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The Finance Ministry in its latest half-yearly economic review report has executed confidence that Indian economy's GDP growth rate in 2023-24 to ‘comfortably’ exceed its forecast of 6.5 percent despite the risks to growth and stability outlook that mainly emanate from outside the country. The better-than-expected growth in Q2 of 2023-24 and the emergence of India as the fastest-growing major economy in H1 of FY24 have improved the growth prospects and prompted various domestic and international agencies to upgrade GDP growth projections for FY24. The momentum gained in Q2 of FY24 is likely to be sustained in Q3 as well.
High frequency indicators in India for October and November 2023 reflect robust economic activity. PMI Manufacturing and Services remained in the expansionary zone in October and November. October 2023 imprints of the IIP and Index of Eight Core Industries also highlight sustained growth in manufacturing activity, the report points out. Sentiments in the services sector remain upbeat, driven, among others, by an upswing in the tourism cum hotel industry induced by leisure travel, business travel, and social events. Growth in consumption demand is expected to be sustained. Urban demand conditions remain resilient, with higher growth in auto sales, fuel consumption and UPI transactions. Rural demand is also catching up, as reflected in robust growth in two and three-wheeler sales.
On the inflation front, with the stable downward movement in core inflation and continuing deflation in fuel inflation, the headline inflation outlook is on a declining trend, notwithstanding temporary disruptions from food prices. RBI has projected inflation to average at 5.4 per cent in FY24. The outlook for India's external sector is promising, as seen in the November releases of trade balances for both services and merchandise. The relatively stable Indian rupee against the US dollar and other prominent currencies and adequate foreign exchange reserves add to the optimism. Foreign investment inflows are also helping the Indian stock market indices to climb new heights, reflecting broad-based optimism on growth among domestic and foreign investors on growth prospects.
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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