‘Worse Than Expected’: RBI Governor Shaktikanta Das On 5% GDP Growth
Global investors are starting to fall out of love with Narendra Modi. After pouring $45 billion into India’s stock market over the past six years on hopes that Modi would unleash the country’s economic potential, international money managers are now unwinding those wagers at the fastest pace on record. They’ve sold $4.5 billion of Indian shares since June, on course for the biggest quarterly exodus since at least 1999.
“The euphoria around Modi before 2014 has tapered off,” said Salman Ahmed, the London-based chief investment strategist at Lombard Odier Investment Managers, which oversees about $52 billion. It’s hard to fault investors for losing faith. India’s economic growth has decelerated for five straight quarters to the weakest level since early 2013, one year before Modi became prime minister. And the 5% headline number for the second quarter may actually understate how painful the slowdown has become.…
The growing worry is that India could be headed for a structural slowdown that pummels the country’s $2 trillion stock market, throws a wrench into growth plans of international companies from Amazon.com Inc. to Netflix Inc., and makes it increasingly difficult for Modi’s Bharatiya Janata Party to deliver jobs for the millions of young Indians who enter the workforce every year.…
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