Dynamic Portfolio Standalone Net Sales Surge by 68.98% YoY in March 2023

According to the recently-appointed President of the Confederation of Indian Industry (CII), R Dinesh, India’s Gross Domestic Product (GDP) will grow between 6.5-6.7 percent in 2023-24. Dinesh shared that this growth will be driven by strong domestic factors and the government’s robust capital expenditure momentum. The GDP data for the financial year 2022-23 was recently released, exceeding expectations with the country’s GDP as a whole standing at 7.2 percent, 20 basis points higher than the second advance estimate of 7 percent. Dinesh believes that India’s resilience in the face of a challenging global environment is thanks to the healthy balance sheets of corporates and a well-capitalized financial system. He also expects India’s GDP to have a CAGR of 7.8 percent in the next decade, leading to becoming a $9 trillion economy by 2030 and a $40 trillion economy by 2047. Dinesh emphasized that higher government capital investments, along with productivity-enhancing reforms such as GST, taxation, and IBC, will drive medium-term growth.