Looking Ahead To A Better Morrow
At the end of a year described as one of the bleakest in recent history, an outlook report of the International Monetary Fund had stated, "The worst is yet to come, and for many people, 2023 will feel like a recession." A consensus emerges that 2023 has been able to overcome much of the financial challenges on its path. The global economy has shown resilience, notwithstanding geopolitical tensions, as has India's domestic economy.
The new year begins with euphoria over the inauguration of the long-awaited Ram Mandir at Ayodhya, a majestic architectural showpiece that has spawned state-of-the-art infrastructure around it. Just the first phase of the Ayodhya airport sprawls across 6,500 square metres of terminal space and the upgraded three-storey railway station is equipped with lifts, escalators and food plazas. Obviously, this technologically embellished pilgrimage of the Hindus is looking beyond the 6,000 celebrities, sages and monks who will congregate there on 22 January. Ayodhya is attired to host steady streams of pilgrims from among the 1.2 billion Hindus around the world for years to come.
On 1 February Union Finance Minister Nirmala Sitharaman will present a vote-on-account of a year of happy macroeconomic indicators. The GDP numbers of the first half of FY2024 have prompted the Reserve Bank of India (RBI) to exult that the Indian economy had "left sceptics gasping and woefully behind the curve." The central bank expects the growth momentum to be sustained. Food price shocks have stoked inflation, but once the inflationary spiral is checked, the RBI will have room to ease its monetary policy in the latter half of 2024.
The year ahead will witness 70 elections worldwide, including the national general elections in India. If the outcome of the polls in the three Hindi heartland states are an indicator, Prime Minister Narendra Modi will be able to fulfil his vow to make India the third-largest economy in his third term. Key reforms are anticipated in labour, land, agriculture and energy policies beginning perhaps, with the first Union Budget in July. Our cover feature looks ahead at this year of transformation and brings in ground reports and analyses from sectors like real estate, auto, IT, FMCG, MSMEs and others. We anticipate seeing India as a "bright star" in the world economy.
Do read our interview with someone I see as a global leader, Piyush Pandey. His work across the last four decades have impacted advertising, influenced public opinion and made a difference. Piyush transitions into an advisory role at Ogilvy but we expect more from this super leader in the times ahead. The marketing and advertising sector per se is gearing up for a busy 2024 as we see home-grown agency RK Swamy prepare for its IPO. This issue also features the next generation of marketing leaders in one of our special initiatives.
Of course, we also bring to you all our regular columns and features that you look forward to. We wish you a Happy New Year!
