India is on track to become a global manufacturing centre, driven by its rapid economic growth and strategic initiatives, according to a report by the global financial services firm Lazard.

The report, “Outlook on Emerging Markets,” highlights India’s strong demographic advantage, projecting significant growth until 2060 due to its young and expanding labour force.

With nearly 80 per cent of its population under the age of 50 and a rising middle class experiencing real wage growth, India is poised to benefit from a substantial demographic dividend.

The report credits the first two terms of PM Modi’s government with succeeding in “stabilising India’s macroeconomy, integrating millions into the digital economy, and implementing tax and other reforms.”

It also pointed out that PM Modi’s plan to transform India into a developed country by 2047 is set to remain a central goal during his third term as well. However, the report also notes that there are some challenges in the education and agriculture sectors.

Contributing to India’s digital inclusion, fintech Non-Bank Financial Companies (NBFCs) sanctioned nearly 9 crore loans worth Rs 98,111 crore in FY24, doubling their share in six years, a report showed on Monday.

This accounts for 65 per cent of loan sanction volume and 11 per cent of the loan sanction value in the overall personal loan market in FY24, according to leading industry body, the Fintech Association for Consumer Empowerment (FACE).

From FY19 to FY24, fintech loans' share in sanction volume increased from 30 per cent to 65 per cent and in sanction value from 4 per cent to 11 per cent.

“An expanding digital economy nurtured by public policy, infra and regulations creates fertile ground. The backdrop is moving - customer needs, regulations, technology, funding position. Technological developments, in particular, bring new prospects and risks,” said Sugandh Saxena, CEO, FACE.

Union Minister of External Affairs S. Jaishankar addressed the Quad Foreign Ministers' meeting in Tokyo as he opened it in the presence of his counterparts and dignitaries from Australia, Japan and the US on Monday.

The highlight of the address was the discussion on deepening their collaboration on economic, security and humanitarian issues in the Indo-Pacific region.

“There is much to talk about, agree on and plan ahead,” he said.

Referring to the current dynamics on the global front, Jaishankar said: “These are not easy times, a major challenge is to ensure global economic growth while also derisking it. Supply chains are a particular focus for resilience as we push for transparent digital partnerships.”

Indian equity indices opened at an all-time high on Monday following positive sentiment in the global peers.

At the start of the trading session, Sensex and Nifty made a new all-time high of 81,749 and 24,980.

At 9:37 a.m., Sensex was at 81,679, up 347 points or 0.43 per cent, and Nifty was up 84 points or 0.34 per cent at 24,919.

Banking stocks lead the markets. Bank Nifty is up 590 points or 1.15 per cent at 51,881.

Buying is also seen in the smallcap and midcap stocks. The Nifty midcap 100 index is up 376 points or 0.65 per cent at 58,144 and the Nifty smallcap 100 index is up 210 points or 1.72 per cent at 19,064.

Indian stock market witnessed a stellar rally in the Budget week. Last week, Sensex and Nifty surged by 728 points or 0.90 per cent and 303 points or 1.24 per cent respectively. This was the eighth consecutive week when the market closed with gains.

This is the first time since January 22, 2018 that the market has continued to rise for such a long period.

On a weekly basis, Tata Motors (13 per cent), HDFC Life Insurance (10.6 per cent), Sun Pharma (9.3 per cent), NTPC (8.7 per cent), BPCL (8.2 per cent), Titan (7.2 per cent), SBI Life Insurance (6.3 per cent) and Cipla (6 per cent) were the top gainers in the Nifty pack.

The foreign portfolio investor (FPI) community, which is set to play a major role in positioning India as the third largest economy in the world, has pumped in nearly 52,910 crore in equity and debt this month (till July 26).

FPIs were consistent buyers as the Union Budget 2024-2025 focused on fostering a stable and mature equity investment environment.

Market experts, citing the data by National Securities Depository Limited (NSDL), said that FPIs have invested Rs 33,688 crore in equity and Rs 19,222 crore in debt so far this month (July 26).

For the full year-to-date, FPI investment in equity stands at Rs 36,888 crore and Rs 87,846 crore in debt in the country.

Finance Minister Nirmala Sitharaman decreased income tax and increased standard deduction rebate in the Union Budget 2024-25. This move by the government is likely to boost FMCG sector growth.

According to marketing research firm Kantar Worldpanel, "The FMCG sector is expected to register 6.1 per cent yearly growth in FY 2024-25 in the rural market, which was 4.4 per cent last year. However, the FMCG sector’s growth in the urban market remained flat at 4.2 per cent in this fiscal."

According to the report released by Kantar Worldpanel, volumes in rural market could equal those in the urban market, which is higher at present.

Shares of state-run insurer Life Insurance Corporation of India (LIC) on Friday touched a new lifetime high of Rs 1,178.60 on the Bombay Stock Exchange (BSE).

Earlier the stock had hit its lifetime high of Rs 1,175 a share, on February 9 this year.

LIC's shares have rallied almost 80 per cent over the last one year, following strong operational performance or positive sentiment for PSU shares among the investors.

The stock has given 38.61 per cent return much higher than the benchmark index, Sensex and Nifty which have given a return of 11.24 per cent and 12.86 per cent, respectively.

The company's market capitalisation reached Rs 7.34 lakh crore, securing its position as the eighth-largest listed company in India and the second foremost among government-listed PSU companies after the State Bank of India.

Indian equity indices opened in the green on Friday following positive global cues.

At 9.43 a.m., Sensex was up 329 points or 0.41 per cent, at 80,373 and Nifty was up 118 points or 0.48 per cent, at 24,524.

Buying is seen in the broader markets. Nifty midcap 100 index is up 711 points or 1.25 per cent, at 57,453. Nifty smallcap 100 index is up 74 points or 0.40 per cent, at 18,747.

Among the sectoral indices, Metal, IT, PSU Bank, Pharma, Metal, Realty, Energy, and Infra are the major gainers. FMCG and private bank indices are trading under pressure.

Indian equity indices opened in the deep red on Thursday following negative cues from global markets.

At 9.43 a.m., Sensex was at 79,697, down 450 points or 0.56 per cent and Nifty was down 125 points or 0.51 per cent at 24,288.

Midcap and smallcap stocks are seeing less decline. The Nifty Midcap index is down 225 points or 0.40 per cent at 56,647 and the Nifty Smallcap index is at 18,672, down 50 points or 0.27 per cent.

Among the sectoral indices, Metal, realty, pharma, IT, PSU bank and energy index are major laggards. FMCG and Media index are major gainers.

Banking shares are leading the fall. Nifty Bank is down by 551 points or more than one per cent at 50,756.