{"id":20893,"date":"2023-01-24T00:52:52","date_gmt":"2023-01-23T19:22:52","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=20893"},"modified":"2023-01-24T00:52:52","modified_gmt":"2023-01-23T19:22:52","slug":"indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/","title":{"rendered":"Indian economy: An oasis in the desert | HDFC Outlook 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-69e71174d8180\" 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-69e71174d8180\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#2022_A_year_of_challenging_returns\" title=\"2022: A year of challenging returns\">2022: A year of challenging returns<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Currencies_The_year_of_the_Dollar\" title=\"Currencies: The year of the Dollar\">Currencies: The year of the Dollar<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Commodities_Surge_in_20-21_till_early_22\" title=\"Commodities: Surge in 20-21 till early 22.\">Commodities: Surge in 20-21 till early 22.<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Commodities_Correction_in_2H_of_2022\" title=\"Commodities: Correction in 2H of 2022\">Commodities: Correction in 2H of 2022<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#2022_World_Inching_Towards_Normalcy\" title=\"2022: World Inching Towards Normalcy\">2022: World Inching Towards Normalcy<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Headwinds_to_Global_Growth\" title=\"Headwinds to Global Growth\">Headwinds to Global Growth<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Counterbalance_to_Headwinds\" title=\"Counterbalance to Headwinds\">Counterbalance to Headwinds<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#US_Economy_Recovering_Demand_Amid_a_Tight_Labour_Market\" title=\"US Economy: Recovering Demand Amid a Tight Labour Market\">US Economy: Recovering Demand Amid a Tight Labour Market<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#China_Preparing_for_Near-Term_Rebound_but_LT_Challenges_Emerge\" title=\"China: Preparing for Near-Term Rebound, but LT Challenges Emerge\">China: Preparing for Near-Term Rebound, but LT Challenges Emerge<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Euro_Area_Under_Pressure\" title=\"Euro Area: Under Pressure\">Euro Area: Under Pressure<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Global_Oil_Tug_of_War\" title=\"Global Oil: Tug of War\">Global Oil: Tug of War<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Global_Gas_Higher_for_Longer\" title=\"Global Gas : Higher for Longer?\">Global Gas : Higher for Longer?<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#2023_India_stands_out\" title=\"2023: India stands out\">2023: India stands out<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#India_Emerging_Trends_1\" title=\"India: Emerging Trends\u00a0#1\">India: Emerging Trends\u00a0#1<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#India_Emerging_Trends_2\" title=\"India: Emerging Trends\u00a0#2\">India: Emerging Trends\u00a0#2<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Challenges\" title=\"Challenges\">Challenges<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#India_Emerging_Trends_3\" title=\"India: Emerging Trends\u00a0#3\">India: Emerging Trends\u00a0#3<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_Economy\" title=\"Indian Economy\">Indian Economy<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Steady_long-term_drivers_of_resilience\" title=\"Steady long-term drivers of resilience\">Steady long-term drivers of resilience<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_Economy_Structural_growth_drivers_1\" title=\"Indian Economy: Structural growth drivers\u00a0#1\">Indian Economy: Structural growth drivers\u00a0#1<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_economy_Structural_growth_drivers_2\" title=\"Indian economy: Structural growth drivers\u00a0#2\">Indian economy: Structural growth drivers\u00a0#2<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_economy_Structural_growth_drivers_3\" title=\"Indian economy: Structural growth drivers\u00a0#3\">Indian economy: Structural growth drivers\u00a0#3<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_economy_Structural_growth_drivers_4\" title=\"Indian economy: Structural growth drivers\u00a0#4\">Indian economy: Structural growth drivers\u00a0#4<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_economy_Structural_growth_drivers_5\" title=\"Indian economy: Structural growth drivers\u00a0#5\">Indian economy: Structural growth drivers\u00a0#5<\/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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_economy_Near-term_risks\" title=\"Indian economy: Near-term risks\">Indian economy: Near-term risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_equities_Outperforms_Major_Global_Counterparts\" title=\"Indian equities: Outperforms Major Global Counterparts\">Indian equities: Outperforms Major Global Counterparts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_equities_Sectoral_performance\" title=\"Indian equities: Sectoral performance\">Indian equities: Sectoral performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Indian_equities_Valuations\" title=\"Indian equities: Valuations\">Indian equities: Valuations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#India_equities_Broader_Markets_Valuation\" title=\"India equities: Broader Markets Valuation\">India equities: Broader Markets Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#India_Rising_Retail_Participation\" title=\"India: Rising Retail Participation\">India: Rising Retail Participation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#India_Global_Valuation\" title=\"India: Global Valuation\">India: Global Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_Automobile_OEMs\" title=\"Sector Overview: ? Automobile OEMs\">Sector Overview: ? Automobile OEMs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_%EF%B8%8F_Banking_NBFCs\" title=\"Sector Overview: ?\ufe0f Banking &amp; NBFCs\">Sector Overview: ?\ufe0f Banking &amp; NBFCs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_Capital_Goods\" title=\"Sector Overview: Capital Goods\">Sector Overview: Capital Goods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_Consumer_Staples_FMCG\" title=\"Sector Overview: Consumer Staples (FMCG)\">Sector Overview: Consumer Staples (FMCG)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_Infrastructure_and_Construction\" title=\"Sector Overview: Infrastructure and Construction\">Sector Overview: Infrastructure and Construction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_IT_Services\" title=\"Sector Overview: IT Services\">Sector Overview: IT Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_Metals\" title=\"Sector Overview: Metals\">Sector Overview: Metals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_Oil_Gas_%EF%B8%8F\" title=\"Sector Overview: Oil &amp; Gas ?