He further noted that maintaining economic growth while ensuring sustainability is important, and the government has increased investments on the ground, rather than revenue expenditure.

This, he said, is the best way to develop the economy.

Speaking at an event on “Building a Resilient Economy” with various industry leaders in Lucknow, the CEA said the Indian corporate sector has improved its balance sheet, reduced debt, and increased profitability.

He further noted that due to India`s sound economic policy, infrastructure built in the past eight years, and digital transformation, it is possible for India to grow for a longer period rather than three to four years without running into overheating problems.

He also said India has the potential to grow 10-11 percent in nominal terms.

The economy is in a state of autopilot, bouncing back impressively after the pandemic, and in all probability the 2022-23 GDP growth rate of 7.2 percent will be revised upwards in the subsequent data revisions, Nageswaran added.

“Between now and 2030, based on what we have done so far without even assuming that further reforms will be done, I can say that we have the potential to grow steadily between 6.5 to 7.0 percent and if we add the additional reforms on skilling, factor market reforms among others, we can go up to 7 to 7.5 percent and possibly even 8 percent,” he further added.

On capex, the CEA noted that the private sector is poised to attain stronger investment growth following the strengthening of corporate balance sheets, and stronger bank balance sheets which have improved their ability to lend and support from the government`s capex push.

Over the medium term, investments will remain a key driver of growth, he added.

Source: IANS

The post ”Economy Expected To Grow In Range Of 7.5% In Current Fiscal”: CEA appeared first on Rma News: Latest News, Live Breaking News, Today News, Political News Updates.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that inflow by FPIs will continue in the current month since the latest GDP data and high-frequency indicators reflect a robust economy gaining further strength.

According to the data, FPIs invested a net sum of Rs 43,838 crore in Indian equities in the entire month of May. This is the highest level of investment by FPIs in the last nine months. Before this, they put in a net sum of Rs 51,204 crore in equities in August 2022, data showed.

This came following a net infusion of Rs 11,630 crore in equities in April and Rs 7,936 crore in March.

The March investment was mainly driven by bulk investment in the Adani Group companies by US-based GQG Partners. However, if one adjusts for the investments of GQG in Adani Group, the net flow was negative.

Moreover, in the first two months of the year, FPIs had pulled out over Rs 34,000 crore.

Himanshu Srivastava, Associate Director – Manager Research at Morningstar India, said the latest net inflows are largely driven by the strong domestic macro-outlook, reasonable valuation of the Indian equities, and a good earning season signifying better growth prospects.

The sustained buying by FPIs has lifted the NSE benchmark index, Nifty, during the period under review. Interestingly, India attracted the largest investment among all emerging markets, and FPIs were sellers in China.

In terms of sectors, financials, automobiles, telecom, and construction are attracting big investments. Apart from equities, FPIs invested Rs 3,276 crore in the debt market in May.

So far in 2023, foreign investors have put in Rs 35,748 crore in the Indian equities and Rs 7,471 crore in the debt market.

Source: PTI

The post FPIs Investment Hit 9-Month High At Rs 43,838 Cr In May On Strong Domestic Macro-Outlook, Reasonable Valuation appeared first on Rma News: Latest News, Live Breaking News, Today News, Political News Updates.