Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

Led by a powerful rebound in exports (+38.1% YoY in Jul-Sep 2021, and 43.4% YoY in Jan-Sep 2021) and stronger investment spending evident in capital goods output (+19.1% YoY in August, +60.1% YoY in Apr-Aug 2021) and machinery imports (+53.1% YoY in Apr-Sep 2021), we continue to expect at least 10.5% real GDP growth in FY2021/22 (well above the IMF's forecast of 9.5%). Private consumption has been relatively sluggish, but shows signs of a pickup since September. After likely growth of 15% YoY in 1H-FY2021/22, real GDP will comfortably exceed 6% YoY growth in the second half of the fiscal year. 
The external balances remain particularly robust, with a current account surplus of 1.25% of GDP in FY2020/21 followed by a surplus of 0.9% of GDP in 1Q-FY2021/22 (Apr-Jun 2021) despite a sharply wider merchandise-trade deficit. With robust capital inflows, India's foreign reserves have risen 16% YoY to US$639.5 billion as of 8 October 2021. The fiscal deficit will likely be much smaller than the officially-projected figure, as revenues have soared while expenditure has been restrained: in the first 5 months of FY2021/22 (Apr-Aug 2021), the fiscal deficit was just 31.1% of the projected estimate for the full fiscal year -- particularly helped by the 70.5% YoY rise in net tax revenues, led by corporate tax revenue rising 160% YoY and customs duties 136% YoY. Given the robust external liquidity position, and a sharp improvement in the fiscal balance, we expect the global rating agencies to be obliged to raise India's sovereign rating by a notch over the next year. 
The strong fiscal position allows the possibility of reductions in excise duties on petroleum products to keep those prices in check as global crude-oil prices rise. CPI inflation (the RBI's inflation target) has already moderated to 4.35% YoY in September, and will likely moderate to 4% by November as the near-normal monsoon results in a bountiful kharif harvest. We expect CPI inflation to remain below 5% YoY in Jan-Mar 2022 too (despite the low base, which leads the RBI to forecast 5.8% inflation during that quarter). With inflation surprising to the downside, we think the RBI will have room for a cut in the policy rate (or other easing measures such as reductions in CRR) after the next Budget is presented. Despite challenging valuations (which will improve as the economy strengthens further and EPS growth stays robust), we recommend staying Overweight India.

Led by a powerful rebound in exports (+38.1% YoY in Jul-Sep 2021, and 43.4% YoY in Jan-Sep 2021) and stronger investment spending evident in capital goods output (+19.1% YoY in August, +60.1% YoY in Apr-Aug 2021) and machinery imports (+53.1% YoY in Apr-Sep 2021), we continue to expect at least 10.5% real GDP growth in FY2021/22 (well above the IMF's forecast of 9.5%). Private consumption has been relatively sluggish, but shows signs of a pickup since September. After likely growth of 15% YoY in 1H-FY2021/22, real GDP will comfortably exceed 6% YoY growth in the second half of the fiscal year. 
The external balances remain particularly robust, with a current account surplus of 1.25% of GDP in FY2020/21 followed by a surplus of 0.9% of GDP in 1Q-FY2021/22 (Apr-Jun 2021) despite a sharply wider merchandise-trade deficit. With robust capital inflows, India's foreign reserves have risen 16% YoY to US$639.5 billion as of 8 October 2021. The fiscal deficit will likely be much smaller than the officially-projected figure, as revenues have soared while expenditure has been restrained: in the first 5 months of FY2021/22 (Apr-Aug 2021), the fiscal deficit was just 31.1% of the projected estimate for the full fiscal year -- particularly helped by the 70.5% YoY rise in net tax revenues, led by corporate tax revenue rising 160% YoY and customs duties 136% YoY. Given the robust external liquidity position, and a sharp improvement in the fiscal balance, we expect the global rating agencies to be obliged to raise India's sovereign rating by a notch over the next year. 
The strong fiscal position allows the possibility of reductions in excise duties on petroleum products to keep those prices in check as global crude-oil prices rise. CPI inflation (the RBI's inflation target) has already moderated to 4.35% YoY in September, and will likely moderate to 4% by November as the near-normal monsoon results in a bountiful kharif harvest. We expect CPI inflation to remain below 5% YoY in Jan-Mar 2022 too (despite the low base, which leads the RBI to forecast 5.8% inflation during that quarter). With inflation surprising to the downside, we think the RBI will have room for a cut in the policy rate (or other easing measures such as reductions in CRR) after the next Budget is presented. Despite challenging valuations (which will improve as the economy strengthens further and EPS growth stays robust), we recommend staying Overweight India.  

