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Being disappointed over Rajan second term decission former Finance minister P Chidambaram tweeted, "I hasten to add that I'm not surprised at all.As I had said, this Govt didn't deserve Dr Rajan. Nevertheless, India is the loser"(Image Source: Reuters)
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Arun Jaitley's intent to make the NDA govt to adhere to fiscal discipline makes it easier for the RBI to continue with its accommodative stance. "This was not easy for a government which was trying to protect growth as well as preserve macro stability. Yet, it bit the bullet," the report added. (Image Source: PTI)
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In February 2 monetary policy review, RBI Governor Raghuram Rajan left the key interest rates unchanged citing inflation risks and growth concerns, while pegging further easing of monetary policy on government's budget proposals. HSBC noted that "fiscal outcome makes us more confident on our long-standing call for a 25 bps post budget rate cut by the RBI". (Image Source: Reuters)
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The HSBC report further noted that the thrust on rural India would also help balance growth contribution from urban and rural sectors and Budget 2016 is likely to drive better quality recovery in the economy. "We continue to expect that GDP will grow 7.4 per cent year-on-year in next fiscal (same as in 2015-16)," HSBC said. (Image Source: Reuters)
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On the Indian rupee, the HSBC report noted that the combination of high carry and robust fundamentals should better support the domestic unit, especially after its weaker start to the year. HSBC's year-end dollar-rupee forecast is 69. (Image Source: Reuters)
US announces new visa immigration fee for foreign nationals
