In September 2023, private insurance companies sold approximately 7.3 lakh policies, and their first-year premiums grew by 10.7% YoY to Rs 12,590 crore.
In contrast, LIC sold around 14.8 lakh schemes but saw a 27.5% YoY decline in first-year premium to Rs 18,126.3 crore. Its market share also declined to 59%.
In September, the Nifty 50 and Nifty 500 indices rose by 2% and 2.2%, respectively, on the back of cooling inflation and an upbeat earnings outlook. However, a surge in oil prices due to ongoing OPEC+ production cuts halted the market rally temporarily that month.
September 2023 saw a contraction in Wholesale Price Index (WPI) inflation, and a fall in Consumer Price Index (CPI) inflation. The unemployment rate fell to a one-year low, while Foreign Institutional Investment (FII) reported an outflow. Crude oil prices rose, and consumption decreased. Service PMI and manufacturing PMI indicated growth during September.
In September 2023, the automobile industry saw a 20.4% YoY increase in retail sales, amounting to 18.8 lakh units. Breaking it down, two-wheeler sales surged by 21.7% YoY, reaching 13.1 lakh units, and car sales grew by 19% YoY, totaling around 3.3 lakh units.
All segments of the industry, except for Tractor OEMs, observed a MoM and YoY rise during this period.
The Indian IT sector is expected to deliver modest results at best, in the traditionally strong July-September quarter. As macroeconomic conditions have stayed largely unchanged over the past few months, the sector is seeing cuts in discretionary spending, and delays in deal conversions.
The total value of credit card transactions rose by 32.2% YoY to Rs 1,48,984.8 crore in August 2023. The number of cards outstanding also increased by 17% YoY. Private sector banks grew by 37.1% YoY in terms of value of transactions.
Automobile wholesales of listed companies rose by 2.5% YoY to 15.5 lakh units in September, while exports increased by 3.1% YoY to 2,52,396 units. Domestic two-wheeler wholesales of listed companies increased by 0.8% YoY to around 11 lakh units and passenger vehicles rose by 2.8% YoY to 2.4 lakh units.
The great hope of the Indian government’s much-celebrated Production Linked Incentive (PLI) schemes is to build powerful, globally competitive businesses across Indian industries Launched as part of the Atmanirbhar Bharat campaign, the PLI scheme hopes to make India a manufacturing powerhouse, through incentives for sales of domestically manufactured products.
