June 6th 2024.
India's unemployment rate has seen a significant decrease in 2023, dropping down to 3.1 per cent from 7 per cent in 2022. This positive change can be attributed to the government's robust policies that have helped create more job opportunities. In addition, the country's national savings have also seen an increase, rising to 33.4 per cent of GDP in 2023 from 29.9 per cent in 2022.
On a similar note, the number of high net-worth individuals (HNWI) in India has also seen a significant rise of 12.2 per cent in 2023 compared to the previous year. This brings the total number of HNWI in the country to 3.589 million, as reported by The Capgemini Research Institute in their 'World Wealth Report 2024'. The wealth of HNWI in India has also seen a substantial increase of 12.4 per cent, reaching $1,445.7 billion in 2023 from $1,286.7 billion in 2022.
India and Australia have been the top performers in the APAC region, with both countries recording a growth in HNWI wealth and population. India saw a growth of 12.4 per cent in HNWI wealth and 12.2 per cent in HNWI population, while Australia recorded a growth of 7.9 per cent and 7.8 per cent, respectively. These positive trends can be attributed to a strong and resilient economy, as well as a robust performance of the equity markets.
The report also mentions that India's economy has seen a significant boost, expanding at its fastest rate in the last six quarters. This can be attributed to a steady increase in private consumption, as well as positive trends in manufacturing and construction activities. In addition, the country's market capitalisation has also seen a substantial increase of 29 per cent in 2023, after a 6 per cent increase in 2022.
Various factors have contributed to this positive trend in India's economy. These include renewed capital expenditure, a strong banking system, credit growth, increased demand for automobiles and power, and the boost in productivity due to digitalisation. Furthermore, the country has also seen a turnaround in foreign portfolio investment flows, with a net FPI inflow of $24.9 billion in 2023-24, compared to net outflows in the previous two years. This shows a growing confidence in India's economy and its potential for growth.
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