Prime Minister Narendra Modi-led government launched a drive to gather youth ideas for Viksit Bharat . BSE and NSE officials emphasize the market s role in India s development vision for 2047.
Uday Kotak, the Kotak Mahindra Bank founder, voiced for corporates to shift away from banks as part of helping India achieve dreams of 9% annual growth and becoming a $30 trillion GDP by 2047. Highlighting the shift from savers to investors, he emphasised challenges in banking, urging large corporates to shift to capital markets. He warned against Japan s economic history and stresses policies to avoid market bubbles. Kotak s focus lies in transforming banks into debt distributors and maintaining a balanced financial sector view to ensure stability.
Indian Economy: "India s growth has remained largely resilient in the face of external headwinds," said Rahul Bajoria, managing director and head of EM Asia (ex-China) economics, Barclays. Last month s release of second quarter numbers led to a spate of forecast revisions for the fiscal year. Ratings agency Fitch expects the economy to grow 6.9% in FY24, compared with 6.5% projected earlier.
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