India: Capex- & Export-Led Rebound Likely to Receive Fiscal and Monetary Fillip Too

India's exports grew 86% YoY in Apr-Jun 2021, and were 18.3% higher than in Apr-Jun 2019 (the pre-Covid times). The return to pre-Covid levels was clearest in June (+48.3% YoY, and 30% up from June 2019) and July (+47.9% YoY, and 34% above July 2019). The height of the second Covid wave did hurt industrial growth in May 2021 (up 29.3% YoY, but down 12.6% from May 2019), although industrial output surpassed 2019 levels in April; for April-May 2021, manufacturing output grew 88.8% YoY. And in 1H 2021, India's steel output (+31.3% YoY) was the fastest-growing among the world's top-10 steel producers. A real recovery is set to gather momentum in 2H 2021. The clearest evidence of a powerful economic rebound comes from the revival in net tax revenues, which were up 97% YoY in 1Q-FY2021/22, and were 26.7% of the full-year target in 1Q of this fiscal year, compared with reaching just 14.4% of the full year target in Apr-Jun 2019. However, while total government spending in Apr-Jun 2021 was 23.6% of the full-year target, it was 25.9% of full-year target in Apr-Jun 2019 -- the consequence being that the fiscal deficit in Apr-Jun 2021 was just 18.2% of the full-year target, while in Apr-Jun 2019 it had been a whopping 61.4% of the target. Fiscal prudence is helped by a surge in corporate tax revenue (+128% YoY, but also 75% higher than in Apr-Jun 2019) and soaring union excise duties (mainly on petrol and diesel, which are encouraging a shift to renewables across the energy spectrum). Remarkable fiscal prudence should ensure that deficits this year will be below target. With exports, industrial output and tax revenue soaring, the economy is set to accelerate, and comfortably achieved 11% real GDP growth this year, especially as the accelerated vaccination drive helps contain any third Covid wave.  That corporate tax revenues in Apr-Jun 2021 were 75% higher than in Apr-Jun 2019 suggests a powerful acceleration in corporate profitability. That pace of corporate profit acceleration will ensure that valuations will remain reasonable despite the steadily rising equity prices. We would recommend staying Overweight India.

India's exports grew 86% YoY in Apr-Jun 2021, and were 18.3% higher than in Apr-Jun 2019 (the pre-Covid times). The return to pre-Covid levels was clearest in June (+48.3% YoY, and 30% up from June 2019) and July (+47.9% YoY, and 34% above July 2019). The height of the second Covid wave did hurt industrial growth in May 2021 (up 29.3% YoY, but down 12.6% from May 2019), although industrial output surpassed 2019 levels in April; for April-May 2021, manufacturing output grew 88.8% YoY. And in 1H 2021, India's steel output (+31.3% YoY) was the fastest-growing among the world's top-10 steel producers. A real recovery is set to gather momentum in 2H 2021. The clearest evidence of a powerful economic rebound comes from the revival in net tax revenues, which were up 97% YoY in 1Q-FY2021/22, and were 26.7% of the full-year target in 1Q of this fiscal year, compared with reaching just 14.4% of the full year target in Apr-Jun 2019. However, while total government spending in Apr-Jun 2021 was 23.6% of the full-year target, it was 25.9% of full-year target in Apr-Jun 2019 -- the consequence being that the fiscal deficit in Apr-Jun 2021 was just 18.2% of the full-year target, while in Apr-Jun 2019 it had been a whopping 61.4% of the target. Fiscal prudence is helped by a surge in corporate tax revenue (+128% YoY, but also 75% higher than in Apr-Jun 2019) and soaring union excise duties (mainly on petrol and diesel, which are encouraging a shift to renewables across the energy spectrum). Remarkable fiscal prudence should ensure that deficits this year will be below target. With exports, industrial output and tax revenue soaring, the economy is set to accelerate, and comfortably achieved 11% real GDP growth this year, especially as the accelerated vaccination drive helps contain any third Covid wave.  That corporate tax revenues in Apr-Jun 2021 were 75% higher than in Apr-Jun 2019 suggests a powerful acceleration in corporate profitability. That pace of corporate profit acceleration will ensure that valuations will remain reasonable despite the steadily rising equity prices. We would recommend staying Overweight India.   

