Pulse From the Ground: A Fund Manager’s Perspective
Aditya Birla Sun Life Mutual Fund (ABSLMF)
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India is projected to become the third-largest economy by FY30. Typically, discussions about India's economic growth focus on major cities like Bengaluru, the tech hub, or Mumbai, the financial centre. However, achieving the ambitious goal of Viksit Bharat, or developed country status by 2047, which implies a per capita GDP of $14,000, requires broad-based growth. This necessitates that all 28 states be capable of competing for economic opportunities. Encouragingly, signs of such progress are emerging. Many states' expenditures and nominal GDP have grown to match the size of India's entire GDP from two decades ago.
Driving States and Ambitious Targets
Five states in India are currently at the forefront of this growth. Each has set ambitious targets to become $500 billion to $1 trillion economies by FY27-FY33. These targets, though challenging, are beginning to look achievable.
Infact, I came across an interesting data point shared on X (Formerly Twitter).
More SIPs are getting registered from Patna, Lucknow, Jaipur, Dehradun, Guwahati currently than Bangalore or Kolkata did in January 2020. This is an indication of the growing wealth effect across states and especially smaller towns as a result of the growing trend of a broad-based growth.
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The nature of my work necessitates travelling to different markets and this gives me a pulse of the country and gauge the actual state of affairs. I intend to capture my observations and learnings from these visits that showcases the shifting economic picture of India.
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The views expressed in this article are for knowledge/information purpose only and is not a recommendation, offer or solicitation of business or to buy or sell any securities or to adopt any investment strategy. Aditya Birla Sun Life AMC Limited (“ABSLAMC”) /Aditya Birla Sun Life Mutual Fund (“the Fund”) is not guaranteeing/offering/communicating any indicative yield/returns on investments. The sector(s)/stock(s)/issuer(s) mentioned do not constitute any research report/recommendation of the same and the Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s).