{"id":20880,"date":"2023-01-23T14:47:24","date_gmt":"2023-01-23T09:17:24","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=20880"},"modified":"2023-01-23T15:54:48","modified_gmt":"2023-01-23T10:24:48","slug":"mirae-asset-mutual-fund-india-economic-outlook-for-2023","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/","title":{"rendered":"Mirae Asset Mutual Fund (India)\u2019s economic outlook on 2023"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69e5af1ed336a\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69e5af1ed336a\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#The_Perfect_Storm_of_Inflation\" title=\"The Perfect Storm of Inflation\">The Perfect Storm of Inflation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#2022_-_a_year_of_Global_Slowdown\" title=\"2022 &#8211; a year of Global Slowdown\">2022 &#8211; a year of Global Slowdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#But_India_stood_out\" title=\"But India stood out.\">But India stood out.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#Nifty_up_6_in_INRvs_MSCI_Emerging_Markets_down_25_USD\" title=\"#Nifty\u00a0up 6% (in INR)?vs MSCI Emerging Markets down ~25% (USD)\">#Nifty\u00a0up 6% (in INR)?vs MSCI Emerging Markets down ~25% (USD)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#Positives_for_Indian_Equities_Markets\" title=\"Positives for Indian Equities Markets\">Positives for Indian Equities Markets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#GLOBAL_MACROS_2022_-_Year_of_fastest_rate_hikes_globally\" title=\"GLOBAL MACROS: 2022 &#8211; Year of fastest rate hikes globally\">GLOBAL MACROS: 2022 &#8211; Year of fastest rate hikes globally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#GLOBAL_MACROS_Concerns_from_China\" title=\"GLOBAL MACROS: Concerns from China\">GLOBAL MACROS: Concerns from China<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#GLOBAL_MACROS_The_European_Winter\" title=\"GLOBAL MACROS: The European Winter\">GLOBAL MACROS: The European Winter<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#GLOBAL_MACROS_Feds_aggression\" title=\"GLOBAL MACROS: Fed&#8217;s aggression\">GLOBAL MACROS: Fed&#8217;s aggression<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#GLOBAL_MACROS_Tight_Global_Oil_Markets%EF%B8%8F\" title=\"GLOBAL MACROS: Tight Global Oil Markets?\ufe0f\">GLOBAL MACROS: Tight Global Oil Markets?\ufe0f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#GLOBAL_MACROS_Corporate_Earnings\" title=\"GLOBAL MACROS: Corporate Earnings\">GLOBAL MACROS: Corporate Earnings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#GLOBAL_MACROS_Overall\" title=\"GLOBAL MACROS: Overall\">GLOBAL MACROS: Overall<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#DOMESTIC_MACROS_Capital_Market_Flows\" title=\"DOMESTIC MACROS: Capital Market Flows\">DOMESTIC MACROS: Capital Market Flows<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#DOMESTIC_MACROS_Split_of_local_inflows\" title=\"DOMESTIC MACROS: Split of local inflows\">DOMESTIC MACROS: Split of local inflows<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#DOMESTIC_MACROS_Reforms_to_Aid_Recovery\" title=\"DOMESTIC MACROS: Reforms to Aid Recovery\">DOMESTIC MACROS: Reforms to Aid Recovery<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#DOMESTIC_MACROS_Govt_spending\" title=\"DOMESTIC MACROS: Govt spending\">DOMESTIC MACROS: Govt spending<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#DOMESTIC_MACROS_Corporate_Revival\" title=\"DOMESTIC MACROS: Corporate Revival\">DOMESTIC MACROS: Corporate Revival<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#OUTLOOK_FOR_2023_Mirae_Asset_Mutual_Fund_India\" title=\"OUTLOOK FOR 2023:\u00a0Mirae Asset Mutual Fund (India)\">OUTLOOK FOR 2023:\u00a0Mirae Asset Mutual Fund (India)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#OUTLOOK_FOR_2023_Corporate_Earnings_Growth\" title=\"OUTLOOK FOR 2023: Corporate Earnings Growth\">OUTLOOK FOR 2023: Corporate Earnings Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#OUTLOOK_FOR_2023_Banking_Financial_Services\" title=\"OUTLOOK FOR 2023: Banking &amp; Financial Services\">OUTLOOK FOR 2023: Banking &amp; Financial Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#OUTLOOK_FOR_2023_Staples_and_Discretionary\" title=\"OUTLOOK FOR 2023: Staples and Discretionary\">OUTLOOK FOR 2023: Staples and Discretionary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#OUTLOOK_FOR_2023_Year_before_the_Elections\" title=\"OUTLOOK FOR 2023: Year before the Elections\">OUTLOOK FOR 2023: Year before the Elections<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#OUTLOOK_FOR_2023_Not_just_Growth_but_Profitable_Growth\" title=\"OUTLOOK FOR 2023: Not just Growth, but Profitable Growth\">OUTLOOK FOR 2023: Not just Growth, but Profitable Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#OUTLOOK_FOR_2023_Indian_Equity_Outcome\" title=\"OUTLOOK FOR 2023: Indian Equity Outcome\">OUTLOOK FOR 2023: Indian Equity Outcome<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/#Outlook_for_2023_Debt\" title=\"Outlook for 2023: Debt\">Outlook for 2023: Debt<\/a><\/li><\/ul><\/nav><\/div>\n<p>Continuing our series Outlook 2023 series, Here are the highlights from <a href=\"https:\/\/kuvera.in\/amc\/mirae\" target=\"_blank\" rel=\"nofollow noopener\">Mirae Asset Mutual Fund (India)<\/a>\u2019s outlook on 2023.