According to a report, India's growth will slow to 5.9% in 2023.

Goldman Sachs predicts Indian economy will grow 5.9 percent in 2023, down from 6.9 percent increase last year . Brokerage also predicts that benchmark Nifty will reach 20,500 level by December 2023 .

Mumbai: Goldman Sachs, a Wall Street brokerage, reported today that the Indian economy is predicted to grow 5.9 percent in 2023, down from a 6.9 percent increase last year.On the back of two successive years of resurgent gain, Goldman Sachs also predicted that the benchmark Nifty will reach the 20,500 level by December 2023.The brokerage has set a 12-percent price rise for 2023, boosted by mid-teen earnings growth and a modest PE (Price to Earnings) compression.The benchmark Sensex is not expected to grow in 2022, with a slower first half as the reopening boost fades and monetary tightening has weighed on domestic demand.Growth is expected to re-accelerate in the second half as global growth recovers, net export drag decreases, and the market cycle begins to recover.

The repo rate would rise to 6.75 percent by February next year, according to Goldman Sachs, as the domestic market has been a strong outperformer with stronger fundamentals but at a premium for the past two years.It expects the Asian markets, led by Korea, to perform better on China reopening catalysts and global recovery expectations in 2024, as it believes the domestic market, which is primarily a market-weight market, is less likely to outperform for the third year in a row.

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