India: Growth worries go global - ANZ
|According to analysts at ANZ, Indian economy continues to show weak growth momentum even as the extent of weakness has, however, softened compared to the previous quarter.
Key Quotes
“While general activity and consumption indicators are still moribund, investment indicators are now showing signs of turning up.”
“Exports stood out as the most prominent area of weakness. In June, exports recorded their weakest print in over three years. While India has been known to be fairly safe from global trade uncertainty, this print shows it is not immune to the global trade slowdown.”
“That net exports have persistently been a drag on India’s growth is not new. However, the current export slowdown comes at a crucial juncture where the domestic growth narrative is, in itself, weak.”
“We believe that while recovery is nascent, maturity is still a far way off. In the absence of a substantial fiscal push, however, more is needed on the monetary side.”
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