\ufe0f\">Sector Overview: Oil &amp; Gas ?\ufe0f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Sector_Overview_Pharmaceuticals%E2%9A%95%EF%B8%8F\" title=\"Sector Overview: Pharmaceuticals\u2695\ufe0f\">Sector Overview: Pharmaceuticals\u2695\ufe0f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-41\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#India_Emerging_Signs_of_Softening_Inflation\" title=\"India : Emerging Signs of Softening Inflation\">India : Emerging Signs of Softening Inflation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-42\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Other_Debt_Market_Trends_-_1\" title=\"Other Debt Market Trends &#8211; 1\">Other Debt Market Trends &#8211; 1<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-43\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/#Other_Debt_Market_Trends_-_2\" title=\"Other Debt Market Trends &#8211; 2\">Other Debt Market Trends &#8211; 2<\/a><\/li><\/ul><\/nav><\/div>\n<p>Here&#8217;s a summary of\u00a0 Yearbook 2023 | Indian economy: An oasis in the desert?\ufe0f by <a href=\"https:\/\/kuvera.in\/amc\/hdfc\">HDFC mutual fund<\/a><\/p>\n<p>&nbsp;<\/p>\n<article class=\"article-content\">\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"2022_A_year_of_challenging_returns\"><\/span>2022: A year of challenging returns<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Rising inflation &amp; interest rates + growth concerns + rollback of COVID monetary stimulus + geopolitical events = pressure on returns<\/p>\n<p>?Most asset classes delivered negative returns, except, Oil ?\ufe0f&amp; agricultural commodities?<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEP0fYMM1VNwQ\/article-inline_image-shrink_1500_2232\/0\/1674213449461?e=1679529600&amp;v=beta&amp;t=PzGHOmpGIgenYrKhlaEOoF_OjbNMGPwupbjiT4TnFHU\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>Global Equities:\u00a0<strong>#NIFTY<\/strong>\u00a0outperforms? as most global indices struggle ?<\/p>\n<p>India &amp; Indonesia among the few markets to deliver +ve returns.<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQE0x70oNZnTFA\/article-inline_image-shrink_1500_2232\/0\/1674200507648?e=1679529600&amp;v=beta&amp;t=qh_tCd-809LHiDgu52BPkgsxHlf9aCFxG7BeNFGtA_w\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<\/div>\n<\/article>\n<p>&nbsp;<\/p>\n<article class=\"article-content\">\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Currencies_The_year_of_the_Dollar\"><\/span>Currencies: The year of the Dollar<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>For most part 2022, the \u20b9 outperformed other EM currencies&#8230;<\/p>\n<p>&#8230; but it depreciated faster in the last few months and ended the year weaker than other EM currencies against USD?<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGruHpodNDC7g\/article-inline_image-shrink_1500_2232\/0\/1674200539506?e=1679529600&amp;v=beta&amp;t=ML5LXgWgpYKD-zXIBnaPToRrdz6gAgnaaBtC-mYJ7ag\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Commodities_Surge_in_20-21_till_early_22\"><\/span>Commodities: Surge in 20-21 till early 22.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Surge in energy\u26a1&amp; agri commodity prices?in 20-21 due to:<\/p>\n<p>?Post-Covid demand<\/p>\n<p>?Supply constraints<\/p>\n<p>?Liquidity infusion<\/p>\n<p>?Russia-Ukraine war &#8211;&gt; further surge 1H 2022<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Commodities_Correction_in_2H_of_2022\"><\/span>Commodities: Correction in 2H of 2022<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Inflation &#8211;&gt; higher interest rates &#8211;&gt; monetary tightening &#8211;&gt; Demand moderation &#8211;&gt; easing of supply<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEyEbzdIuuYmw\/article-inline_image-shrink_1000_1488\/0\/1674200936081?e=1679529600&amp;v=beta&amp;t=02sisjJSGr9Ucm8IxvYC7AttPXEOpYw3Ird4gGciGpc\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGfMJzQqfyVkg\/article-inline_image-shrink_1000_1488\/0\/1674213528868?e=1679529600&amp;v=beta&amp;t=GMi3ftOrmc6su1C0BeretpF3nRL0VDj4VXRP49JCHCQ\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEPv2hdX50XTw\/article-inline_image-shrink_1000_1488\/0\/1674213576673?e=1679529600&amp;v=beta&amp;t=EkYfneFDZJFj984S3bOXddcRuoaZoPSxOXJDaRWJWaw\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<\/article>\n<p>&nbsp;<\/p>\n<article class=\"article-content\">\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"2022_World_Inching_Towards_Normalcy\"><\/span>2022: World Inching Towards Normalcy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Growth normalised in most economies in 2022<\/p>\n<p>?Higher inflation, interest rates and energy prices to weigh on growth in 2023<\/p>\n<p>?Fiscal deficit also set to normalise for AEs, but likely to remain at elevated levels for EMEs<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGftbVIgH9KEg\/article-inline_image-shrink_1000_1488\/0\/1674200962822?e=1679529600&amp;v=beta&amp;t=md_kYGTpQbJJOq2mr6-3mmaJdFipuZ7LykxCmASLNZY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG_1l0r0nrHpQ\/article-inline_image-shrink_1000_1488\/0\/1674213611166?e=1679529600&amp;v=beta&amp;t=WcIw0HotciU75CSVw_dqMJM0SLeIl22raHZCKq3MtnQ\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>?Agg. sovereign debt to GDP trending towards pre-pandemic levels<\/p>\n<p>&#8211; supported by strong nominal GDP growth + narrowing fiscal deficit<\/p>\n<p>?EMEs debt continues to remain high<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEfOcAnRTcx5g\/article-inline_image-shrink_1000_1488\/0\/1674201026173?e=1679529600&amp;v=beta&amp;t=0gmNhexF29BSgJJI56diD2ZSzPRLVF7VlnVMJBZbHLQ\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Headwinds_to_Global_Growth\"><\/span>Headwinds to Global Growth<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Inflation catapulted due to ?<\/p>\n<p>&#8211; supply chain disruption<\/p>\n<p>&#8211; pent up demand<\/p>\n<p>&#8211; excess savings<\/p>\n<p>&#8211; tight labour markets<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFqsf687NhisA\/article-inline_image-shrink_1000_1488\/0\/1674201055592?e=1679529600&amp;v=beta&amp;t=GSB3ERzbrr19XduvfvE2OEn-nzp5DPTnSl-RD-R-DVE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>?Response by Central banks<\/p>\n<p>&#8211; Policy rates now at decadal highs<\/p>\n<p>?