India's GDP may surprise on the downside in FY24, says Shankar Sharma

Shankar Sharma, the founder of GQuant Investech believes India's gross domestic product (GDP) number may surprise on the downside in the financial year 2024. While sharing his insights on the Indian economy’s future, Sharma told CNBC-TV18, that he sees India's FY24 GDP growth at only 4-4.5 percent, which is not as high as many would like to believe.

However, Sharma does not see a big bank/macro trade if India's GDP growth remains at 4-4.5 percent in FY24. He believes that India is nowhere close to a bear market.

“We are not in a bear market and I don’t think we are anywhere close to being in a bear market. Structurally, India is far better than most other countries in the world which will ensure that we don’t have a bear market,” he said.

Sharma also said that he does not think India is going to have a roaring bull market, and he does not expect a broad bull market either.

“I do not think we are going to have a roaring bull market. It is a problematic market. India will do better than the rest – but whether the Nifty or Sensex will deliver 20 percent in 2023, I don’t think that is going to happen,” he mentioned.