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Sunday, November 25, 2012, 4:16 AM India's top economic policy makers reiterate their pledges to cut the country's budget deficit as the country battles to keep its investment-grade rating. The government is "optimistic" that the gap will fall to 5.3% this FY from 5.8% last year, while the deficit will be cut 0.6% a year for the next five years. Comment! [Global & FX]
Friday, November 9, 2012, 2:27 PM The best-performing of the popular BRIC ETFs this year? It's India, where EPI is +16.5% as the government attempts - with plenty of pushback - to move forward with major economic reforms. The gain also outpaces the S&P 500 by more than 600 basis points. Comment! [Global & FX]
Thursday, October 4, 2012, 6:58 AM Continuing with major economic reform, Indian PM Singh's cabinet considers proposals to lift caps on foreigners taking stakes in the insurance and pension industries. Unlike last month's moves to permit investment in the retail, aviation, and energy sectors, these new changes would require parliamentary approval. "The market is in a sweet spot right now," says a fund manager. The Sensex +1%. 1 Comment [Global & FX]
Monday, September 24, 2012, 3:29 PM "We have become profound cynics on India," says fund manager Hugh Young, eyeing the 7% rise in the Sensex since major economic reforms were announced. "We hope it's all true, but let's wait to see what actually happens ... having been investing in India for 30 years, one learns the value of having a very thick hide." EPI +20.3% YTD. 1 Comment [Global & FX]
Friday, September 21, 2012, 7:28 AM Following through on its threats, the Trinamool Congress pulls its support from the ruling coalition in India over economic reform plans such as allowing foreign retailers to operate in the country. Nevertheless, the government moves on, cutting taxes on overseas borrowing, making it easier to invest in stocks, and maybe allowing greater investment by foreign insurance firms. Sensex +2.2%. Comment! [Global & FX]
Tuesday, September 18, 2012, 5:52 PM A key partner in India's ruling coalition pulls its support from the government over major reforms which would allow foreign retailers and airlines into the country. Whether it's a big enough blow to force new elections is unclear as the government still commands a slim majority in parliament. Similar reforms were attempted and scrapped last year. Comment! [Global & FX]
Monday, September 17, 2012, 4:34 AM India's central bank holds its benchmark lending rate unchanged and lowers cash reserve requirements for banks, keeping a focus on inflation fighting even as the economy turns down. The RBI thinks liquidity coming from global easing could press oil prices higher - India imports three-quarters of its crude needs - and now falls into step with other South Asian central banks in holding rates even. Comment! [Global & FX]
Friday, September 14, 2012, 12:59 PM India re-approves a plan (first passed and then revoked last year) to allow big-box retailers like Wal-Mart (WMT) to own controlling interests in local ventures. Together with a new law allowing (minority) foreign ownership of airlines, it's among the more important economic reforms for the country in 2 decades. One India ETF: EPI +3.8%. Comment! [Global & FX, Consumer]
Friday, September 7, 2012, 2:51 PM Not all India ETFs are created alike, as this chart of the YTD performance of some of the major ones shows. For 2012 at least, big caps lead the way, with the iShares Nifty 50 (INDY) - holding the largest 50 stocks by market cap - far outpacing the broader-based funds. Comment! [Global & FX]
Tuesday, July 31, 2012, 2:29 AM The Reserve Bank of India keeps interest rates unchanged, as expected. The bank also cut its growth forecast and lifted its inflation outlook. "In the current circumstances, lowering policy rates will only aggravate inflationary impulses without necessarily stimulating growth," says RBI Governor Duvvuri Subbarao. BSE Sensex -0.5%. Comment! [Global & FX]
Monday, July 30, 2012, 7:48 AM Ahead of its interest rate decision tomorrow, the RBI paints a picture of a stagflationary economy in its quarterly report. "The near-term outlook on inflation continues to be marked by a number of upside risks, despite the significant slowdown in growth ... fiscal and monetary space to stimulate ... remain limited." Inflation worries are likely to keep the RBI on hold for now. Comment! [Global & FX]
Monday, June 25, 2012, 3:27 AM Indian shares edge higher on comments from government officials suggesting more action is coming to revive growth and boost investor confidence. BSE +0.6% to 17081. Comment! [Global & FX]
Thursday, June 21, 2012, 12:19 PM Indian equities are upgraded to Overweight by JPMorgan as low valuations and expected H2 policy actions outweigh the current "clearly poor" environment of slow growth and high inflation. The slumping rupee? It's good news as it should help to boost trade. EPI flat YTD. Comment! [Global & FX, Quick Ideas]
Monday, June 18, 2012, 5:11 PM The RBI may have unexpectedly refrained from cutting rates today, but what amounts to unannounced QE may explain persistent weakness in the rupee and strength in inflation despite a nominally hawkish policy. Credit Suisse notes the RBI has purchased government debt this year at nearly the same pace as the Fed in the U.S. in 2011. Comment! [Global & FX]
Thursday, May 31, 2012, 1:41 AM India's Jan.-March GDP comes in much worse than expected, +5.3% Y/Y vs. expectations of +6.1% and 6.1% growth last quarter. Rupee weakens to 56.46 against the dollar; Indian stocks fall further, now -1.3%. (official release) (previously) Comment! [Breaking News, Global & FX, Top Stories]
Monday, May 21, 2012, 7:36 AM India's rupee falls more than 1% to an all-time low, now requiring 55 of them to buy one greenback. The central bank is in a tough spot as inflation remains high while the economy slows. The slide in the rupee - at least some of which has to do with the "risk off" tone of markets - won't help the inflation picture. 3 Comments [Global & FX]

INDA iShares MSCI India Index ETF

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iShares MSCI India Index ETF