Key View:

• India’s commitment to being an export hub for green hydrogen supports our view that India will remain a strong performer for hydrogen rewards in our Hydrogen Suitability Index between 2021 to 2030.
• Increasing interest from conglomerates to develop India’s green hydrogen sector will support the improvement of the market’s green

Key View

• We maintain a bullish outlook for India’s economy and forecast strong real GDP growth of 8.6% in FY2022 (March-April) and 7.6% in FY2023, although our estimates are slightly below consensus forecasts.
• High frequency data showed that while economic activity remains robust, some leading indicators point to a further easing of growth

Key View

• The Reserve Bank of India met on February 10 and maintained their accommodative stance as the central bank kept the repo rate unchanged at 4.00%.
• We have revised our FY2022/23 forecasts up for average inflation and interest rates to 5.2% and 4.75%, from 4.8% and 4.50% respectively, although we remain slightly below consensus

Key View

• Google is committing USD1bn to India's second-largest mobile operator, Bharti Airtel.
• The investment falls under the USD10bn ‘Google for India Digitisation Fund’ established in 2020, the primary drivers of which are accelerating smartphone penetration and cloud computing adoption among Indian SMEs.
• Bharti Airtel has struggled

Key View

• Three new generic drug approvals over the quarter will enable continued growth in Biocon’s generics segment.
• Biocon has reported strong growth in its biosimilars business and the launch of the first interchangeable biosimilar glargine in the US will drive further growth in this segment.
• The renewal of a long-standing collaboration

Key View

• India’s solar power capacity will rise strongly over the coming decade as the government looks to advance its ambitious renewables plan, backed by strong interest from power developers in the sector.
• We believe that the government’s upcoming tax duties and ban on imports of certain solar equipment will be met with more opposition, as

Key View

• RailTel's planned edge data centre project and efforts to revitalise the slow-moving BharatNet national broadband network project pose upside risks to India's rural connectivity ambitions.
• Downside risks are manifold as the Indian government places full responsibility on state-owned or backed public service organisations and eschews

Key View

• Various pharmaceutical companies are set to launch generic versions of molnupiravir following emergency-use authorisation from the Drugs Controller General of India.
• Increased access to molnupiravir will keep hospitalisations and deaths in India to a manageable level as Omicron infections rise.
• Generic molnupiravir will increase

Key View:

• India’s power consumption will rebound strongly in 2021 and 2022, after a dip in 2020, as the market gradually reopens over the coming months.
• Coal will continue dominating India’s power generation, with the market tapping on coal generation to match rising power demand, as non-hydropower renewables will not be able to replace coal