The Indian personal financial market is developing quickly, from the launch of UPI to the appearance of novel new products. It is hardly surprising that the personal finance industry is booming given the exponential growth of the Indian economy.
The Indian personal financial industry is developing quickly, with UPI’s launch and the appearance of novel new products being two recent examples. In India, there are a few fascinating personal finance trends to watch for in 2023.
1) Buy Now Pay Later (BNPL)
A recent and expanding trend in the official Indian economy is called “Buy Now Pay Later” (BNPL). According to Amit Gupta, MD, SAG Infotech, “this is a growingly popular payment option that lets consumers to buy goods and services today and pay for them tomorrow, making it a terrific method for individuals to manage their money in the near term.”
Top Ashish Aggarwal, Director, Spacemantra, predicts that BNPL usage would increase over the next few years. On the other hand, credit losses are predicted to rise sharply, and the industry is going to start losing its unchecked social position in a number of market categories. Rapid expansion is therefore seen as a short-term idea rather than a long-term paradigm shift.
2) Exchange Traded Funds (ETFs)
ETFs, according to Amit Gupta, are inexpensive, diversified investments that let investors to make investments in a range of assets without having to select specific stocks.
3) Property Investing
As a long-term investment, owning a home is more alluring than ever. According to Suren Goyal, Partner at RPS Group, secondary house purchases will rise in 2022 as more people realize the advantages of real estate investment. The market was likewise vulnerable during this time, but real estate held up well while all other assets struggled. It appears to be a safe and secure investment as a result of this.
4) P2P lending
According to Amit Gupta, peer-to-peer lending is a decentralized credit system that enables direct transactions between lenders and borrowers.
5) Stock exchanges
It’s simple to symbolically set your money on fire by attempting to time the market in real life. “Time in the market is more significant than time out of the market,” always keep in mind.
According to Amber Pabreja, founder and CEO of Trendlyne, investing in outstanding firms through ups and downs enhances your portfolio.
Excellent investing advice is similar to good nutrition advice: everything in moderation (and avoid the awful foods),” Amber added. “Don’t buy all at once, and don’t be all in on one stock/sector.”
When investing in stocks, buy them in regular installments and maintain portfolio diversification. In the event of an unanticipated decline in one stock or industry, this will assist you manage your risks, he noted.
Read more – India’s emerging economy would face a worsening finance crisis in 2023
