India ready for next phase of growth: SBI Chief

Dubai: India is ready to move into the next orbit of growth with the hugely successful implementation of the Covid-19 vaccination program, State Bank of India (SBI) Chairman Dinesh Kumar Khara has said.

The kind of vaccine drive the country has seen makes all the Indians proud, especially because the domestically produced vaccine is being used in a big way, Khara said at the India Pavilion at EXPO2020 Dubai.

Actually, it (rapid vaccination) has enhanced the confidence level of the common man as well as the economy, he said.

India recently achieved a major milestone in its vaccination programme against Covid-19 as the cumulative vaccine doses administered in the country surpassed the 100-crore mark.

The country has lived through one of the most challenging times and has come out of it in a very successful manner that gives the confidence that going forward, the journey should be rather easy, and we should be having a huge opportunity for growth… which I am sure will go a long way in terms of meeting the common man’s aspirations, he said.

The credit growth in the economy was quite muted for almost two years, he said, expressing hope that the capacity utilisation will improve, and help revive investment demand in the corporate sector.

Meanwhile, strong inflows in new fund offers (NFOs) and a stable SIP book helped equity mutual funds attract a net investment of nearly Rs 40,000 crore in the three months ended September 2021, a two-fold growth from the preceding quarter.

The inflow pushed the asset base of equity mutual funds (MFs) to Rs 12.8 trillion by September-end, from Rs 11.1 trillion at the end of June, data with the Association of Mutual Funds in India (Amfi) showed.

As per the data, the equity category witnessed flows to the tune of Rs 39,927 crore in September quarter, as compared to an inflow of Rs 19,508 crore in the June quarter.

Equity mutual funds have been witnessing continuous inflows since March. Prior to this, equity schemes had consistently witnessed outflows for eight months from July 2020 to February 2021.

Consistent equity inflows indicate positive sentiment among investors on the Indian equity market as the economy gains momentum, businesses rebound from pandemic disruption, abundant liquidity in the financial system and government’s supportive stance aiming at speedy economic recovery, Mohit Nigam, Head – PMS, Hem Securities, said.