Mumbai: The Gross Domestic Product (GDP) growth rate of India may decline next year. US based brokerage Goldman Sachs informed this. According to the agency, the Indian economy is projected to grow 5.9% in 2023. This is lower than 6.9% growth estimated this year.
The US based brokerage agency also updated that it expects the benchmark NSE Nifty to reach 20,500 level by December 2023. This will imply a 12% price return, led by mid-teen earnings growth and a modest P/E (Price to Earnings) compression. It does not have target for the benchmark BSE Sensex.
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According to the brokerage, the headline CPI will decrease to 6.1% in 2023 from 6.8% in 2022 as active government intervention is likely to cap food inflation. It also updated that the Reserve Bank of India (RBI) may hike the repo rate by 50 basis points in the December policy and by another 35 basis points in February 2023 policy meetings.
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