales and new orders to increase in the second quarter of FY24 by a higher clip than in the previous quarter. Mirroring this, half of the respondents (53 per cent) feel that capacity utilisation in their company would range between 75 and 100 per cent during Q2FY24. The 124th round of the CII Business Outlook Survey was conducted during September 2023 and saw the participation of around 200 firms of varying sizes and across all industry sectors and regions of the country.
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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