What are the risks of India’s swelling forex kitty?

Recently, India’s forex reserves touched an all-time high of $394 billion. In fact, India is already the 8th largest economy in the world in terms of forex reserves and is expected to cross the...
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Demonetization and GST combine to put pressure on Q1 GDP…

The Reuters consensus estimate for GDP growth for the first quarter ended June 2017 was slightly lower at 6.6%. However, the GDP growth for first quarter announced on 31st August was nearly 100 b...
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Why this IPO boom may actually be different?

The Indian IPO market helped raise nearly $2 billion during the financial year 2016-17. It is estimated that in the coming year 2017-18, the IPO market will help raise nearly $5.5 billion worth of fre...
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Key takeaways from the minutes of the August MPC meet…

The minutes of the Monetary Policy Committee (MPC) held on August 01st and 02nd were published by the RBI on 16th of August. The MPC minutes essentially captures the gist of the discussions of the 6 m...
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So the INR is strengthening; but are we missing the plot?

Back in December 2016, the USD-INR was quoting at Rs.68.5/$. The rupee had weakened sharply in the aftermath of the demonetization drive and was threatening to convincingly break the lows of August 2...
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A much needed fall in the merchandise import bill…

The month of July 2017 saw a marginal 3.94% growth in exports on a YOY basis but there was a perceptible fall in imports on an MOM basis which led to the trade deficit coming down. The big worry for e...
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Retail Inflation rises: Blame it on tomatoes…

CPI inflation for the month of July 2017 came in almost 90 basis points higher at 2.36% compared to 1.46% in the month of June 2017. Of course, the July inflation is still sharply lower than the 6.07%...
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Economic survey presents “Kabhi Khushi Kabhi Gham”…

The second part of the Economic Survey for the fiscal year 2016-17 presents a fairly mixed picture of the Indian economy. There have been some positives in the form of lower inflation and the implemen...
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GST launch takes its toll on the June IIP numbers…

The IIP number for the month of June 2017 came in sharply lower at -0.1% compared to 1.7% in the previous month of May 2017. A correction in the IIP was expected in the month of June due to the impact...
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Core Sector comes in lower as energy puts pressure…

The core sector update for the month of June 2017 came in below expectations at a level of just 0.4%. As is well known, core sector accounts for 40.27% of the constituents of the IIP and hence a posit...
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