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_Perfect_Storm_of_Inflation\"><\/span>The Perfect Storm of Inflation<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Geopolitical tensions + inflation led to one of the fastest rate hike cycles by central banks across the?<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEnaWqrVVfZ9A\/article-inline_image-shrink_1500_2232\/0\/1673254202755?e=1679529600&amp;v=beta&amp;t=hbcNiWguAhiZWGx9fI_Um8RgbD4tei8tQcUtLsPn4zI\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"2022_-_a_year_of_Global_Slowdown\"><\/span>2022 &#8211; a year of Global Slowdown<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Global PMI dipping ?<\/p>\n<p>Equities in a bear phase ?<\/p>\n<p>One of the worst years for US bond markets ?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"But_India_stood_out\"><\/span>But India stood out.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Despite global disruptions, India continued to grow ?<\/p>\n<p>RBI\u2019s latest GDP growth estimate is 6.8% for FY 22-23.<\/p>\n<p>Whereas Word Bank\u2019s estimate for global growth ~ 2.9% for 2022.<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGNNWwQr5ZAYg\/article-inline_image-shrink_1500_2232\/0\/1673254234102?e=1679529600&amp;v=beta&amp;t=2KajTJFcfDMTfOaClUwGgfJrP1QRO5riqpln_umc5F8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<h4><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Nifty_up_6_in_INRvs_MSCI_Emerging_Markets_down_25_USD\"><\/span>#Nifty\u00a0up 6% (in INR)?vs MSCI Emerging Markets down ~25% (USD)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>US S&amp;P 500 down ~20% ?<\/p>\n<p>(Above YTD data till 20-Dec)<\/p>\n<p>The chart shows how others fared.<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG3VqdhETz4VQ\/article-inline_image-shrink_1500_2232\/0\/1673254260460?e=1679529600&amp;v=beta&amp;t=iDEcTHd5svWfiq3MaoTwIYlifH4mNC0CdiLB6QZYaGs\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Positives_for_Indian_Equities_Markets\"><\/span>Positives for Indian Equities Markets<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Urban consumption<\/p>\n<p>?Demand for non-food bank credit<\/p>\n<p>?\ufe0fDomestic-oriented sectors<\/p>\n<p>?Strong corporate balance sheets<\/p>\n<p>?Revival of corporate earnings<\/p>\n<p>?Steady inflows<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"GLOBAL_MACROS_2022_-_Year_of_fastest_rate_hikes_globally\"><\/span>GLOBAL MACROS: 2022 &#8211; Year of fastest rate hikes globally<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Federal Reserve hiked rates by at least 425 bps.<\/p>\n<p>ECB hiked European rates by 250 bps.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"GLOBAL_MACROS_Concerns_from_China\"><\/span>GLOBAL MACROS: Concerns from China<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>The ongoing Covid situation ?<\/p>\n<p>Potential acceleration \u23e9 of China+1 theme<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"GLOBAL_MACROS_The_European_Winter\"><\/span>GLOBAL MACROS: The European Winter<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Potentially high energy demand and prices?due to sanctions on Russia<\/p>\n<p>Will influence the current high-interest rates and sticky food inflation stoking stagflation \/ recession fears?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"GLOBAL_MACROS_Feds_aggression\"><\/span>GLOBAL MACROS: Fed&#8217;s aggression<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Committed to achieving the inflation target of 2% against the actual 7.1% inflation data as of Nov-22.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"GLOBAL_MACROS_Tight_Global_Oil_Markets%EF%B8%8F\"><\/span>GLOBAL MACROS: Tight Global Oil Markets?\ufe0f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Expect Brent averaging $90 per barrel for the year.