\u2026and reducing balance sheets<\/p>\n<p>&#8211; G4 Central banks are expected to reduce balance sheets by ~USD 2 trillion in CY23<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGSZtVEKrH7pg\/article-inline_image-shrink_1000_1488\/0\/1674201077593?e=1679529600&amp;v=beta&amp;t=T1_4HH5-XmGBXEj3txXOgOGJKibHdM5xAChYQm-LQBA\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGWF6PRIoLmyA\/article-inline_image-shrink_1000_1488\/0\/1674213736236?e=1679529600&amp;v=beta&amp;t=fS_FN-frhM9J-DOu_cNCUQsFBMSoZxfFb4aDuT86zXo\" 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=\"Counterbalance_to_Headwinds\"><\/span>Counterbalance to Headwinds<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Excess accumulated savings -&gt; buffer for consumption against inflation<\/p>\n<p>?Unemployment % in major economies &lt; pre-pandemic levels<\/p>\n<p>?HH debt as % of GDP trended lower after peaking during the pandemic -&gt; may provide some support to consumption<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF8HqceH-vc8A\/article-inline_image-shrink_1000_1488\/0\/1674201119392?e=1679529600&amp;v=beta&amp;t=X5_cxcUIVe2sn7l1dCOoGkfYWKbIrSG9kyLFEQM-QAc\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFyfLUk76_L2g\/article-inline_image-shrink_1000_1488\/0\/1674201129969?e=1679529600&amp;v=beta&amp;t=1F8GVhNC_OE_5Mo9HD8zIGhGwGpjS8UxlDA6L9WFK7U\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF4VjuEg062rA\/article-inline_image-shrink_1000_1488\/0\/1674214359051?e=1679529600&amp;v=beta&amp;t=giCkr1RtTIwzuaWCfJO4O4z2yNh5NVLY-CHxeyMNUG0\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<\/article>\n<p>&nbsp;<\/p>\n<article class=\"article-content\">\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"US_Economy_Recovering_Demand_Amid_a_Tight_Labour_Market\"><\/span>US Economy: Recovering Demand Amid a Tight Labour Market<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Real consumption trending higher<\/p>\n<p>?Labour force participation fell, lower participation of age 55+<\/p>\n<p>?\u2026but growth moderating<\/p>\n<p>?Mortgage rates rising sharply, now &gt; pre-GFC levels (housing ~17% of US economy )<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG7u1TM-QR_pA\/article-inline_image-shrink_1000_1488\/0\/1674201188317?e=1679529600&amp;v=beta&amp;t=3zYNuAavbBlQhfMC7aH07L8u17nIiGl-sYTkhzXrFCg\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG1ZLoFC8YCAg\/article-inline_image-shrink_1000_1488\/0\/1674201201428?e=1679529600&amp;v=beta&amp;t=JeKoj8iDYQiOoSZHrIwERo3m5qewQNVSFvBE6ZK7m1k\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG4o6z5luQZeg\/article-inline_image-shrink_1000_1488\/0\/1674201211235?e=1679529600&amp;v=beta&amp;t=6LUXXwLv1eoWiYi2J8PM53x7RVH12Li--gFp3M5xQQY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEOcXSAH7IK8w\/article-inline_image-shrink_1000_1488\/0\/1674201220326?e=1679529600&amp;v=beta&amp;t=y5zQ3z-ZsGeJLbawjvxIqTsxjKITqtYPwbyfgW29riY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"China_Preparing_for_Near-Term_Rebound_but_LT_Challenges_Emerge\"><\/span>China: Preparing for Near-Term Rebound, but LT Challenges Emerge<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Growth poised to recover after re-opening<\/p>\n<p>?Avg age will rise + Working age population is likely to shrink -&gt; impact on LT consumption growth<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFuGics_83Mwg\/article-inline_image-shrink_1000_1488\/0\/1674214180494?e=1679529600&amp;v=beta&amp;t=Pbx6-GeBSkgXakPOYHiEhQSDrM7hGuSc42rk06ynUoY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHtk7geURHITQ\/article-inline_image-shrink_1000_1488\/0\/1674214233732?e=1679529600&amp;v=beta&amp;t=iJCsTrRWox2O4HWSxuZRMXhfSFVvBYmLSwUgcOq6wng\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFaD64FRcMd6Q\/article-inline_image-shrink_1000_1488\/0\/1674214264774?e=1679529600&amp;v=beta&amp;t=JMnL8vrZUZRnckJwWCnL06MlRVhU35szvdwv04CgR6A\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Euro_Area_Under_Pressure\"><\/span>Euro Area: Under Pressure<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Sharp rise in energy prices post the Ukraine war<\/p>\n<p>?Growth remains a challenge<\/p>\n<p>&#8211; Retail sales are contracting YoY<\/p>\n<p>&#8211; Composite PMI also in contraction zone<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Global_Oil_Tug_of_War\"><\/span>Global Oil: Tug of War<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Volatile prices due to several uncertainties on both the demand and supply side<\/p>\n<p>?Demand is still below pre-pandemic levels<\/p>\n<p>?Supply inelasticity to price is increasing<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQH57adG708GqQ\/article-inline_image-shrink_1000_1488\/0\/1674201408305?e=1679529600&amp;v=beta&amp;t=XC1ZjUnuG0Z-MmvbdANU6wt9JZB-zahp3t6M3AyQdK8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQE0pIkYRmk7zQ\/article-inline_image-shrink_1000_1488\/0\/1674201417540?e=1679529600&amp;v=beta&amp;t=lWCUR5peVPTfnirm1F0srY3lZ-V1ppwp4MdpVdMxTkA\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGgii_Aw8t_OQ\/article-inline_image-shrink_1000_1488\/0\/1674201426154?e=1679529600&amp;v=beta&amp;t=QCkX18HO14t5sEDaTu_fq2vLF143_AJGT9hjpPjGxs4\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Global_Gas_Higher_for_Longer\"><\/span>Global Gas : Higher for Longer?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?CY22 gas prices touched all-time highs<\/p>\n<p>?EU plans to reduce dependence on Russian gas (~40% of total gas demand in 2021)<\/p>\n<p>?This will structurally alter global gas markets<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHjyKLFShtwxA\/article-inline_image-shrink_1000_1488\/0\/1674201701401?e=1679529600&amp;v=beta&amp;t=F5jBHVRPKype0xN8BOqJsop_l258VGjTUF5zB8Lm0K8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEukoIs8XmAgA\/article-inline_image-shrink_1000_1488\/0\/1674201711573?e=1679529600&amp;v=beta&amp;t=gohnXoQH0wzppnxCOEuop2HNuIs2PnjVw3uDr1yNIvs\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQH7b4bM8E8Uyw\/article-inline_image-shrink_1000_1488\/0\/1674201720403?e=1679529600&amp;v=beta&amp;t=3o3Y8b60L3kkVCsgBDHQBQMN4EquncGYOtR7cbUPLZg\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<\/article>\n<p>&nbsp;<\/p>\n<article class=\"article-content\">\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"2023_India_stands_out\"><\/span>2023: India stands out<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Most economies are likely to experience a slowdown next year<\/p>\n<p>?India\u2019s absolute and relative GDP growth remains attractive<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGKDYHoYHlOjw\/article-inline_image-shrink_1500_2232\/0\/1674201761444?e=1679529600&amp;v=beta&amp;t=LwDiET8GYBjBBUyNaXJHL8OOh_FcH8iixbOTb4wAge4\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<h4><\/h4>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"India_Emerging_Trends_1\"><\/span>India: Emerging Trends\u00a0<strong>#1<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<p>?