28 May, 2014
India held national elections slightly more than a year ago. At the time, business uncertainty was high and investment confidence was low. This had engendered a marked anti-incumbency sentiment and voter restlessness. Over the course of its two-term rule from 2004 to 2014, the Congress1-led coalition was perceived to have failed, particularly in reining in high-level corruption and inflation; the regime was also viewed to have fallen well short of acceptable progress on the economic and development fronts. On 16 May 2014, election results were revealed: Congress was voted out and Mr. Narendra Modi2, belonging to the opposition Bharatiya Janata Party3 (BJP) and formerly four-time chief Minister of the state of Gujarat, earned a decisive mandate to become the next prime minister4 of India for a five-year term.
In its first year in office, the Modi-led government has made recognizable contributions to stimulate the economy and position India as a high-potential investment destination. With a highly capable prime minister at the helm supported by political stability, positive economic conditions and compelling structural fundamentals, FTI Consulting assesses that India is favourably placed for investment. In this thematic overview, we report on India’s current investment climate and conclude that India is poised for business and investment in 2015 and beyond, creating significant opportunities for Foreign Direct Investment (FDI).
Strengths Of The Government
A Historic Mandate In The Lower House
For the first time in 30 years, last year’s election saw a single party—the BJP—winning an absolute majority in India’s lower house.5 This outcome eliminated the need for any sort of a political coalition to form the government. Previous governments that have ruled in coalitions have relied on the support of smaller ‘allies’ who tend to have a regional rather than a pan-India agenda. Such fractured coalitions have often severely reduced the flexibility and leverage available to the ruling party to push its agenda. In the current regime, political uncertainty has been a non-issue and this government has regularly signalled that it would be adopting a long-term view.
Favourable Upper House Dynamics Achievable
India’s parliament operates under a bicameral6 model. Unlike the lower house, the upper house7 is elected indirectly by the country’s state assemblies and refreshes its membership by one-third every two years. Presently, the government holds less of an advantage in the upper house compared to its significant mandate in the lower house. In the upper house, the BJP has 47 members compared to the rival Congress which has 68 members out of 245.8, 9 However, the numbers are expected to improve for the BJP and the government; in fact, the BJP might emerge as the single largest party in the upper house in the second half of its term (151 seats fall vacant between 2016-18).10, 11 Out of a total of 20 states that will hold elections during Mr. Modi’s term12, many of the outcomes are likely to be in the BJP’s favour. In addition to improving the strength of the BJP in the upper house, more pro-BJP state governments will also be an advantage in India’s federal system13 where states enjoy substantial autonomy and their cooperation is essential for meaningful progress. Currently, 11 out of the 29 states are ruled by the BJP.14
Irrespective of the dynamics of the upper house, the historic mandate won by the government in the lower house would allow the government to display a symbolic and material show of force in a joint sitting of both houses where BJP and allied parties would hold a slim numerical advantage over the combined opposition.
A Capable Cabinet
Mr. Modi has appointed a capable and experienced cabinet15 and assembled a strong advisory team comprising seasoned political operators and knowledgeable private sector intellectuals. Compared to the cabinet in the previous administration, this administration’s cabinet team is highly integrated and far leaner, and thus is expected to conduct affairs with quicker timelines and reduced red tape.
The government has also appointed Arvind Subramanian as its chief economic advisor.16 Mr. Subramanian is a decorated development economist, with previous experience at the International Monetary Fund (IMF) amongst other prominent institutions. An Oxford-trained professional, he is also believed to share a good rapport with India’s central bank governor, Raghuram Rajan (himself a former IMF Chief Economist).
Mr. Modi recently chose free market economist Arvind Panagariya, former chief economist of the Asian Development Bank17, to run the NITI Aayog18, which is a policy and development think-tank and the refreshed avatar of the erstwhile Planning Commission19.
The Prime Minister: A Proven Performer With A Stellar Reputation
Gujarat’s Economic Outperformance And Modi’s Pro-Business Track Record
The state of Gujarat outperformed the country and most other states on many economic and investment indicators during Mr. Modi’s rule as chief minister from 2000 to 2013. Growing in excess of 10 percent in the 2000s, Gujarat’s GDP growth outpaced India’s. In the same period, the per-capita income in the state quadrupled and the unemployment rate was one of the lowest in the country.
In agriculture, a cornerstone sector of India’s economy and livelihood, Gujarat recorded growth in excess of 9 percent during the Modi regime.20 This is a very impressive rate, compared not only to India’s average (which is less than half that), but also globally (a 4 percent rate is widely considered respectable). The chief driver of this agricultural miracle was Mr. Modi’s rural electrification project, the Jyotigram scheme.21 Through this scheme, rural households and farmers in Gujarat have access to power on a 24/7 basis. Importantly, Mr. Modi structured this mega-scheme on market principles. Power is provided on a ‘freemium’ model, where a fixed, low supply is delivered for free and the excess is charged to the farmer. This is in contrast to the populist but unsustainable policy adopted in many other Indian states where farmers are provided free electricity, thus leading to the accumulation of losses in the state government’s account.22 Gujarat’s win-win model at this intersection of agriculture, energy resources and market economy principles was one of Mr. Modi’s biggest achievements during his chief ministerial tenure in Gujarat.