<\/p>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"GLOBAL_MACROS_Corporate_Earnings\"><\/span>GLOBAL MACROS: Corporate Earnings<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Funding costs elevated<\/p>\n<p>&#8211; High-interest rates regime means tough times ahead for US corporate earnings<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"GLOBAL_MACROS_Overall\"><\/span>GLOBAL MACROS: Overall<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Headline inflation may have peaked for this cycle but continuing risks to keep the markets volatile.<\/p>\n<p>&#8211; Attractive valuations of Global equities as consumer &amp; corporate b\/s in a better position than during the Financial Crisis of 2008.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"DOMESTIC_MACROS_Capital_Market_Flows\"><\/span>DOMESTIC MACROS: Capital Market Flows<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Foreign Portfolio Investors (FPIs) were net sellers in 2022 at approx. \u20b91.38 lac crores ($16.8bn as on Nov-22)<\/p>\n<p>&#8211; Domestic Institutional Investors (DIIs) were net buyers at \u20b92.44lac crores approx. ($29.3bn as of Nov-22).<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEHndgjnIL9Iw\/article-inline_image-shrink_1500_2232\/0\/1673254287893?e=1679529600&amp;v=beta&amp;t=9d6tEefa7VwnGzVAVIpZ3DTjh8RfEW877UgHqvb0sW4\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"DOMESTIC_MACROS_Split_of_local_inflows\"><\/span>DOMESTIC MACROS: Split of local inflows<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>?\u20b91.36 lac cr. through mutual fund SIPs<\/p>\n<p>?\u20b90.48 lac cr. through EPFO<\/p>\n<p>?\u20b90.56 lac cr. through insurance<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGy-653DHCEjA\/article-inline_image-shrink_1500_2232\/0\/1673254327307?e=1679529600&amp;v=beta&amp;t=F_uFt24n1TSGk2c_UoteWit1h72K0JNePcClHv6PoPw\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"DOMESTIC_MACROS_Reforms_to_Aid_Recovery\"><\/span>DOMESTIC MACROS: Reforms to Aid Recovery<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u2699\ufe0fControlled inflation<\/p>\n<p>?India Stack reforms<\/p>\n<p>?\u200d\u2696\ufe0fImpact of marquee legislation\/s (GST, RERA, IBC, PLI)<\/p>\n<p>?Stable foreign exchange reserves<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"DOMESTIC_MACROS_Govt_spending\"><\/span>DOMESTIC MACROS: Govt spending<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u2705Govt&#8217;s capex boost to economy, while trying to comply with CAD target of 6.4% for FY 22-23.<\/p>\n<p>\u2705Spends on infra, bottleneck removals, logistics indicated by better GST collections &amp; improved pace of total receipts collections.<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFD970171Ac1A\/article-inline_image-shrink_1500_2232\/0\/1673254349143?e=1679529600&amp;v=beta&amp;t=IzKdxCatCDyYtQVs3BcAx-2MyDJPy0kHWMHP7wbWNpw\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"DOMESTIC_MACROS_Corporate_Revival\"><\/span>DOMESTIC MACROS: Corporate Revival<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Corporate profits as a % of GDP improved to ? 5.3% in FY22. Likely to improve further. This was 1.9% in FY20.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"OUTLOOK_FOR_2023_Mirae_Asset_Mutual_Fund_India\"><\/span>OUTLOOK FOR 2023:\u00a0<a target=\"_blank\" rel=\"nofollow noopener\">Mirae Asset Mutual Fund (India)<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Constructive on equities<\/p>\n<p>&#8211; Economy supported by domestic macros of consumption revival<\/p>\n<p>&#8211; but gives caution on headwinds of global uncertainties and elevated interest rate regime that will impact India.<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEcqUTSbeYxyw\/article-inline_image-shrink_1500_2232\/0\/1673254380641?e=1679529600&amp;v=beta&amp;t=yCa8A-LspgBHBVxu9n9T9dpX0yZhaEiXIb9RQAYiYE4\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"OUTLOOK_FOR_2023_Corporate_Earnings_Growth\"><\/span>OUTLOOK FOR 2023: Corporate Earnings Growth<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211; It drove India\u2019s relative outperformance in the last couple of years.<\/p>\n<p>&#8211; Consensus estimates put\u00a0<strong>#Nifty<\/strong> earnings to grow by approx. 15%? on average in FY 22-24.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"OUTLOOK_FOR_2023_Banking_Financial_Services\"><\/span>OUTLOOK FOR 2023: Banking &amp; Financial Services<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211; Growth revival in the sector due to demand for non-food bank credit<\/p>\n<p>&#8211; Bank deposit growth at ?10%, credit growth?at 15% YOY as of Sep-22 indicates expansion &amp; consumption growth driven by corporate &amp; personal credit.