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India − PM Adviser sees no need for measures to curb inflows
Tue, Nov 24 2009, 09:19 GMT
by FXMarketAlerts Team
Intraday Analysis from FXMarketAlerts.com
Receive FREE Weekly Strategies.Published at 09:12 (GMT) 24 Nov
In a Reuters Summit, India's PM Adviser C. Rangarajan said India can absorb nearly $100 bln dollars in capital inflows, nearly double what is on track for this fiscal year ($57-60 bln). As such he did not see such a need arising, but added that if such levels are reached, then some action must be taken.
On exit strategies, he said stimulus will stay in place in 2009/10 with budget for 2010/11 possible to indicate withdrawal of some steps. He said if private demand and investment picks up, no need for govt to follow the same expansionary policy seen this year. He also reiterated the major risk is inflation, not so much the stronger rupee.
On the whole, he said he expects economic growth in H2 2009/10 to exceed 6.5%, and to rise 7-8% in 2010/11. Overall, the comments are in-line with previous statements. We do not expect capital controls in India, or any decision for possible controls in the near future. CR
Published on Tue, Nov 24 2009, 09:21 GMT
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