homeeconomy NewsOutlook 2023: Citi's Samiran Chakraborty sees urban demand slowing down
economy | Dec 20, 2022 5:09 PM IST

Outlook 2023: Citi's Samiran Chakraborty sees urban demand slowing down

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India was one of the fastest growing large economies in 2022 and Indian markets gave higher returns than most large markets this year. Samiran Chakraborty, Chief Economist for India at Citi and Surendra Goyal, Head of Research at Citi India discussed at length about what is in store for 2023.

India was one of the fastest growing large economies in 2022 and Indian markets gave higher returns than most large markets this year. However, the key risk is that excess savings that people made during the pandemic are coming to an end and that will impact the urban demand in 2023, Samiran Chakraborty, Chief Economist for India at Citi said on Tuesday.

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“There are headwinds from interest rate hikes in India, which will have a lagged impact, global slowdown would have an impact through net exports, and there is a base effect,” he told CNBC-TV18.
According to Chakraborty, however, the bigger story is that global strategists think the dollar will weaken in 2023 given it is at $1.15 an euro by December 2023.
Meanwhile, Surendra Goyal, Head of Research at Citi India expects valuation multiple to taper down next year. “On a relative basis - relative to EM (emerging markets), relative to yields, whichever way you look at it, it (valuation) is on the higher side in the context of where it has traded. So we do expect that that multiple tapers off a little bit,” he said.
For more details, watch the accompanying video
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