\ufe0fD2C brands<\/p>\n<p>&#8211; 350-400m online shoppers? by &#8217;25, from 150-180m<\/p>\n<p>&#8211; E-com penetration ? ~15% by FY27<\/p>\n<p>&#8211; D2C market to reach ~US$60b in FY27, (~USD 12 bn in FY22)<\/p>\n<p>&#8211; Grocery?&amp; Apparel?+ Footwear ? largest categories<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEh2k6V8h615Q\/article-inline_image-shrink_1500_2232\/0\/1674201788066?e=1679529600&amp;v=beta&amp;t=82LEh0D1YjPLL2hZPyA0lDvfYaQVLmq4ituxjsZJtGs\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGL7_QAcDXv5Q\/article-inline_image-shrink_1500_2232\/0\/1674201796378?e=1679529600&amp;v=beta&amp;t=VdBy-piejNmxS2zUDCFJ4i0Sd3vTlJ5EiZZiu1Ch1dM\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"India_Emerging_Trends_2\"><\/span>India: Emerging Trends\u00a0<strong>#2<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Biotech in Pharmaceutical<\/p>\n<p>Conducive funding env. driving biotech adoption<\/p>\n<p>~$460bn funding during 2017-21<\/p>\n<p>~Estimated biologic market size of $580 bn by&#8217;26<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Challenges\"><\/span>Challenges<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Competition &#8211; small\/emerging cos ~73% of dev pipeline<\/p>\n<p>&#8211; Mfg. complexity<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG-RhIcjPYYQg\/article-inline_image-shrink_1500_2232\/0\/1674201902008?e=1679529600&amp;v=beta&amp;t=YZanp2cchBsbwCx-HSQgmRAX67NsEaBooosuyslkEOY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHbXOqYqjxKPA\/article-inline_image-shrink_1000_1488\/0\/1674201911395?e=1679529600&amp;v=beta&amp;t=E44JC0RctZEgsaIbEjaju247O33W7rT-q5RMlhw1bSQ\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGecsuyv2TZmQ\/article-inline_image-shrink_1500_2232\/0\/1674201920269?e=1679529600&amp;v=beta&amp;t=MApN7DPmG8G6tdrOCbFA_PG0JQ9CeHEg5Px6cptBXKc\" 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=\"India_Emerging_Trends_3\"><\/span>India: Emerging Trends\u00a0<strong>#3<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>\u26a1?Electric vehicles<\/p>\n<p>++ Govt. subsidies on BEV direct cashback, tax refund or lower purchase tax.<\/p>\n<p>Sales penetration ~10% in CY22, forecasts to almost full BEV penetration by &#8217;40.<\/p>\n<p>&#8230; but, energy security &amp; supply chain challenges remain<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEDT48scrAMLg\/article-inline_image-shrink_1500_2232\/0\/1674203053871?e=1679529600&amp;v=beta&amp;t=ZE90xcJKiZhTOTdwD0GeIp1QSpuS-NLB_ULE2d50ME8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHARIVK0ug-yA\/article-inline_image-shrink_1500_2232\/0\/1674203061873?e=1679529600&amp;v=beta&amp;t=MYN70hwLO6Scu8_TpHE4Gxn8mVx4NwtpLLe_-fidBMc\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Indian_Economy\"><\/span>Indian Economy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?India grew steadily despite several global &amp; domestic cycles and events<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHYIFITyjzrIA\/article-inline_image-shrink_1500_2232\/0\/1674203090562?e=1679529600&amp;v=beta&amp;t=y_RCFzuUP1L93vSydDQx2KvAODLiYhWHM_Qxpu9rZIY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Steady_long-term_drivers_of_resilience\"><\/span>Steady long-term drivers of resilience<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Highest growth likely over next 5y among all major economies<\/p>\n<p>?Demographic advantage: Working age pop. likely to be highest globally in next 10y<\/p>\n<p>?Total debt to GDP is the lowest amongst major global economies<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFVC3tuFVJxEw\/article-inline_image-shrink_1000_1488\/0\/1674203128551?e=1679529600&amp;v=beta&amp;t=AYR0ZoMF-Rb6_LifREVhYWpTAcQhYdaMDny8NX0LR3Y\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQE5XcCc4ncuEw\/article-inline_image-shrink_1000_1488\/0\/1674203140448?e=1679529600&amp;v=beta&amp;t=zKLdoaCbGrgEL7cXMJhQ325B5dR9wdu9Oy9ks6cs1wE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFikzWFFetp7g\/article-inline_image-shrink_1000_1488\/0\/1674203149358?e=1679529600&amp;v=beta&amp;t=1DeZMoKG4ovk4qH7C8IUUNFU1yW3ZJwdCZ45QA_iA9w\" 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=\"Indian_Economy_Structural_growth_drivers_1\"><\/span>Indian Economy: Structural growth drivers\u00a0<strong>#1<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Macros &#8211;<\/p>\n<p>? Thrust on infra, recovery in private capex &amp; steady consumption<\/p>\n<p>?Inflation likely to moderate in FY24; manageable levels of govt. borrowings<\/p>\n<p>?Headwinds: Slowing global trade &amp; Quantitative Tightening<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Indian_economy_Structural_growth_drivers_2\"><\/span>Indian economy: Structural growth drivers\u00a0<strong>#2<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<p>&#8211; Resurgence of Manufacturing &#8211;<\/p>\n<p>?China+1 opportunity<\/p>\n<p>?Favourable govt policies like PLI, reduction in taxes, tariff barriers, etc.<\/p>\n<p>?Attractive FDI destination: Large market, competitive cost + favourable demographics<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQELkOzBaMEGiw\/article-inline_image-shrink_1000_1488\/0\/1674203897787?e=1679529600&amp;v=beta&amp;t=9kcthEZf-IESs7GDSIWlsMsD4uen8YlITfVqDa4M0UQ\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEdAJyc8Mv2SA\/article-inline_image-shrink_1000_1488\/0\/1674203913574?e=1679529600&amp;v=beta&amp;t=SIolf0EK1aOWRwerAfU_etA0ImRZvimyyb5rWyDfDQo\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGxQYFacD-yMg\/article-inline_image-shrink_1000_1488\/0\/1674203924652?e=1679529600&amp;v=beta&amp;t=k2brb5-RhdNhho0CvxxByfhNJgULwuMhABmMABODhl0\" 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=\"Indian_economy_Structural_growth_drivers_3\"><\/span>Indian economy: Structural growth drivers\u00a0<strong>#3<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Private Capex prime for Pick Up &#8211;<\/p>\n<p>?Improved corporate profitability &amp; leverage<\/p>\n<p>?High capacity utilization and reasonable demand outlook<\/p>\n<p>?Banks b\/s in good shape with low NPAs and strong capital adequacy<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFAUN21oqUMrw\/article-inline_image-shrink_1000_1488\/0\/1674204503711?e=1679529600&amp;v=beta&amp;t=pyY6cpvrjmIhpxnimX6Txw55adMyPwR5sW9Zm1_uUHE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEjluqnXew6FQ\/article-inline_image-shrink_1000_1488\/0\/1674204515235?e=1679529600&amp;v=beta&amp;t=5OO8685lindZSk80qqTnZ69DhzruJ2hF12SayHsrH-g\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEyyJO6PwOaoA\/article-inline_image-shrink_1000_1488\/0\/1674204545143?e=1679529600&amp;v=beta&amp;t=6AYauY5BSfx1StfQCjI51lp94udAfg8cuOybNxkxm0A\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQH4OR-755RPxQ\/article-inline_image-shrink_1000_1488\/0\/1674204558054?e=1679529600&amp;v=beta&amp;t=Rv0DKW80m0MkmMFjydBhay0k4_1TWKLd8ABmmYWQDsc\" 