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INDIA:  Country Wrap:  Modi’s Growth Targets Present Challenges. 

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  • In India, run-rates matter for the economy as much as they do in the nation’s beloved sport of cricket. To meet Prime Minister Narendra Modi’s target of turning India into a developed nation by 2047, the economy would need to hit close to 8 per cent growth every year until then. Ambition is good but to stand a chance of achieving it, India needs to match it with an equally bold agenda of economic reforms.  (source: The Financial Times).
  • India's banking sector needs USD 4 trillion in capital over the next twenty years to achieve its goal of becoming a developed economy by 2047, according to a report by HSBC Mutual Fund. To support this growth, financial assets must grow 19 times, and banking assets 14.5 times from their current values, significantly boosting economic expansion. (Source: India Economic Times).
  • As Indian markets get going on their trading day the NIFTY 50 is opening very weak, down -0.45% in what could be a fifth successive day of declines.
  • INR: the rupee is opening stronger today by +0.67% at 86.89 on market speculation that the RBI is likely to intervene.
  • Bonds:  India’s IGB 10YR is rallying again at 6.689%, -2.5bps lower at the open. 
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  • In India, run-rates matter for the economy as much as they do in the nation’s beloved sport of cricket. To meet Prime Minister Narendra Modi’s target of turning India into a developed nation by 2047, the economy would need to hit close to 8 per cent growth every year until then. Ambition is good but to stand a chance of achieving it, India needs to match it with an equally bold agenda of economic reforms.  (source: The Financial Times).
  • India's banking sector needs USD 4 trillion in capital over the next twenty years to achieve its goal of becoming a developed economy by 2047, according to a report by HSBC Mutual Fund. To support this growth, financial assets must grow 19 times, and banking assets 14.5 times from their current values, significantly boosting economic expansion. (Source: India Economic Times).
  • As Indian markets get going on their trading day the NIFTY 50 is opening very weak, down -0.45% in what could be a fifth successive day of declines.
  • INR: the rupee is opening stronger today by +0.67% at 86.89 on market speculation that the RBI is likely to intervene.
  • Bonds:  India’s IGB 10YR is rallying again at 6.689%, -2.5bps lower at the open.