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Higher Crude Raises Prospect Of Inflation Overshoot

INDIA

Crude futures rose over 5% yesterday which is expected to weigh on Indian bonds as the prospect of an inflation overshoot returns to the fore. Markets await a state debt sale today with a total target amount of INR 112bn.

  • Elsewhere Indian FinMin Sitharaman said yesterday that the government has plans to raise INR 6tn through a scheme of leasing out state-owned infrastructure assets over the next four years with the aim of funding capex without putting further pressure on government finances. This initiative has long been expected.
  • On the coronavirus front India's vaccine panel Chief Arora said that India should have up to 1.2bn vaccine doses by the end of 2021 and is set to approve six domestic inoculations by the end of this year, adding that it will provide vaccines to other countries in 2022.

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