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=\"Indian_economy_Structural_growth_drivers_4\"><\/span>Indian economy: Structural growth drivers\u00a0<strong>#4<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Infrastructure Capex and Housing &#8211;<\/p>\n<p>?Central govt thrust on capital spending especially on roads, railways &amp; defense likely continue<\/p>\n<p>?Higher affordability &amp; RERA to support better housing demand<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Indian_economy_Structural_growth_drivers_5\"><\/span>Indian economy: Structural growth drivers\u00a0<strong>#5<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Consumption &#8211;<\/p>\n<p>?Large potential with under penetration across major consumer categories<\/p>\n<p>?HH debt remains relatively low compared to other markets<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHE9UgAIMPEkw\/article-inline_image-shrink_1000_1488\/0\/1674204638915?e=1679529600&amp;v=beta&amp;t=_y2zzG7Iq5C2i8Z0Ae59_8CVNGMv-6DNVXyJNyd4S0Q\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGpKBaPzSCO-g\/article-inline_image-shrink_1000_1488\/0\/1674204648117?e=1679529600&amp;v=beta&amp;t=5W93RCOpqxQSsQPALZqWWyappTlN2tAVtTiyXikKJ2U\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHTwi-CT9dtzg\/article-inline_image-shrink_1000_1488\/0\/1674204659565?e=1679529600&amp;v=beta&amp;t=mhD-XXkBLJRTJ38UuRK6mnOSjEFaTlhf-IKFtTZ5oQM\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Indian_economy_Near-term_risks\"><\/span>Indian economy: Near-term risks<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Higher commodity prices can be a drag on external sector &amp; corporate margins<\/p>\n<p>?Quantitative tightening by major central banks may impact capital flows to EMs<\/p>\n<p>?High inflation in AEs &amp; monetary policy tightening -&gt; impact on demand<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEo6c45E8kW5A\/article-inline_image-shrink_1000_1488\/0\/1674204721734?e=1679529600&amp;v=beta&amp;t=PMlzZtnfiH21aSs7eLRvUTzb3JJhzObHytCBS-W32gU\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFpPuuCzAz2sQ\/article-inline_image-shrink_1000_1488\/0\/1674204731426?e=1679529600&amp;v=beta&amp;t=Ye3wk7LYJjsdIeTAji_CatJKE5I5n3n72QpK5_xdM8A\" 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=\"Indian_equities_Outperforms_Major_Global_Counterparts\"><\/span>Indian equities: Outperforms Major Global Counterparts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>#NIFTY50<\/strong>\u00a0delivered 7th consecutive year of +ve return, a first since the inception of the index!<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF67phhLnRSIw\/article-inline_image-shrink_1500_2232\/0\/1674204772534?e=1679529600&amp;v=beta&amp;t=b5BKi9wYNIwlpjxI6-iCRcCxiyy9mo17e-74DqFJqks\" 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=\"Indian_equities_Sectoral_performance\"><\/span>Indian equities: Sectoral performance<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Utilities outperformed on better underlying demand-supply<\/p>\n<p>?Banking did well driven by improvement in credit offtake &amp; NPA moderation<\/p>\n<p>IT + Healthcare lagged;<\/p>\n<p>?Consumer durables sector underperformed due to high input prices<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQE4e726YGMofQ\/article-inline_image-shrink_1500_2232\/0\/1674204793938?e=1679529600&amp;v=beta&amp;t=CQjHjFhbxT5v0Gy8LQbRF_KV30I3DTQgKLhvJH_P-xM\" 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=\"Indian_equities_Valuations\"><\/span>Indian equities: Valuations<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?<strong>#NIFTY<\/strong>\u00a0trades at premium to its historical average partly driven by superior relative growth prospects<\/p>\n<p>?Valuation dispersion continues to provide sector and stock-specific opportunities<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGMvPMpJ8-3Mg\/article-inline_image-shrink_1000_1488\/0\/1674205324402?e=1679529600&amp;v=beta&amp;t=L7kVklNW2zXWaB3KY2MH6yocwKDVwsBQfWKMHuMXgn4\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEOEvf-hz_0PQ\/article-inline_image-shrink_1000_1488\/0\/1674205344384?e=1679529600&amp;v=beta&amp;t=ULud1w-ybzKvp_WK_ReZicHzHnogTOSXUvE7euyEPhY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQE81B1ujxcR6A\/article-inline_image-shrink_1000_1488\/0\/1674205355090?e=1679529600&amp;v=beta&amp;t=XhqFZhpbmRkPRKSKFXb6eA0QY66uwrYy5roYmmgOdiY\" 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=\"India_equities_Broader_Markets_Valuation\"><\/span>India equities: Broader Markets Valuation<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Mid Cap Index trades at ~30% premium to its historical average<\/p>\n<p>?Small Cap Index trades at a lower premium<\/p>\n<p>?Mid\/Small have trailed on a medium-term timeframe<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"India_Rising_Retail_Participation\"><\/span>India: Rising Retail Participation<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Large selling by FPIs during the year reduced FPI ownership<\/p>\n<p>?Returns were supported by strong DII flows in mutual funds and insurance<\/p>\n<p>?Rise in retail participation has resulted in a multifold increase in F&amp;O volumes<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFSKWnsJWvirA\/article-inline_image-shrink_1500_2232\/0\/1674205848621?e=1679529600&amp;v=beta&amp;t=gcwyEn7yOamf_lbkwaLOjdQNVg0I9YFnj7j-g_zT3so\" 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=\"India_Global_Valuation\"><\/span>India: Global Valuation<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Global markets have corrected and now trade at or below LT valuations<\/p>\n<p>?India\u2019s premium to global markets has expanded<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFkjgwqGhm8ug\/article-inline_image-shrink_1500_2232\/0\/1674205948924?e=1679529600&amp;v=beta&amp;t=ZAinvy9EKAl6axZGfbFA1B7G94m_i0HsX7fZGklZh98\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGZDeu_7vi3jA\/article-inline_image-shrink_1500_2232\/0\/1674206074864?e=1679529600&amp;v=beta&amp;t=r-JChvUZCemlXuRrHAhdeViyrhNZQ6Bgxz4zb-32Peg\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">HDFC Mutual Fund<\/a>&#8216;s 2023 Year Book provides a detailed overview of 10 sectors.<\/p>\n<p>Here, we give you prospects \/ Key Drivers \/ Risks of each in brief ?