ANZ analysts note that India’s early data for November combined with October data show some green shoots.
Key Quotes
“The bulk of the good news, however, comes from consumption indicators even as activity and investment indices remain weak.”
“Overall, we remain cautious on a material improvement in growth in H2 FY20. We will await another set of monthly data to ascertain if a recovery is actually taking shape or whether it is temporary.”
“As the economy has yet to show any gains from easing in monetary policy, fiscal policy will need to do much of the heavy lifting for growth.”
“We also see an end to the Reserve Bank of India’s easing cycle early next year.”
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