skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus
Article related to:


Outlook 2023: India a bright spot

Country Head, India, ANZ

2023-02-02 05:30

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.


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.


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

Outlook 2023: India a bright spot
Rufus Pinto
Country Head, India, ANZ


Sign up
Icon of ANZ logo coming out of an envelope

Receive insights direct to your inbox


Related articles

This publication is published by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZBGL”) in Australia. This publication is intended as thought-leadership material. It is not published with the intention of providing any direct or indirect recommendations relating to any financial product, asset class or trading strategy. The information in this publication is not intended to influence any person to make a decision in relation to a financial product or class of financial products. It is general in nature and does not take account of the circumstances of any individual or class of individuals. Nothing in this publication constitutes a recommendation, solicitation or offer by ANZBGL or its branches or subsidiaries (collectively “ANZ”) to you to acquire a product or service, or an offer by ANZ to provide you with other products or services. All information contained in this publication is based on information available at the time of publication. While this publication has been prepared in good faith, no representation, warranty, assurance or undertaking is or will be made, and no responsibility or liability is or will be accepted by ANZ in relation to the accuracy or completeness of this publication or the use of information contained in this publication. ANZ does not provide any financial, investment, legal or taxation advice in connection with this publication.