<\/p>\n<p>&nbsp;<\/p>\n<h4><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Sector_Overview_Automobile_OEMs\"><\/span>Sector Overview: ? Automobile OEMs<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?2W\/3W\/PV could see rapid shift towards EV in the next 1-3yrs<\/p>\n<p>?Infra push &amp; govt capex augurs well for MHCV &amp; tractor segment in 2023<\/p>\n<p>?Impact of consumer inflation likely to weigh on consumer segments (2W &amp; PV) growth in &#8217;23<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGY6jNAP2t_Uw\/article-inline_image-shrink_1000_1488\/0\/1674206125347?e=1679529600&amp;v=beta&amp;t=XawrojWXwMtJdDwJ8C5oMk5yobhmmi4J91WlntHHa4s\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGjZ2uiK9Lxpg\/article-inline_image-shrink_1000_1488\/0\/1674206134345?e=1679529600&amp;v=beta&amp;t=iF8r53u9-SFXuFG4ZO8eQI6hwA_WjSjOwVt8qI1GJrE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEHUNJb3phi6g\/article-inline_image-shrink_1000_1488\/0\/1674206143231?e=1679529600&amp;v=beta&amp;t=v7Fo_jX_NlibvRLkAVRC4ZpGPVOVgQGlt8Tt57WUi8k\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<h4><span class=\"ez-toc-section\" id=\"Sector_Overview_%EF%B8%8F_Banking_NBFCs\"><\/span>Sector Overview: ?\ufe0f Banking &amp; NBFCs<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?India\u2019s low System credit to GDP at 91% should drive higher credit growth over the next few years<\/p>\n<p>?Retail credit growth has been high<\/p>\n<p>?Several new listings of Fintech have increased the investment universe for BFSI<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHkzXXJ-uofHQ\/article-inline_image-shrink_1000_1488\/0\/1674206186348?e=1679529600&amp;v=beta&amp;t=sJFEYUZBfd34Tx1Qxtg3IyzT1Im9xi2CmJLzESXphbA\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHv-gytnEsimw\/article-inline_image-shrink_1000_1488\/0\/1674206195793?e=1679529600&amp;v=beta&amp;t=wrHNXrM8SfGoQvnnXijPNzJy2-4nD50AXxAJKeaD1-s\" 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=\"Sector_Overview_Capital_Goods\"><\/span>Sector Overview: Capital Goods<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Countries look to diversify supply chain &#8211;&gt; pvt capex cycle improvement<\/p>\n<p>?Improvement in public capex led by National Infrastructure pipeline<\/p>\n<p>?Key risks<\/p>\n<p>&nbsp;<\/p>\n<p>Weak PLI, NIP scheme implementation, lower investments in core industries<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG1mMK-WUbW9A\/article-inline_image-shrink_1000_1488\/0\/1674206653442?e=1679529600&amp;v=beta&amp;t=k2a_wVJUSIuzW99m1RS_008e989nIaQMvFOd12JyxEk\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGb3LtnyRrhKQ\/article-inline_image-shrink_1000_1488\/0\/1674206603383?e=1679529600&amp;v=beta&amp;t=4RtZisENCOrgu-gmdbw5o8fsA9Y56XKzU719Cdz2N2I\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHjtGju7tsMsA\/article-inline_image-shrink_1000_1488\/0\/1674206615394?e=1679529600&amp;v=beta&amp;t=ofsMmqlKBpARwX-hd3Hgvo6Ex8JHzSIf4_r8gJD1YY0\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF-5A9CM4yR9A\/article-inline_image-shrink_1000_1488\/0\/1674206627459?e=1679529600&amp;v=beta&amp;t=r9YHyPq99KVHrexr38pM7qebDpZ3Rx0OCDEr9GzhHQM\" 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=\"Sector_Overview_Consumer_Staples_FMCG\"><\/span>Sector Overview: Consumer Staples (FMCG)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?India Per capita consumption &lt; below Asian peers. This opportunity = long-term growth driver<\/p>\n<p>?Risks:<\/p>\n<p>&#8211; Already high penetration in large categories (soaps, toothpaste etc)<\/p>\n<p>&#8211; Rising share of private label brands \/ D2C<\/p>\n<figure>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHWdZNAexMbDw\/article-inline_image-shrink_1000_1488\/0\/1674206818828?e=1679529600&amp;v=beta&amp;t=dxm3faApFBbt54hToTsCzG6P7YhJEUSO7S7SaJnl3tM\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFCMiBlnKMLAQ\/article-inline_image-shrink_1000_1488\/0\/1674206828217?e=1679529600&amp;v=beta&amp;t=unWF-0aqLoFz0CI0wErUeJ9MarBunjNn8NphUC6QU1U\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHVrwzUcaQK0w\/article-inline_image-shrink_1000_1488\/0\/1674206843771?e=1679529600&amp;v=beta&amp;t=iBsc0hbK_y6lo8q2jY4u4oeRxuz0O7mpA0Qi8AHTH0A\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/figure>\n<\/div>\n<div class=\"article-content__body\">\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Sector_Overview_Infrastructure_and_Construction\"><\/span>Sector Overview: Infrastructure and Construction<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?HAM &amp; BOT projects awards are rising, advantage for cos with strong b\/s<\/p>\n<p>?River linking &amp; irrigation could become another big opportunity<\/p>\n<p>?Bullet train ?contracts &amp; Metros to drive order inflow in railways sector<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/article>\n<p>&nbsp;<\/p>\n<article class=\"article-content\">\n<div class=\"article-content__body\">\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGDGztRxSxIpA\/article-inline_image-shrink_1000_1488\/0\/1674206909267?e=1679529600&amp;v=beta&amp;t=WjF8rGyv02_KXRwS7celPzKvqn3PaGLe2tzcc0F4waQ\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGHTbsu7eBVqQ\/article-inline_image-shrink_1000_1488\/0\/1674206920573?e=1679529600&amp;v=beta&amp;t=Pj3HSjD1VtDGfUaW208tMhmrZOwHy9g8GDyhbBh-C9s\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEE65LTf-1cfw\/article-inline_image-shrink_1000_1488\/0\/1674206932334?e=1679529600&amp;v=beta&amp;t=KUPxZoh-aSHin5s1GWf3esU6AAl7dab3Q_nOO2dRcRI\" 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=\"Sector_Overview_IT_Services\"><\/span>Sector Overview: IT Services<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&#8211; Near term: Weakness in developed markets poses downside risks<\/p>\n<p>&#8211; Med term: Higher mix of digital services &amp; offshoring to aid growth<\/p>\n<p>&#8211; Lower employee churn (wrt CY21\/22) + improvement in utilization -&gt; margin downsides are behind<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQH7yjHYTtHRqA\/article-inline_image-shrink_1000_1488\/0\/1674207022035?e=1679529600&amp;v=beta&amp;t=3_HubNBJnpa_vW8pzx99yqYMIsLKNV1E7BIVBXlbOHE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFGP0kPrEqyGw\/article-inline_image-shrink_1000_1488\/0\/1674207037945?e=1679529600&amp;v=beta&amp;t=FlG3Bxu1kdy4VogiWkAFlKeCcwMkOSQ1F75p0NpZbyM\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQH9FFS1UIf9dg\/article-inline_image-shrink_1000_1488\/0\/1674207054930?e=1679529600&amp;v=beta&amp;t=4EwYODjrX7GdW2XlAY_87UJmtC368zfpMPKlwNwxkao\" 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=\"Sector_Overview_Metals\"><\/span>Sector Overview: Metals<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Heavy dependence on the impact of tightening monetary policies<\/p>\n<p>?High inflation and energy crisis in EU<\/p>\n<p>?China expected to stabilize with lockdown restrictions easing<\/p>\n<p>?Key risk is weak demand and weakening of metal prices<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEx_tAKEbkvGQ\/article-inline_image-shrink_1000_1488\/0\/1674210594338?e=1679529600&amp;v=beta&amp;t=M8RerW3Fb681lAo7TUoNNkaUc3AMdfv9Ow1CAd4sCKw\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF1zABGZn9lLw\/article-inline_image-shrink_1000_1488\/0\/1674210609164?e=1679529600&amp;v=beta&amp;t=DbLViL_hYWqT7fw39dNKmAhtV-cDrpQ_M1uGJXwzmdE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFtlLk0AS5YBg\/article-inline_image-shrink_1000_1488\/0\/1674210621014?e=1679529600&amp;v=beta&amp;t=jUGhHM63knbt0W-qTPhf6Arj7ztHtgTGgcFut5k-3Ng\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFLImRh1do99Q\/article-inline_image-shrink_1000_1488\/0\/1674210632027?e=1679529600&amp;v=beta&amp;t=Rq3IIdx2BLnmNx5SFMxpaFL9SMTdFyuHr-z_t4_eAnQ\" 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=\"Sector_Overview_Oil_Gas_%EF%B8%8F\"><\/span>Sector Overview: Oil &amp; Gas ?