Source: Media Outreach
SINGAPORE – Media OutReach Newswire – 9 April 2024 – 2024 is without doubt is a year for Asia’s boom and India’s resilience against atrocities of the COVID-19 pandemic, the ongoing geopolitical tensions, and elevated interest rates. The latter of which has been catching a lot of attention recently from a foreign direct investment perspective. Many analysts speculate that India might be entering a decade-long era of infrastructure development, especially after it surpassed China as the country with the world’s largest population.
The administration of Prime Minister Narendra Modi has focused on supporting economic growth, reducing the fiscal deficit, and working around fostering businesses. Pro-growth policies included liberalisation of corporate tax and reduced caps on foreign ownership along with infrastructure development, an area that was earlier lagging, has been in focus in the last couple of budgets.
India’s expanding, working-age labour force could also help propel the next leg of economic growth. India’s demographic advantage – a population with a median age of around 29 years makes India more attractive to domestic and foreign companies. By 2030, India will be home to 1 billion working-age adults who are also becoming wealthier and driving domestic demand. Its strategic location and tax incentives along with its young, well-educated, and inexpensive labour force, are also enticing.
From a financial market standpoint, the Gift Nifty index represents an emerging market with an elevated growth outlook driven by robust domestic consumption. Multi-faceted opportunities across large, small, and mid-caps can be witnessed and presently the retail flows into domestic mutual funds, by Indian investors, is pretty significant. Attractive earnings pose as the cherry on top with ample room for improvement as businesses focus on ramping earnings and Return on Equity. Double-digit growth in corporate earnings is starting to reflect India’s high GDP growth forecasts which many analysts believe is likely a trend that will continue.
From a long-term perspective, analysts believe that India is on the cusp of a new era, as it benefits from wide-ranging pro-growth reforms. India’s real GDP growth rate of the past 20 years has averaged 6%–7% annually, which is not just higher than many developed and emerging markets, but is showing sufficient signs to indicate that it could potentially continue.
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