Against the backdrop of ongoing global political turmoil and enduring after-effects of the pandemic, maintaining economic balance is an arduous task. However, India has demonstrated resiliency in both domestic and global economic scenarios. With a GDP surpassing 3 trillion USD, a steady policy rate of 6.5% in June 2023, inflation cooling down to a 20-month low at 4.3% in May 2023, and its benchmark BSE SENSEX index recording an all-time high, India is poised for sustainable economic growth as it becomes the fifth largest economy.
The MVIS® India Index (MVIND), a modified market cap index tracking the largest liquid companies of India was up almost 12% in the last year, reaffirming the ongoing economic rally.
MVIS® India Index and MVIS® Digital India Index
6/26/2022-6/26/2023
Source: MarketVector IndexesTM. Data as of June 26, 2023.
It is well known that India's economy is substantiated by its burgeoning service sector, which now accounts for almost half of the country's GDP, with the ICT and digital economy alone contributing 13% to overall economic output. IT services witnessed record-high exports of 142 billion USD, the telecom sector became the world's second-largest with 1.2 billion subscribers, while digital banking fostered financial inclusion for 85% of the population, showcasing the country's global and domestic edge.
The MVIS® Digital India Index (MVDIND), a modified market cap index ensures a pure-play exposure to the digital economy space of India.
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