\ufe0f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Low competitive intensity in auto fuel retailing \u2013 margins have headroom to expand in the long run.<\/p>\n<p>?Diversification by cos. towards petrochemical &amp; natural gas to gradually reduce earnings volatility.<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGyjAwrghjnOw\/article-inline_image-shrink_1500_2232\/0\/1674210675872?e=1679529600&amp;v=beta&amp;t=NAVaKf5EVMMP0_xtzXTT89Ek2lqAk4VHXUVc9MO_rw8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGfHh1f_rKqDg\/article-inline_image-shrink_1000_1488\/0\/1674210685900?e=1679529600&amp;v=beta&amp;t=d_fdgITzdq2cdFOa-475pjQmuue_tS8FUIDifuJErqo\" 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=\"Sector_Overview_Pharmaceuticals%E2%9A%95%EF%B8%8F\"><\/span>Sector Overview: Pharmaceuticals\u2695\ufe0f<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Better 2-y outlook vs 22\/23 due to commercialization of complex generics &amp; certain products losing exclusivities<\/p>\n<p>?But, investment opportunities will be selective given cos\u2019 idiosyncratic growth drivers &amp; differing investment cycles<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQG7t-cXYtY5mA\/article-inline_image-shrink_1000_1488\/0\/1674210730828?e=1679529600&amp;v=beta&amp;t=5qQtNZnTPrSIC-400xNaIeve-wM3wQrXfoGcmDCli3g\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF6Sz34zZz4Mg\/article-inline_image-shrink_1000_1488\/0\/1674210741726?e=1679529600&amp;v=beta&amp;t=zsnzFrh_ow5bYjPNPTYZppSD4DY_8uZWLqI29W9XgpA\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGRIkXaSVhDnA\/article-inline_image-shrink_1000_1488\/0\/1674210752670?e=1679529600&amp;v=beta&amp;t=dIpCTdwJVNy5vZJ4LOEEw7jkD44YVbVVd7zMkLMSEHE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"article-content__body\">\n<p>Sector Overview: Telecom ?<\/p>\n<p>?With increased 5G adoption, average data consumption per user could double compared to 4G<\/p>\n<p>?Accelerated 5G adoption could be a lever of revenue growth as customers upgrades to higher data allowances.<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFvopSc6EQlDQ\/article-inline_image-shrink_1000_1488\/0\/1674210805500?e=1679529600&amp;v=beta&amp;t=j8xDE1xWrUsn0nVEPGNIbc9zUCqHobKBJ1GZInWPGjE\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFyo_f2SBNGZw\/article-inline_image-shrink_1000_1488\/0\/1674210828281?e=1679529600&amp;v=beta&amp;t=kPyhmQd96nC8gNxq_OjSDRvFU3iztwUBUYTNzLgJ4Ic\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEXk_kf9XD3iA\/article-inline_image-shrink_1000_1488\/0\/1674210838668?e=1679529600&amp;v=beta&amp;t=CO9Y0giIGqzcUfpTa8cYRQtT97G-ZLcY4-bpef96z-U\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>Now, on to Fixed Income Markets:<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">HDFC Mutual Fund<\/a>\u00a0calls 2022 Annus Horribilis for Global Bond Markets<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQE6e6J_0fx5pg\/article-inline_image-shrink_1500_2232\/0\/1674210867939?e=1679529600&amp;v=beta&amp;t=kKvACAcXLZNkJIpDOAJwXQEL-FMDJZE609ix0vCzyo4\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>Global Inflation and Rates: Is the worst behind?<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">HDFC Mutual Fund<\/a>\u00a0thinks Global inflation has likely peaked:<\/p>\n<p>&#8211; Broad-based decline in commodity prices in H2CY22<\/p>\n<p>&#8211; Supply chain pressures have eased, freight costs are off their peak<\/p>\n<p>&#8211; Global growth likely to slowdown in CY23<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEwbpcC-rjLcA\/article-inline_image-shrink_1000_1488\/0\/1674211226693?e=1679529600&amp;v=beta&amp;t=y3ltXDDNr7kJDCcbho0vx9UD-lyNi9-L_iX_C65oYOI\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF-Cjyxt4k0fg\/article-inline_image-shrink_1000_1488\/0\/1674211237202?e=1679529600&amp;v=beta&amp;t=qlLzQPEhRkDlo9R6wENNvPsgsvZJQd1Rp4hnOlpQgUY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGJJ9TdgxvYeg\/article-inline_image-shrink_1000_1488\/0\/1674211248584?e=1679529600&amp;v=beta&amp;t=gOcVU_Bwzi92sHifG7vEDUbhghhq4SvJPrHNx1rVAT0\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF8MOCuMbQ9Yw\/article-inline_image-shrink_1000_1488\/0\/1674211259910?e=1679529600&amp;v=beta&amp;t=TBA7JpoxbbVB2_YmGXDPz2gXoF9hFVxfNmAd0JXF6mo\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFwFx5F3qIgbQ\/article-inline_image-shrink_1000_1488\/0\/1674211271204?e=1679529600&amp;v=beta&amp;t=QMUzo6SewpBE435x9hz_yHBej2PVIyNxeBMGZQrbKEg\" 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=\"India_Emerging_Signs_of_Softening_Inflation\"><\/span>India : Emerging Signs of Softening Inflation<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?No. of items for which prices rose by more than 0.5% (MoM) is trending lower, reflecting slowing inflation momentum<\/p>\n<p>?WPI has come off its highs, should ease input price pressure on CPI, albeit with a lag<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEynV842HHj2Q\/article-inline_image-shrink_1000_1488\/0\/1674211501274?e=1679529600&amp;v=beta&amp;t=ioslc2eUnksQzr7sODG5HEXRDcg6zMmZuv3sFwjnvx0\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQEOdZqFbcKo8g\/article-inline_image-shrink_1000_1488\/0\/1674211515950?e=1679529600&amp;v=beta&amp;t=s_YvJoF14ZNyFC9HIN8dk0oWJw0Hawkl3-GKBSystGM\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQELuT1bOixkbg\/article-inline_image-shrink_1000_1488\/0\/1674211527504?e=1679529600&amp;v=beta&amp;t=8wFlaLzyUN8E6i-55ZG-3H3iR4Nagy2EmE6i4CjM43Y\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>RBI close to ending rate hiking cycle?<\/p>\n<p>&nbsp;<\/p>\n<p>?Real policy rate at current levels has turned positive, now higher than the long-term avg; this should slowdown growth and inflation over time<\/p>\n<p>?Currency pressure has eased<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHb3z4BBi6PhQ\/article-inline_image-shrink_1000_1488\/0\/1674211594355?e=1679529600&amp;v=beta&amp;t=9CUBcIuFEB41qYTUzOR7FoRph34z_Nfwsu90qZRGFtI\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHceEpRggxsJw\/article-inline_image-shrink_1000_1488\/0\/1674211607599?e=1679529600&amp;v=beta&amp;t=s0pAKKdDv2H5R0I3-QitNerr0xQ2Qeu2IkJEAAkZuXY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>RBI close to ending rate hiking cycle?