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Mitul Kotecha, senior emerging markets strategist at TD Securities, suggests that since the last RBI meeting, India’s activity data has remained firm, with industrial production stronger than expected in August and September.

Key Quotes

“The trade deficit worsened in October as both imports and exports rose strongly over the month. India’s manufacturing and service sectors PMIs also continued to strengthen.”

“Overall, Q3 GDP is likely to remain strong after a robust 8.2% y/y outcome in Q2. Stronger growth has yet to be reflected in a broader increase in prices, however.”