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India proved to be an economic bright spot amid volatile global markets in 2022, and the conditions which drove it to that point are expected to continue in 2023.
Growth in India is strong, with gross-domestic product stable and a growth rate of between 6 per cent and 6.5 per cent, depending on sources.
It’s an exciting time in the country – particularly in the wake of the now-operational Australia-India Economic Cooperation and Trade Agreement (A-IECTA), a free-trade deal signed between the nations in late 2021.
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There are several big opportunities to emerge from that deal for both sides – namely in the manufacturing sector amid the ongoing Make in India campaign and production-linked incentive schemes.
India is a vast, consumer-driven economy. We see a huge opportunity for the globe – and especially Australia – around production in and exporting to India.
Patience
Of course, the AI-ECTA is still relatively new. A lot patience is required for all parties to navigate our way through this. Systems and processes will need to be put in place.
Another challenge to be conscious of is the macro environment. Liquidity challenges will continue to weigh on markets globally, and emerging-market currencies such as the rupee will be impacted – thus affecting investment flow.
It will be important for participants in the Indian market to navigate themselves through those situations.
The economic and geopolitical factors that have shaped an unprecedented period for business around the world are not going anywhere soon.
With 2023 upon us, large organisations face a cocktail of influences impacting the way they do business: rapid digitisation, shifting supply chains, geopolitical uncertainty, and the ongoing impacts of the COVID-19 pandemic.
At ANZ Institutional, we know our customers are looking to position themselves to take advantage of these forces.
As part of our Outlook 2023 series, we’re asking our subject-matter experts to provide insights into a range of complex areas from across more than 30 markets – helping you better understand how you can prepare for the New Year. We’ll be sharing the responses with you over the coming weeks.
Rufus Pinto is Country Head, India at ANZ
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