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"OUTLOOK_FOR_2023_Staples_and_Discretionary\"><\/span>OUTLOOK FOR 2023: Staples and Discretionary<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">Mirae Asset Mutual Fund (India)<\/a>\u00a0will continue to look at consumer companies in staples and discretionary based on valuations as consumption improves in 2023.<\/p>\n<p>&nbsp;<\/p>\n<h4><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"OUTLOOK_FOR_2023_Year_before_the_Elections\"><\/span>OUTLOOK FOR 2023: Year before the Elections<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">Mirae Asset Mutual Fund (India)<\/a>\u00a0expects govt to focus on rural spending ? during the year.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"OUTLOOK_FOR_2023_Not_just_Growth_but_Profitable_Growth\"><\/span>OUTLOOK FOR 2023: Not just Growth, but Profitable Growth<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">Mirae Asset Mutual Fund (India)<\/a>\u00a0says Indian corporates will continue to move from chasing only growth to chasing profitable growth.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"OUTLOOK_FOR_2023_Indian_Equity_Outcome\"><\/span>OUTLOOK FOR 2023: Indian Equity Outcome<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211; Long-term outlook is solid ?<\/p>\n<p>&#8211; From near-term lens, markets seem to be fairly priced.<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">Mirae Asset Mutual Fund (India)<\/a>\u00a0continues to expect low-teens returns from equities over the next 3-5 years<\/p>\n<p>&#8211; Investors looking to add fresh investment could invest in Equity oriented hybrid funds, or allocate via\u00a0<strong>#SIPs<\/strong><\/p>\n<p>&#8211; Or, keep aside say 20-30% while making lump sum commitments, for any plausible correction.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Outlook_for_2023_Debt\"><\/span>Outlook for 2023: Debt<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211; Year starts with markets factoring in an impending recession, indicated by an inverted yield curve.<\/p>\n<p>&#8211; No present visibility of meaningful easing in rates<\/p>\n<p>&#8211; But if inflation indeed eases or economic slowdown deepens further, environment may turn more favorable<\/p>\n<p>&#8211; While central banks may seek more evidence, markets are likely to move?much in advance.<\/p>\n<p>&#8211; Yield curves may get flatter in emerging markets and remain inverted in developed markets.<\/p>\n<p>&nbsp;<\/p>\n<p>What are your thoughts on <a href=\"https:\/\/kuvera.in\/amc\/mirae\" target=\"_blank\" rel=\"nofollow noopener\">Mirae Asset Mutual Fund (India)<\/a>\u2019s outlook 2023?<\/p>\n<p>&nbsp;<\/p>\n<p>For more insightful outlook\u00a0 from other AMC&#8217;s report <a href=\"https:\/\/kuvera.in\/blog\/category\/kuvera-insights\/\">click here<\/a> where we have presented data from SBI Mutual Funds, ICICI Prudential, Aditya Birla Sun Life mutual fund and more.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em>Interested in how we think about the markets?<\/em><\/p>\n<p><strong>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\">Zen And The Art Of Investing<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Watch here:<\/strong> Kuvera Insights: All about Quant Funds with experts<\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/RMRszAX4ZWM\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<div><\/div>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.youtube.com\/watch?v=R7g03UwJAT8&amp;utm_source=Blog&amp;utm_medium=Weekly+wrap+22nd+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a> to discover Direct Plans and <a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a> and start investing today. #MutualFundSahiHai #KuveraSabseSahiHai<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Continuing our series Outlook 2023 series, Here are the highlights from Mirae Asset Mutual Fund (India)\u2019s outlook on 2023. &nbsp; &nbsp; The Perfect Storm of Inflation &nbsp; Geopolitical tensions + inflation led to one of the fastest rate hike cycles by central banks across the? &nbsp; &nbsp; 2022 &#8211; a year of Global Slowdown &nbsp; [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":20881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[2119,2120,2121,2130,344,2131,2122,2118],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mirae Asset Mutual Fund (India)\u2019s economic outlook on 2023<\/title>\n<meta name=\"description\" content=\"The world &amp; Indian economy performance 2023, learn all about it, in Kuvera outlook for 2023 series where we summaries all major annual reports\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/mirae-asset-mutual-fund-india-economic-outlook-for-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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