Panorama – May 2024

Panorama May 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. New project announcements indicate a strong investment momentum, fueled by the manufacturing and power sectors. Private sector announcements have seen a significant uptick, coinciding with improvement in government-led project completions. Sectors such as green hydrogen, green ammonia, steel, semiconductors, solar, and pumped storage lead the investment announcements.
  2. Industrial companies are recording steady growth in order awards, with states increasingly accounting for a higher share, while the central government’s share has steadily decreased.
  3. Metal prices are witnessing a broad-based increase fueled by a global manufacturing resurgence and the ban on Russian metals. Metal prices strongly correlate with the profits and equity returns of metal companies.
  4. Global steel prices have remained subdued due to a steady rise in Chinese exports. China’s domestic demand remains weak due to the sluggish real estate sector.
  5. Clean energy technology is propelling the demand for minerals and metals, while the mining sector has suffered from underinvestment. Solar power plants, wind farms, and electric vehicles require more minerals than their fossil fuel-based counterparts. Consequently, adverse supply-demand dynamics are anticipated to lead to higher prices.
  6. However, weakness in China’s real estate sector, ‘higher for longer’ interest rates, and a slowdown in electric vehicle sales present short-term risks to metal prices.

Click here to read the full report

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