India: Exports Lead Industrial Rebound, While Fiscal Policy Remains Prudent

Real GDP (measured from aggregating sectoral value-addition) grew 3.7% YoY, while GDE would have grown 3.1% YoY but for a large statistical discrepancy (which subtracted 1.5pp). Fixed investment spending was up 10.9% YoY, accelerating from 2.6% YoY in the previous quarter. This is likely to remain the key driver of GDP in FY2021/22. Reflecting strong economic growth, government revenue (which is seasonally-weak in April-May) was 1/12th of the annual budgeted figure in April 2021, suggesting there will be ample scope for accelerated spending as privatization receipts flow in. The worst is over for the economy. Real GDP (derived from aggregating gross value-added in each sector of the economy) expanded 3.7% YoY in 4Q-FY2020/21 (January-April 2021), led by strong growth in manufacturing (+6.9% YoY), construction (+14.5% YoY), Utilities (+9.1% YoY), and financial, professional &amp; real-estate services (+5.4% YoY). Agriculture decelerated to 3.1% YoY growth (from 4.5% in the previous quarter, and average growth of 3.7% YoY in the previous 3 quarters), and transport, communication, broadcasting, trade and hotel services declined 2.3% YoY, but the momentum of recovery was evident across the rest of the economy.The less-reliable Gross Domestic Expenditure aggregate showed the economy expanding only a modest 1.6% YoY in 4Q-FY2020/21, but included a huge "discrepancy" item which subtracted 1.5 percentage points! Without that odd statistical discrepancy, the GDE aggregate would also have grown 3.1% YoY (far ahead of the consensus of 1.2%). The most heartening feature was the 10.9% YoY growth in fixed investment spending (accelerating from 2.6% YoY growth in the previous quarter, and following a long period of contraction). Government spending (which is just over 1/4th the size of private consumption) expanded 28.3% YoY -- partly because past food subsidies were paid out during the quarter (which would subtract from the net-indirect-tax component of GDE at market prices). Private consumption grew a modest 2.7% YoY, and net exports subtracted 3.4 percentage points from GDE, although this is where the statistical discrepancy would have widest.

Real GDP (measured from aggregating sectoral value-addition) grew 3.7% YoY, while GDE would have grown 3.1% YoY but for a large statistical discrepancy (which subtracted 1.5pp). Fixed investment spending was up 10.9% YoY, accelerating from 2.6% YoY in the previous quarter. This is likely to remain the key driver of GDP in FY2021/22. Reflecting strong economic growth, government revenue (which is seasonally-weak in April-May) was 1/12th of the annual budgeted figure in April 2021, suggesting there will be ample scope for accelerated spending as privatization receipts flow in. The worst is over for the economy. Real GDP (derived from aggregating gross value-added in each sector of the economy) expanded 3.7% YoY in 4Q-FY2020/21 (January-April 2021), led by strong growth in manufacturing (+6.9% YoY), construction (+14.5% YoY), Utilities (+9.1% YoY), and financial, professional &amp; real-estate services (+5.4% YoY). Agriculture decelerated to 3.1% YoY growth (from 4.5% in the previous quarter, and average growth of 3.7% YoY in the previous 3 quarters), and transport, communication, broadcasting, trade and hotel services declined 2.3% YoY, but the momentum of recovery was evident across the rest of the economy.The less-reliable Gross Domestic Expenditure aggregate showed the economy expanding only a modest 1.6% YoY in 4Q-FY2020/21, but included a huge "discrepancy" item which subtracted 1.5 percentage points! Without that odd statistical discrepancy, the GDE aggregate would also have grown 3.1% YoY (far ahead of the consensus of 1.2%). The most heartening feature was the 10.9% YoY growth in fixed investment spending (accelerating from 2.6% YoY growth in the previous quarter, and following a long period of contraction). Government spending (which is just over 1/4th the size of private consumption) expanded 28.3% YoY -- partly because past food subsidies were paid out during the quarter (which would subtract from the net-indirect-tax component of GDE at market prices). Private consumption grew a modest 2.7% YoY, and net exports subtracted 3.4 percentage points from GDE, although this is where the statistical discrepancy would have widest.  

