Just days before the government is set to publish the India’s official Gross Domestic Product (GDP) data, a report by SBI Research said that the Indian economy is likely to grow at 7.0-7.1 per cent in the April-June period, the first quarter (Q1) of 2024-25. However, this growth forecast comes with a downward bias. The first quarter GDP data is scheduled for release on August 30. According to official data, India’s GDP grew by an impressive 8.2 per cent during the financial year 2023-24, continuing to be the fastest-growing major economy. The economy grew by 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22.
SBI Research, in its latest Ecowrap report authored by Group Chief Economic Adviser Soumya Kanti Ghosh, noted that the Indian economy remained resilient despite challenges from supply chain pressures, including rising global freight and container costs, and semiconductor shortages. On a positive note, the southwest monsoon picked up from early July, reducing the deficit. As of August 25, 2024, cumulative rainfall was 5 per cent above the long-period average, compared to 7 per cent below the LPA during the same period last year. As a result, as of August 20, 2024, the total kharif sown area stood at 103.1 million hectares (94 per cent of the full-season normal area), which is 2.0 per cent higher than the corresponding period last year.
On the global economy, the SBI report stated that the economic growth outlook remains uncertain, but the softening of inflation has created room for monetary policy easing. At the closely watched Jackson Hole annual symposium, US Federal Reserve Chair Jerome Powell expressed further confidence in imminent policy easing. Powell indicated that it might be time for the US central bank to reduce interest rates as inflation is aligning with the target. Addressing the much-anticipated Jackson Hole Symposium on August 23, Powell stated ‘the time has come for policy to adjust’, but stopped short of hinting at the extent of the interest rate cut.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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