Good Bye 2023: China's blow, India's rotten boom, stock market-gold-silver also surge

Looking back at the farewell of 2023, the light of the boom came to pierce the darkness of the beginning of 2023 and due to this the name of India has started to shine in the world of economic sector. Foreign investments have breathed new life into many sectors of India. Efforts in electronics, auto mobiles and semiconductor manufacturing have made India's boom on the global stage. The rich countries of the world believed that in 2023, India will be stuck in recession and the Russia-Ukraine war will cause oil prices to rise in such a way that the economic system of India will collapse, economic experts said.

Everyone was shocked by India's rapid progress

The rating agencies of the world were also painting India's economic picture negatively but everyone was surprised by India's slow progress. After seeing India's economic boom, the world's reputed rating agencies started showing India positively. Due to which the global economic upheaval had a positive impact on India. India was on the brink of slipping into recession due to global impacts but some measures taken at the local level yielded miraculous results. The new Production Linked Incentive (PIL), Vocal for Local and Indian Semiconductor Mission (ISCM) created new opportunities in the manufacturing sector. China also had to retreat in 2023 trying to put a brake on India's economic strength. Investors withdrawing money from China directly benefited India.

India laid red carpet for world investors

India laid a red carpet for the investors of the world. Because of this, foreign investment in India has crossed 60 billion dollars. In view of the 2024 Lok Sabha elections, the government's measures to increase employment and measures like Make in India attracted manufacturers. As relations between America and China worsened, renowned companies like Apple turned to India. Due to the war between Russia and Ukraine, there was a shortage of important materials like semiconductors, India succeeded in creating an alternative system, but successfully made efforts to manufacture them in India. India is now emerging as a hub for semiconductor manufacturing. India strives to become self-sufficient and is also preparing schemes to encourage local production of important raw materials. In the field of generative artificial intelligence (AI), Open AI's Chat GPT and Google's Bard came in late 2023, and India's AI will be important in 2024. During 2023, India's stock market, gold and silver prices etc. saw a continuous rise.

Amid a record high in gold, Rs. 65,000 record

Gold prices in the country as well as overseas markets saw an overall upswing in the year going into the year and new highs have been seen in the prices. After 2 to 3 months of bullishness in the beginning of the year, there was a rebound in prices for 3 to 4 months and then prices started to rise, especially in the second half of the year, and the overall market was seen to go higher till the end of the year. The market players were stunned when the price of gold in the world market touched the high level of 2100 dollars per ounce at one stage. Recently, global prices were seen trading around 2035 to 2040 dollars per ounce. This year gold prices have gone up by 11 to 12 percent overall. Global experts were showing the possibility that even in the new year of 2024, gold prices will fluctuate and go higher.

In the backyard jewelery market, the price of gold with GST is Rs. 10 grams. Up to 65000 were seen. In the new year, the global price is expected to rise above 2100 dollars per ounce to 2200 dollars. Some enthusiastic analysts have even been seen predicting a price of $2300 to $2400. In the domestic gold price, bullish eyes are fixed on the price of Rs.70 thousand. According to the players of the world market, after seeing the interest rates going up in the year 2023 in America, now in 2024, the cycle of growth in the interest rate will break and the interest rate will go from a high point to a decrease in the world market. Due to this, economists are counting the global index of dollar to go down against various major currencies in the world market and the price of gold to go up.

When the global dollar falls, the buying of funds in global gold increases. The chairman of the Federal Reserve has recently signaled a further upward cut in interest rates as inflation comes under control in the US as global crude oil prices continue to decline from highs. Markets have found a new reason to rally in gold prices after US bond yields also rose in global markets. Meanwhile, the central banks of most countries of the world have witnessed extensive gold purchases in 2023 and according to one estimate, the total purchases of such central banks have crossed the level of around 1000 tonnes globally for the entire year. Central banks made significant purchases of gold in the previous year as well in 2022, and there are indications that the flow of such purchases will continue this year as well.