The Latest: Across March 2024, the landscape of India’s pharmaceutical sector has witnessed a notable shift as numerous global pharmaceutical companies have been forging strategic alliances with Indian firms to enhance their market penetration in the country. On March 27 2024, Dr. Reddy’s Laboratories announced an exclusive partnership with

Key View

• We still think the ruling Bharatiya Janata Party will handily win the Lok Sabha elections which will kick off on April 19.
• Reform prospects would remain mixed under a prospective third Modi government.
• The BJP’s preference for religious appeals risks inflaming sectarian tensions, which could derail India’s rise as an investment

Key View

• We forecast that India’s wheat production will rise to 110mn tonnes in 2023/24, which will represent an all-time record harvest volume. While India’s wheat crop maintains a minimal exposure to current drought conditions in southern states, including Karnataka, above-average rainfall in Uttar Pradesh and other major wheat-producing

Key View: The new trade agreement between India and several markets in Europe will act as a key catalyst in opening up India's consumer market to foreign luxury watchmakers. Typically one of the first aspirational jewellery purchases, a growing upper-middle class in India will offer strong low base and organic growth in consumer spending over

The Latest: On March 5 2024, the India-based e-commerce giant Flipkart announced a USD54mn investment into Myntra, an India-based fashion e-commerce platform, a subsidiary company of Flipkart. This follows a similar investment in March 2023 of USD105mn. Flipkart's investment into Myntra comes after the US-based Walmart, the largest shareholder

Key View: We hold a positive outlook for consumer spending in India over 2024, as the wider Indian economy recovers and growth figures return to a more stable medium-term trajectory. High-frequency data indicate that consumer confidence is at the highest since 2019 and have returned to pre-Covid levels, suggesting that consumer spending on big

Key View

• The economy grew by 8.4% y-o-y in Q4 2023 according to expenditure data but production data show a 6.5% rise in GDP instead.
• We are therefore not convinced that activity picked up and are sticking to our narrative that the economy is set to slow over the coming quarters.
• Prolonged Red Sea disruptions are a key downside risk to

Key View:

• We anticipate that the impacts of climate change on agricultural production will intensify in the medium to long term, which we believe will encourage the development of novel crops, technologies and practices as a means to mitigate food security risks. We have identified the rise of state- and multinational-sponsored initiatives

The Latest: On February 26 2024, Pfizer took a significant step to foster innovation in India's burgeoning startup ecosystem, particularly in the healthcare sector. The drugmaker unveiled a strategic partnership with the National Institute of Pharmaceutical Education & Research (NIPER) in Ahmedabad, India. This alliance is focused on empowering

Key View

• The RBI left policy settings unchanged, as we and the consensus had been expecting.
• We still expect the Bank to begin easing at its next meeting in Q2 2024, but Houthi attacks in the Red Sea have introduced significant uncertainty.
• We also maintain our call that the Bank will lower its policy rate to 5.5% by end-2024.

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