Clear Recovery in Jan-Mar, Accelerating Sharply in Apr'21; Ample Scope for Stimulus

Turbo-charged by a 34% surge in public investment, a widening privatization and asset monetization program, and a credible mechanism for cleaning up banks' bad assets, India's real GDP is likely to grow 13.5% in FY2021/22. With a labour market as flexible as any in Asia, corporate taxes as low as Singapore for new manufacturers, production-linked incentives, efficiency gains from privatization, and steadily-greater lending by cleaned-up banks, real GDP will grow 10% annually over the decade ahead. Stay Overweight India. 
India's economy received a fillip from the Budget for FY2021/22, which contained a 34.5% YoY increase in public investment (particularly infrastructure), a wider focus on privatization of government-owned companies (including 3 banks and an insurer) as part of a radical agenda that includes monetization of the government's other assets and land (via the the creation of Infrastructure Investment Trusts), and steps to work out banks' bad loan problems via an asset reconstruction company (for government-owned banks) that would take over, manage and then sell the bad loans on the market.  
This fiscal year's deficit is projected to be 9.5% of GDP, although this number includes more transparent accounting, particularly by bringing food subsidies back onto the government's books (rather than onto those of the Food Corporation of India). Even with that transparency, though, the actual deficit is unlikely to be larger than 8% of GDP -- and GDP likely to be higher than the government has forecast. With the big boost to public investment, the successful vaccine rollout, labour-market reforms, production-linked incentives, broad-based and widening privatization program, and mechanisms to unclog bank lending, we expect real GDP to grow 13.5% in FY2021/22, with CPI inflation averaging 4% YoY, which will allow policy rates to decline. Given the buoyancy in tax revenues, we expect the fiscal deficit to moderate to 4.5% of GDP next fiscal year, and a virtuous circle of lower interest rates and more crowding in of private investment. 
While FY2021/22 will see the completion of eight big-ticket strategic sales of public enterprises (SCI, BPCL, ConCor, Air India, IDBI, two banks and an insurer) and one large IPO (of LIC), privatizations and asset monetization will mark the medium-term roll-out of "minimum government, maximum governance", as the government steadily withdraws from running businesses, turning them over instead to the dynamism of entrepreneurial India and FDI. A rationally cleaned-up banking system will be positioned also to fund new lending, while FDI and domestic investment help the reformed Indian economy capture an increasing share of global value chains (GVCs) fleeing China for safer shores. We expect real GDP growth of 10% annually over the 2021-30 decade, transforming India into a high-middle-income economy by the end of the decade. EPS growth too will reflect the economy's growth. Stay solidly Overweight India.

Turbo-charged by a 34% surge in public investment, a widening privatization and asset monetization program, and a credible mechanism for cleaning up banks' bad assets, India's real GDP is likely to grow 13.5% in FY2021/22. With a labour market as flexible as any in Asia, corporate taxes as low as Singapore for new manufacturers, production-linked incentives, efficiency gains from privatization, and steadily-greater lending by cleaned-up banks, real GDP will grow 10% annually over the decade ahead. Stay Overweight India. 
India's economy received a fillip from the Budget for FY2021/22, which contained a 34.5% YoY increase in public investment (particularly infrastructure), a wider focus on privatization of government-owned companies (including 3 banks and an insurer) as part of a radical agenda that includes monetization of the government's other assets and land (via the the creation of Infrastructure Investment Trusts), and steps to work out banks' bad loan problems via an asset reconstruction company (for government-owned banks) that would take over, manage and then sell the bad loans on the market.  
This fiscal year's deficit is projected to be 9.5% of GDP, although this number includes more transparent accounting, particularly by bringing food subsidies back onto the government's books (rather than onto those of the Food Corporation of India). Even with that transparency, though, the actual deficit is unlikely to be larger than 8% of GDP -- and GDP likely to be higher than the government has forecast. With the big boost to public investment, the successful vaccine rollout, labour-market reforms, production-linked incentives, broad-based and widening privatization program, and mechanisms to unclog bank lending, we expect real GDP to grow 13.5% in FY2021/22, with CPI inflation averaging 4% YoY, which will allow policy rates to decline. Given the buoyancy in tax revenues, we expect the fiscal deficit to moderate to 4.5% of GDP next fiscal year, and a virtuous circle of lower interest rates and more crowding in of private investment. 
While FY2021/22 will see the completion of eight big-ticket strategic sales of public enterprises (SCI, BPCL, ConCor, Air India, IDBI, two banks and an insurer) and one large IPO (of LIC), privatizations and asset monetization will mark the medium-term roll-out of "minimum government, maximum governance", as the government steadily withdraws from running businesses, turning them over instead to the dynamism of entrepreneurial India and FDI. A rationally cleaned-up banking system will be positioned also to fund new lending, while FDI and domestic investment help the reformed Indian economy capture an increasing share of global value chains (GVCs) fleeing China for safer shores. We expect real GDP growth of 10% annually over the 2021-30 decade, transforming India into a high-middle-income economy by the end of the decade. EPS growth too will reflect the economy's growth. Stay solidly Overweight India.  

