Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

PK Basu has 35 years experience covering Asia's economies and markets (equities, fixed income and currencies), including 20 years covering the global economy. He was Chief Economist (SE Asia & India) at Credit Suisse First Boston for 5 years, and Chief Asia (x-Jpn) Economist at Daiwa Securities for a similar period. Among other roles, he was global head of research at Maybank Kim Eng, Malaysia equity research head and chief ASEAN economist at Macquarie, Chief Economist at ICICI Securities, ASEAN economist and Asia sector strategist at UBS and the first chief economist at Khazanah Nasional (where he was co-head of research, and led all agri-business initiatives). PK Basu started his career in the Asia Service of WEFA (Wharton Econometrics) in Philadelphia in 1990, rising to be Director of their Asia Service in June 1994. 
PK's book, "Asia Reborn: A continent rises from the ravages of Colonialism and War to a New Dynamism" won the Tata Literature First Book Award (non-fiction) for 2018. It is the first single chronicle of the modern economic and political history of the whole of Asia (from Iraq and Turkey to Korea and Japan, and everything in between), told from an Asian perspective.

Chief Economist & Political Strategist

India: EU FTA, US Tariff Reductions Dovetail with Budget's Manufacturing Focus

India-South Korea FTA 2026: What Can We Expect if It Plays Out?

India-New Zealand FTA: What Lies Beneath The "Once-In-A-Generation" Agreement?

India Twin Deficit Watch: CAD Shrinking to 0.2% of GDP, Fiscal Deficit Back on Target

India: A Budget to Revive PCE, Labour-Intensive Exports & Urban Governance

India: 8.2%YoY Growth in Q2FY26; to Accelerate to 9%YoY in Oct'25-Sep'26

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

<ul>
<li>The fiscal deficit for CY25 was 4.2% of GDP (below the 4.4% target for FY26), the primary deficit 0.8% (exactly the FY26 target), aided by monthly surpluses in Dec'25. </li>
<li>Non-Tax revenue (mainly PSU dividends) reached 93% of the FY26 target in the first 9 months. Corporate tax revenue rebounded 15.1%YoY, offsetting the deceleration in income tax after rate cuts. </li>
<li>Unless there is an increased 'Assignment to States', the fiscal deficit is likely to be lower than the FY26 budget target, providing modest room for accelerated spending in FY27. </li>
</ul>


The fiscal deficit for CY25 was 4.2% of GDP (below the 4.4% target for FY26), the primary deficit 0.8% (exactly the FY26 target), aided by monthly surpluses in Dec'25. 
Non-Tax revenue (mainly PSU dividends) reached 93% of the FY26 target in the first 9 months. Corporate tax revenue rebounded 15.1%YoY, offsetting the deceleration in income tax after rate cuts. 
Unless there is an increased 'Assignment to States', the fiscal deficit is likely to be lower than the FY26 budget target, providing modest room for accelerated spending in FY27. 


S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

India: Fiscal Deficit Set to Be Lower Despite IT and GST Cuts, Amid Strong Direct Taxes