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Q: And we have already into the second month of 2024. How has the year been so far for Indian A&M?
A: It’s too early to give comments about a large economy like India on the first month of the year. It can be a hazardous guess. However, I may comment on a few macro trends and opportunities that would be indicative of the economy’s performance and thereby impacting the A&M industry. The Indian economy grew a solid 6.5% in 2023, outpacing most major economies. Even for 2024, the prediction from economists and RBI are pretty bullish against a backdrop of pessimism in case of other economies. I am not denying the possible grey rhino impact emanating from war, geo-political tensions, AI-led disruptions on many industries, and surprises in elections in India and other big economies, could queer the pitch of sustained growth curve in India and other countries. We are all connected in the new world and one can’t blissfully be oblivious of the aforementioned disruptions.
If Indian business environment remains stable through continuous reforms, investment in infrastructure, technological innovation , entrepreneurial initiatives and positive political environment, the india growth story would continue. And if that happens, A&M would also prosper during the year. The month of January 2024 doesn’t have enough datapoints to deterministically say the % growth that A&M industry would experience. My gut feeling suggests that the pro-active players would experience a double digit growth if I go by the bullishness in the industry.