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.

The Reserve

The Latest: On January 31 2024, the Embassy of Indonesia held the India-Indonesia Business Forum 2024. This event was aimed at promoting economic relations and nurturing growth and success for both countries. The forum focused on attractive and potential sectors for collaborations including pharmaceutical, consumer goods, transportation

Key View

• The launch of India's National Single Window System will streamline medical device regulatory processes, benefitting both domestic producers and multinational manufacturers.
• India’s medical devices market will register high single-digit growth over our forecast period, led by other medical devices.
• The market will continue to

The Latest: On January 15 2024, Barista, an India-based coffee chains, announced plans to expand its retail presence by doubling its number of outlets to 800 over the next five years. This growth strategy includes a mix of company-owned, franchised, and Franchise Owned Franchise Operated (FOFO) models. The expansion will focus on metro cities as

Key View

• We expect PM Modi and the Bharatiya Janata Party to score another landslide win at the upcoming 18th Lok Sabha elections due in mid-2024.
• However, PM Modi’s enduring popularity despite a patchy reform track record does not bode well for reform momentum heading into a putative third term.
• We therefore remain circumspect about the

Key View

• The Reserve Bank of India kept its monetary policy settings unchanged at its December meeting, as was widely expected.
• While a renewed rise in food prices means headline inflation should pick up through year-end, we do not think that will prompt the Bank to hike at its next meeting in February 2024.
• We still expect rate cuts in Q2

The Latest: The Indian government has approved INR30bn (USD360mn) of collective investments by 27 major electronics manufacturers to encourage more domestic IT hardware production. The development highlights that India’s USD2bn incentive scheme to attract electronics companies is starting to paying off, and improves on some previous attempts that

Key View

• India has continuously announced expanded plans and targets for its renewables sector, signalling the market's growing push for low carbon power. 
• We maintain our view that India's plans for its renewables sector growth are ambitious supported by the limited construction progress of renewable power projects and delays on releasing

The Latest: On October 20 2023, Roche Pharma India launched its Clinical Trial Excellence project in the country with an objective to strengthen the capabilities of public health institutions to conduct clinical trials and drug research in the country. Roche has engaged Quinary Clinical Research, a clinical research organisation, to implement the

The Latest: In October 2023, the Abu Dhabi Investment Authority (ADIA) announced an investment of USD600mn into India's largest retail conglomerate Reliance Retail. This follows the announcement of a USD250mn and USD1.0bn investments by the US-based investment firm KKR & Co and the Qatar Investment Authority respectively. Reliance Retail has more