India: Abundant Green Shoots of Recovery, but FY20 Fiscal Math Remains Challenging
The FY2019/20 fiscal targets will be missed by wide margins, but strategic sales (BPCL, SCI, Concor) will occur early in the next fiscal year. Net...
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RBI Too Cautious: Shrinking Twin Deficits Allow Room for More Aggressive Rate Cuts
The RBI cut its policy rate by just 25bp on Friday (October 4th), to 5.15%, bringing the total reduction this year to 135bp. We expect the policy...
682 Views
India: Reaganesque Tax Cuts Will Spur a Strong Economic Recovery
FM Nirmala Sitharaman announced a dramatic reduction in the corporate tax rate to 22% (from 30%) for any company willing to forego all exemptions....
692 Views
Fears of US-China Currency War and Flagging Global Growth Fuel Monetary Easing in EM
On 5 August, the Chinese currency finally broke the psychological threshold of 7 vs. USD. Later on the same day, the US State Department...
574 Views
Liquidity Unclogged, a Vision for Economic Transformation but Light on Fiscal Detail
FM Nirmala Sitharaman's debut Budget Speech skipped all mention of the fiscal deficit target, or the arithmetic of spending and expenditure. That...
609 Views