India: Public Investment, Privatization & Bank Reform Set the Stage for Faster Growth

India offers new manufacturing units an effective corporate tax rate of 17%, a completely flexible labour market (with new employees taken on fixed-term contracts that needn't be renewed upon expiry), and production-linked incentives to encourage export-oriented industry, which will induce a strong investment revival. Base effects will help growth (with real GDP likely growing over 12% YoY) in FY2021/22 and inflation (likely falling below 4% YoY in Apr-Jun 2021), allowing further RBI rate cuts that help strengthen growth, with privatization (including large-ticket strategic sales) substantially boosting the fiscal balance.  Real GDP growth should average 10% annually in the decade ahead. Stay Overweight India, as growth will boost EPS and hence improve valuations.The  BoP current account surplus (2.1% of GDP in Jan-Sep 2020, after the latest surplus for the Jul-Sep 2020 quarter of 2.4% of GDP) provides ample room to boost domestic demand in 2021 without significantly affecting the external balances. Although the fiscal deficit soared by 40.3% YoY in April-September (the first half of FY2020/21) while the economy was largely shut down and revenues slumped, public expenditure also was restrained (declining 0.6% YoY in Apr-Sep20, and still up only 4.7% YoY in Apr-Nov20 after a good recovery in Oct-Nov20). In October 2020, gross tax revenue expanded 16.9% YoY, accelerating to 23% YoY in November 2020, and the fiscal deficit for April-November 2020 was up a more modest 33.1% YoY. Despite the improved revenue in the second half of the fiscal year, there will be scant room for fiscal manoeuvre in FY2021/22. But this year's economic reforms will provide a massive medium-term boost to the economy. The most significant are the labour reforms, which have simplified 44 codes into four simple ones (easing compliance) and allowed all new employees to be taken on fixed-term contracts. This neatly gets around the biggest problem in India's labour market (the difficulty of firing workers, which inhibits hiring), and makes India's labour market incredibly flexible. When combined with a corporate tax rate of 17% for new manufacturing units (as low as any in Asia), and production-linked incentives (PLI) for specific export-oriented sectors, India is likely to attract large inflows of FDI and domestic investment into manufacturing in 2021, as global value chains also begin shifting to India (as ASEAN and India already have an FTA, as does India have with neighbours Bangladesh, Sri Lanka and Nepal). Real GDP growth is likely to be +3% YoY in the current quarter, +7% in Jan-Mar 2021, +25% YoY in Apr-Jun 2021 (still leaving that quarter's GDP 4% below Apr-Jun 2019), 10% YoY in Jul-Sep 2021, and 8% YoY in Oct21-Mar22 -- enabling real GDP to grow over 12.5% YoY in FY2021/22. This year's structural reforms (including a diluted version of the farm reforms) will provide a medium-term boost to productivity and employment across a broad swathe of the economy, enabling real GDP to sustainably move toward 10% annual growth for the decade.  Stay Overweight India, despite the seemingly stretched valuations (which will result in a short-term correction early in 2021).

