Panorama April 2024 edition is out now!

Panorama is a meticulously crafted report that offers a comprehensive view of the macro factors and market trends shaping India’s economic landscape.

Here are the key insights from the report:

1. India has experienced remarkable growth in mobile phone exports. India has also transitioned from being a net importer to a net exporter of toys, supported by higher customs duties. Moreover, India’s defence exports reached an all-time high in FY24, primarily driven by exports from private sector companies. There has also been a steady improvement in pharmaceutical exports.
2. However, India’s Ready-made Garments (RMG) exports have decreased over the years due to a lack of competitiveness compared to Vietnam and Bangladesh. India’s precious and semi-precious stone exports have also declined. Furthermore, passenger cars, commercial vehicles, and two-wheeler exports are facing challenges. On the other hand, auto ancillary exports exhibit a consistent upward trend and are faring much better than exports from auto companies.
3. India continues to depend on imports for crucial inputs. The expansion in electronics manufacturing has led to a significant increase in integrated circuit imports. Furthermore, the imports of lithium-ion batteries are rising, driven by the growing penetration of electric vehicles and the increasing demand for renewable energy storage solutions. India’s solar industry heavily relies on China for PV cells/modules. However, exports of modules to the US have increased.
4. Gross Foreign Direct Investment (FDI) inflows have significantly declined since FY22. Concurrently, redemptions have surged due to robust equity valuations. Sectors such as software, BFSI, and trading have experienced a decline in FDI equity inflows, whereas warehousing, energy, and hospital/diagnostics have seen an uptick.
5. The India Meteorological Department (IMD) predicts an ‘above-normal’ monsoon season at 106% of the long-period average. The IMD anticipates El Niño transitioning to a neutral phase in the early monsoon period and La Niña developing during the latter half.

Click here to read the report