A Year in Review: Key Milestones in the Indian Financial Markets of 2023
As we bid farewell to 2023, let's take a moment to reflect on the significant events and developments that shaped the landscape of the Indian financial markets throughout the year. From advancements in technology to policy changes and impressive market performances, the year unfolded with a series of noteworthy highlights.
January: Embracing Technology
- Non-Resident Indians (NRIs) gain access to UPI, marking a significant stride in financial inclusivity.
- India takes the lead globally by implementing T+1 trade settlement, streamlining the transaction process.
February: Taxation and Digital Transactions
- Changes in income tax slab rates impact individual taxpayers.
- Credit cards become available on UPI, offering users a seamless and integrated digital payment experience.
March: Financial Policy Adjustments
- Long-Term Capital Gains (LTCG) benefits on debt funds are discontinued.
- Relief on customs duty continues, influencing trade dynamics.
April: UPI Empowers IPOs
- The UPI limit for Initial Public Offerings (IPOs) increases to 5 lakh, facilitating a more extensive participation in the market.
- Goods and Services Tax (GST) collections reach an impressive 1.87 trillion.
May: India’s Growing Market Presence
- India climbs to become the 5th largest equity market globally, underscoring its economic strength.
June: Economic Growth and Population Milestone
- India’s Gross Domestic Product (GDP) experiences robust growth, reaching 7.8%.
- India becomes the most populated nation, reflecting demographic shifts.
July: Market Efficiency Initiatives
- SEBI focuses on instant settlement, aiming to enhance efficiency in the securities market.
- The launch date for Bima Sugam is announced, introducing a new avenue in the insurance sector.
August: Market Operations and Demat Accounts Surge
- IPO options adopt T+3 operations, influencing trading dynamics.
- The highest number of Demat accounts is added in a single month, reflecting increased investor participation.
September: Global Recognition and UPI Enhancements
- Indian bonds gain inclusion in a global bond index, attracting international investments.
- UPI introduces four new features, enhancing its versatility and user experience.
October: IPO Dominance and Credit Card Milestone
- India secures the 2nd position globally in the number of IPOs launched in a year.
- The highest credit card spending in a month is recorded, showcasing increased consumer confidence.
November: Systematic Investment Plans (SIP) and Economic Outlook
- SIP amounts surpass $2 billion, indicating a robust trend in systematic investing.
- India’s GDP exceeds the forecast by the Reserve Bank of India (RBI).
December: Mutual Fund Milestone and Market Peaks
- Mutual Funds' Assets Under Management (AUM) cross ₹50 lakh crore, underlining the growing popularity of investment vehicles.
- Indian equity markets touch an All-Time High (ATH), culminating the year on a positive note.
The year 2023 has undoubtedly been a dynamic and transformative period for the Indian financial markets, marked by technological innovations, regulatory adjustments, and remarkable market performances. As we step into the new year, these milestones will likely serve as catalysts for further growth and evolution in the financial landscape.