India offers new manufacturing units an effective corporate tax rate of 17%, a completely flexible labour market (with new employees taken on fixed-term contracts that needn't be renewed upon expiry), and production-linked incentives to encourage export-oriented industry, which will induce a strong investment revival. Base effects will help growth (with real GDP likely growing over 12% YoY) in FY2021/22 and inflation (likely falling below 4% YoY in Apr-Jun 2021), allowing further RBI rate cuts that help strengthen growth, with privatization (including large-ticket strategic sales) substantially boosting the fiscal balance.  Real GDP growth should average 10% annually in the decade ahead. Stay Overweight India, as growth will boost EPS and hence improve valuations.The  BoP current account surplus (2.1% of GDP in Jan-Sep 2020, after the latest surplus for the Jul-Sep 2020 quarter of 2.4% of GDP) provides ample room to boost domestic demand in 2021 without significantly affecting the external balances. Although the fiscal deficit soared by 40.3% YoY in April-September (the first half of FY2020/21) while the economy was largely shut down and revenues slumped, public expenditure also was restrained (declining 0.6% YoY in Apr-Sep20, and still up only 4.7% YoY in Apr-Nov20 after a good recovery in Oct-Nov20). In October 2020, gross tax revenue expanded 16.9% YoY, accelerating to 23% YoY in November 2020, and the fiscal deficit for April-November 2020 was up a more modest 33.1% YoY. Despite the improved revenue in the second half of the fiscal year, there will be scant room for fiscal manoeuvre in FY2021/22. But this year's economic reforms will provide a massive medium-term boost to the economy. The most significant are the labour reforms, which have simplified 44 codes into four simple ones (easing compliance) and allowed all new employees to be taken on fixed-term contracts. This neatly gets around the biggest problem in India's labour market (the difficulty of firing workers, which inhibits hiring), and makes India's labour market incredibly flexible. When combined with a corporate tax rate of 17% for new manufacturing units (as low as any in Asia), and production-linked incentives (PLI) for specific export-oriented sectors, India is likely to attract large inflows of FDI and domestic investment into manufacturing in 2021, as global value chains also begin shifting to India (as ASEAN and India already have an FTA, as does India have with neighbours Bangladesh, Sri Lanka and Nepal). Real GDP growth is likely to be +3% YoY in the current quarter, +7% in Jan-Mar 2021, +25% YoY in Apr-Jun 2021 (still leaving that quarter's GDP 4% below Apr-Jun 2019), 10% YoY in Jul-Sep 2021, and 8% YoY in Oct21-Mar22 -- enabling real GDP to grow over 12.5% YoY in FY2021/22. This year's structural reforms (including a diluted version of the farm reforms) will provide a medium-term boost to productivity and employment across a broad swathe of the economy, enabling real GDP to sustainably move toward 10% annual growth for the decade.  Stay Overweight India, despite the seemingly stretched valuations (which will result in a short-term correction early in 2021). 

India's 2020 Reforms Will Usher in a Decade of Spectacular Growth from 2021 On

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India: Capex- & Export-Led Rebound Likely to Receive Fiscal and Monetary Fillip Too

After likely real GDP growth of 15%YoY in Apr-Sep21, the fiscal coffers are full; this will allow oil excise duty cuts. With inflation below 5%,...

Prasenjit K. Basu

India: Exports Lead Industrial Rebound, While Fiscal Policy Remains Prudent

Jan-Jul21 exports up 47% YoY, with Jun-Jul 32% higher than 2019. Corp tax revenue is up 128%YoY & 75% above 2019, so fiscal deficit in Apr-Jun21...

Prasenjit K. Basu

Clear Recovery in Jan-Mar, Accelerating Sharply in Apr'21; Ample Scope for Stimulus

Real GVA rose 3.7%YoY, & (adding back a stat discrepancy) GDE was up 3.1% in Jan-Mar21. That boosted gov revenue. That & privatization to...

Prasenjit K. Basu

India: Public Investment, Privatization & Bank Reform Set the Stage for Faster Growth

Turbocharged by 34% surge in capex, a growing privatization & asset monetization program, & a credible mechanism for cleaning up banks' bad assets,...

Prasenjit K. Basu

India's 2020 Reforms Will Usher in a Decade of Spectacular Growth from 2021 On

17% corporate tax rate, an ultra-flexible labour market and performance-linked incentives to exporters will give a big fillip to investment & boost...

Prasenjit K. Basu

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