Key View

• The road sector will be a solid driver of growth in India, boosted by government initiatives to build a robust, nationwide network of highways.
• We expect measures to increase private sector participation in road building, such as steps to make public-private partnership financing more attractive, although we note a reliance on more

Key View

• Real GDP in India grew by 0.4% y-o-y growth in the third quarter of FY2021 (April 2020-March 2021), from an upwardly revised contraction of 7.3% y-o-y in the second quarter of FY21.
• From an expenditure approach, the recovery was driven by a markedly smaller contraction in private consumption and government consumption, while gross

Key View

• Healthcare in India is beset with multiple challenges.
• Expansion of digital healthcare will make healthcare more affordable and accessible.
• The advent of telecare in India will be of strategic importance to pharmaceutical firms.

Healthcare in India is beset with multiple challenges. The healthcare system performs poorly on

Key View

• India’s medical device market will continue to record solid growth with a good recovery expected following Covid-19, boosted by government initiatives.
• Healthcare expenditure has increased in 2020 but public percentage of health expenditure has fallen.
• Vaccine hesitancy in the country will provide headwinds to the recovery outlook

Key View

• The Reserve Bank of India (RBI) held its policy repurchase (repo) rate at 4.00% at its February 5 monetary policy meeting.
• However, it announced that it would begin a phased increase to the cash reserve ratio for banks from March to May, as well as a number of measures to extend the existing accommodative monetary policy stance and

Key View

• The OTT-telco partnership in the India video streaming sector will evolve even further as the commoditisation of the existing bundling model will eventually become unsustainable for OTT players.
• The pandemic has greatly boosted the uptake of paid OTT video services in India, although slow improvement in household income profiles

Key View

• We at Fitch Solutions maintain our view that the Reserve Bank of India will lower its policy repurchase (repo) rate by another 50bps by the end of FY22 (April 2021 – March 2022), with our forecasts specifically looking at 25bps at the last FY21 policy meeting in February 2021 and another 25bps by end-FY22.
• Accordingly, we expect the

Key View

• India’s real GDP contracted by 7.5% y-o-y in Q2 of FY21 (April 2020-March 2021), easing from a 23.9% y-o-y contraction in the first quarter.
• The recovery was led by manufacturing, construction, and the ‘trade, hotels, and transport’ category, and we believe this to be due to a combination of pent-up demand from the first quarter as

Key View

• We at Fitch Solutions view the US election outcome as having mixed implications for India.
• A Biden administration will likely entail stronger cooperation among major democracies including India to counterbalance a rising China, especially given that the US’ hardline stance on China enjoys bipartisan support.
• On trade, India-US

Key View

• The impact of Covid-19 will mean that India's economic growth will slow down significantly over the forecast period (2020-2024). We note that household disposable incomes will feel the pressure as a consequence of a decelerating economy, with real wages forecast to be under pressure over 2020-2024, making consumers more price