<\/p>\n<p>&nbsp;<\/p>\n<p>?Inflation has come off its peak, likely to moderate within the target range of 2% &#8211; 6% in CY23<\/p>\n<p>?But core CPI likely to remain at elevated levels although lower than 6%<\/p>\n<p>?Direction of core CPI may weigh on RBI\u2019s decision<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHBdCEThC0SiA\/article-inline_image-shrink_1000_1488\/0\/1674211669697?e=1679529600&amp;v=beta&amp;t=8lMlItUvJQTPRQLVSDpPBVa2-jEWBtV7Vx39Yrw1QS4\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Fiscal Deficit: Gradual fiscal consolidation path<\/p>\n<p>&nbsp;<\/p>\n<p>?Healthy tax collections in FYTD23, &gt; Budget Estimates<\/p>\n<p>?Expenditure could rise -&gt; higher fertilizer subsidies + extension of free food grain scheme in FY23<\/p>\n<p>? Fisc. def to remain close to BE (~6.4% of GDP) for FY23<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFoZmgEAMQYKg\/article-inline_image-shrink_1000_1488\/0\/1674211714844?e=1679529600&amp;v=beta&amp;t=QOGnstmWyLnoopzRSte6p66f-6n5V2SI8wKFF06Q5E0\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHLdyTvs7QdWg\/article-inline_image-shrink_1000_1488\/0\/1674211726366?e=1679529600&amp;v=beta&amp;t=AmAILGK9PM0xzr0A0G5JMyORHVQflj6-HslZRcuMwo0\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFNd7ygMO071w\/article-inline_image-shrink_1000_1488\/0\/1674211739230?e=1679529600&amp;v=beta&amp;t=Skocej8j9XLgWTikAVH5itNqCeJ2xy-M23n34X9q0oU\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>Govt Borrowings<\/p>\n<p>&nbsp;<\/p>\n<p>?Diversification of Investor Base likely to provide cushion against volatility<\/p>\n<p>?Share of stable long-term buyers (eg insurance cos) rose, led to change in Gsec demand dynamics over last few yrs -&gt; alternative source of demand for Gsec<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQH_Gf_LU6PvEA\/article-inline_image-shrink_1000_1488\/0\/1674212210061?e=1679529600&amp;v=beta&amp;t=5Pd903bm7vWINbgoOQCDW-izEAreZ55xj4T-1SJV6J0\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQE-svEwJmvkag\/article-inline_image-shrink_1000_1488\/0\/1674212122350?e=1679529600&amp;v=beta&amp;t=Yk4VcQKn1aPY4S6ngr3LrhOHdR0wuva-3e1tXwEHVXk\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQF2Otv8l_I0yA\/article-inline_image-shrink_1000_1488\/0\/1674212141914?e=1679529600&amp;v=beta&amp;t=ItDEm2G56-3UTIaXxjKDlAiRPZlodhx066p-RC-ii48\" 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=\"Other_Debt_Market_Trends_-_1\"><\/span>Other Debt Market Trends &#8211; 1<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>?Credit upgrade to downgrade ratio is near all-time highs<\/p>\n<p>?Lower supply of corporate bonds (both AAA and non-AAA rated) has resulted in credit spreads of corporate bonds over Gsec falling sharply vis-\u00e0-vis long term avg<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFHAvVVJj-IfQ\/article-inline_image-shrink_1000_1488\/0\/1674212327926?e=1679529600&amp;v=beta&amp;t=sBooPmLNvQQ1NY3l-8xmtW-xn-wOue3yGT9KBnJ_30s\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQFfoGEtnINyaw\/article-inline_image-shrink_1000_1488\/0\/1674212389903?e=1679529600&amp;v=beta&amp;t=3niVTFSq7JDNGV60xQ7ltQeJOgOYXlrJZLdsapmQp_8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Other_Debt_Market_Trends_-_2\"><\/span>Other Debt Market Trends &#8211; 2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>?In CY22, Gsec yield curve flattened as liquidity normalized and RBI raised rates<\/p>\n<p>.. while longer-end yields remained anchored driven by robust demand by long term investors like Insurance, provident fund (PF), etc.<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQHeeaYo0qqvaA\/article-inline_image-shrink_1000_1488\/0\/1674212504231?e=1679529600&amp;v=beta&amp;t=-Ay1aSPpoF2lzpw3vlwMs8NKNjZ02QY1LMTgH7nd-NI\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Key Drivers of Interest Rate Outlook<\/p>\n<p>?Growth<\/p>\n<p>?External Sector<\/p>\n<p>?Inflation<\/p>\n<p>?Monetary policy<\/p>\n<p>?Market borrowings<\/p>\n<p>&nbsp;<\/p>\n<p><a target=\"_blank\" rel=\"nofollow noopener\">HDFC Mutual Fund<\/a>\u00a0says that with global monetary policy cycle likely to peak in 2023, yields are likely to trade in a range with a downward bias.<\/p>\n<p>Risks to Interest Rates Outlook<\/p>\n<p>&nbsp;<\/p>\n<p>?Inflation<\/p>\n<p>?Consumption<\/p>\n<p>&nbsp;<\/p>\n<p>-Build up of capacities with elevated prices can result in pick up of investments and capital spending<\/p>\n<p>&nbsp;<\/p>\n<p>?Supply chain pressures<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211; still higher than pre-pandemic levels + China COVID concerns<\/p>\n<p>&nbsp;<\/p>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQH3f27K1wlPVQ\/article-inline_image-shrink_1000_1488\/0\/1674212640647?e=1679529600&amp;v=beta&amp;t=hvbNNxh3Vn3cSYL1zVkF-4fgOWRvg4siO0-q3KRGG9A\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<figure><img class=\"lazy-loaded\" src=\"https:\/\/media.licdn.com\/dms\/image\/D4D12AQGtYGveQa2-ew\/article-inline_image-shrink_1000_1488\/0\/1674212654794?e=1679529600&amp;v=beta&amp;t=7JwGon3O_ZBnJ_VjRAujuW6Z7EeTjosVHnNa3lggVRY\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/figure>\n<p>&nbsp;<\/p>\n<p>What do you think about HDFC Mutual Fund&#8217;s report?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/article>\n<div class=\"social-details\">\n<div class=\"social-action-counts\">\n<p>That was a round-up of <a href=\"https:\/\/kuvera.in\/amc\/hdfc\">HDFC mutual fund&#8217;s <\/a>Indian economy: An oasis in the desert, 2023 outlook.<\/p>\n<p>&nbsp;<\/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<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s a summary of\u00a0 Yearbook 2023 | Indian economy: An oasis in the desert?\ufe0f by HDFC mutual fund &nbsp; 2022: A year of challenging returns &nbsp; ?Rising inflation &amp; interest rates + growth concerns + rollback of COVID monetary stimulus + geopolitical events = pressure on returns ?Most asset classes delivered negative returns, except, Oil [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":20895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[328],"tags":[2119,2120,2121,1237,2116],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian economy: An oasis in the desert | HDFC Outlook 2023<\/title>\n<meta name=\"description\" content=\"The world &amp; Indian economy performance 2023, learn all about it, in Kuvera outlook 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\/indian-economy-an-oasis-in-the-desert-hdfc-outlook-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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