Key View

• On August 10, the Reserve Bank of India (RBI) left its key repo rate on hold at 6.50%, which is where we think it will remain until it is cut to 6.25% in Q2 2024.
• Until then, high inflation will remain a significant barrier to policy loosening, exacerbated most recently by weather-induced spikes in food inflation.

While the

Key View

• India-based generic drug manufacturers will need to regain trust in their products to safeguard their exports to developed markets.
• Intellectual property pressures will continue to threaten India’s generic drug market and the affordability of exports.
• Despite these challenges, the rise in cost-containment initiatives in the US and

Key View

• Large-scale rail investment plans will support robust rail infrastructure growth throughout the coming decade, forecast to average 6.1% annually between 2023 and 2032.
• Growth will be driven by the upgrading of existing routes, the development of dedicated freight corridors (DFCs), Metro rail construction, and the building of High

Key View

• On July 20 2023, the Government of India announced an immediate ban on the export of non-basmati white rice, which will have significant ramifications for the global rice market. It is our view that the Government of India's latest announcement has the potential to add further upward price impetus to rice export quotations.
• We

Key View

• We believe that the Government of India’s July 20 decision to introduce an immediate ban on the export of non-basmati white rice will have both material implications for Indian inflation as well as substantial ramifications for trends in the global rice market. The immediate prompt for the decision was the June rise in the rate of

Key View

• India's solar and wind equipment manufacturing sector has been growing prominently over the past year, and we expect the market to increase its capabilities to export equipment, supporting international renewable power ambitions. Although, the market will still depend on solar equipment imports for the short term.
• The government has