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INDIA: India Country Wrap:  India PMIs Remain Very Strong . 

INDIA
IndiaEM BulletBulletAPACEmerging Market News

 

  • India’s economic growth slowdown is temporary and the country can still achieve faster expansion in the future to reach Prime Minister Narendra Modi’s goal developed country goal in coming decades, a top official said.  “It’s premature to say that we are destined to grow at 6.5% for the longer term,” India’s Chief Economic Adviser V. Anantha Nageswaran told Bloomberg TV’s Haslinda Amin in an interview on Monday. “When the global conditions change, we will grow at much higher rate.” (source: BBG)
  • Prime Minister Narendra Modi gave India’s middle classes significant tax relief in his budget to cushion the economy against global headwinds, but provided little direct support to the millions of unemployed who voted against him last year. India’s finance minister on Saturday unveiled a record $11.5 billion in tax cuts that will spare 10 million more Indians from income tax. Other measures included new subsidies for farmers and tariff reductions.  (source: BBG)
  • India’s January HSBC India Manufacturing PMI came in a +57.7, from +58 in December.  Output rose to +60.1 from +59 in December and new orders we up from the month prior.  For new orders it was the highest reading since mid-year last year.  India’s Central Bank meets this week with market observers mixed as to their course of action.  Today’s data shows there is no rush to cut rates.
  • As is the case with regional peers today, India’s NIFTY 50 is opening weak, down  -0.75%
  • INR:  is caught in the tariff cross fire down -0.55 at 87.10.
  • Bonds: Unsurprisingly (given the volatility) bonds are opening strong with the 4YR -4.5bp at 6.604% and the 10YR -3.5bp at 6.664%. 
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  • India’s economic growth slowdown is temporary and the country can still achieve faster expansion in the future to reach Prime Minister Narendra Modi’s goal developed country goal in coming decades, a top official said.  “It’s premature to say that we are destined to grow at 6.5% for the longer term,” India’s Chief Economic Adviser V. Anantha Nageswaran told Bloomberg TV’s Haslinda Amin in an interview on Monday. “When the global conditions change, we will grow at much higher rate.” (source: BBG)
  • Prime Minister Narendra Modi gave India’s middle classes significant tax relief in his budget to cushion the economy against global headwinds, but provided little direct support to the millions of unemployed who voted against him last year. India’s finance minister on Saturday unveiled a record $11.5 billion in tax cuts that will spare 10 million more Indians from income tax. Other measures included new subsidies for farmers and tariff reductions.  (source: BBG)
  • India’s January HSBC India Manufacturing PMI came in a +57.7, from +58 in December.  Output rose to +60.1 from +59 in December and new orders we up from the month prior.  For new orders it was the highest reading since mid-year last year.  India’s Central Bank meets this week with market observers mixed as to their course of action.  Today’s data shows there is no rush to cut rates.
  • As is the case with regional peers today, India’s NIFTY 50 is opening weak, down  -0.75%
  • INR:  is caught in the tariff cross fire down -0.55 at 87.10.
  • Bonds: Unsurprisingly (given the volatility) bonds are opening strong with the 4YR -4.5bp at 6.604% and the 10YR -3.5bp at 6.664%.