Because of his consistent record of accomplishment, Mr. Modi has a reputation of being a hands-on, business-friendly administrator who thrives on delivering results and getting things done. This stands in direct contrast to the previous government and prime minister who were accused of apathy and inaction for 10 years. During Mr. Modi’s tenure as chief minister of Gujarat, the state registered meaningful declines in corruption and bureaucracy and notable gains in governance and transparency. Together, these improvements stimulated investor interest and Mr. Modi capitalised by launching a unique and far-reaching initiative in 2003, namely the Vibrant Gujarat summit. This summit, held once every two years, brings together leaders from Indian and foreign governments, heads of Fortune 500 companies and chief executives of some of India’s biggest companies under one roof to showcase Gujarat’s business-friendliness. At each of these summits, thousands of Memorandums of Understanding (MOU) worth hundreds of billions of dollars are signed. In the 2015 edition of Vibrant Gujarat, 21,000 MOUs were signed for a total investment pledge of approximately USD 395bn. Over the course of his tenure as chief minister, Mr. Modi welcomed foreign investment and sanctioned big-ticket manufacturing projects. It is no surprise that the Vibrant Gujarat summits and Mr. Modi himself are championed by business councils across the globe, including those of Japan, Canada, U.S., UK and Australia.23 Between 2000 and 2013, when Mr. Modi was Chief Minister of Gujarat, India received an estimated USD 314bn of FDI, of which Gujarat was responsible for an estimated USD 9.3bn.24 This ranked the state as the 5th highest recipient of FDI out of India’s 28 states25 and 7 union territories.
In the short time that he has been prime minister, Mr. Modi has unambiguously indicated that he intends to replicate his growth strategies on a national level over the four years remaining in this term. Of note, India received its third-highest FDI inflow ever–USD 41.2bn–in the first 11 months of FY 2014-15, a period largely overlapping Mr. Modi’s first year as prime minister.26
Broad Support
The BJP’s and Mr. Modi’s voter base cuts through major social, economic and geographic boundaries in the Indian populace. Media that was once highly critical of Mr. Modi (because of incidents in the Gujarat riots of 200227) has largely warmed up to him. India Inc. has always been unanimous and vocal in its support for Mr. Modi.
Following Mr. Modi’s election, the U.S., UK and German governments swiftly extended congratulations and invitations to Mr. Modi. Meanwhile, it was expected that Mr. Modi will seek to further improve trade with China (Mr. Modi admires the Chinese model of growth). Even previously as chief minister, Mr. Modi had established a close relationship with Japan, translating into sizable Japanese investments in Gujarat.28 These early indicators predicted an era of strengthened relationships between India and the rest of the world. Indeed, Mr. Modi has engaged in extensive bi-lateral diplomacy since taking office. A resurgent India has initiated mutually beneficial relationships with some of the most influential global powers, as summarized below:
| North America |
|
| EU |
|
| China |
|
| Asia Pacific |
|
| Russia |
|
India’s capital market returns are driven by both global cues and domestic developments. In the one year that Mr. Modi has been prime minister, the leading barometer of India’s stock market i.e. the benchmark S&P BSE Index40 has risen by approximately 22 percent. In FY 2014-1541, Foreign Institutional Investors (FIIs) channelled a record USD 45.5bn into Indian equities and debt.42 Investment banks have also reported a stark increase in the number of IPO inquiries and transactions, reflecting the confidence in India’s equity markets.
Suffice to say, Indian financial markets have been euphoric at the prospects presented by the change of guard and appear to have demonstrated their faith in the new leadership.
The Government’s Reform And Development Agenda
Major Initiatives43
Since assuming office, the new government has pushed a change, development, and reform agenda, undertaking several investor-friendly decisions and staying true to the expectation of being business-friendly in conducting its affairs.
Below are key initiatives that the new government has focused on:
| GST44 | Widely labeled as the biggest tax reform in India since independence, the GST aims to replace a multitude of central and state taxes with a single levy by April 2016 to make India a single unified market. |
| MUDRA Bank45 | A micro-finance bank launched in April 2015 with a corpus of USD 3.1bn for funding small businesses. |
| Land Bill46, 47 | Proposed amendments for relaxing India’s land acquisition legislation are currently under vigorous debate in India’s parliament and media. Amidst substantial opposition from interest groups and political parties claiming that the bill is anti-poor, versions of the bill are currently in review in India’s parliamentary houses and committees. |
| Make in India48, 49 | Make in India is an ambitious campaign launched by Mr. Modi in September 2014. Under this unifying paradigm, Mr. Modi has urged Indian and foreign companies to manufacture more of their products in India based on India’s unique advantage of “democracy, demography, and demand”. In exchange, Mr. Modi promised to ease red tape and governance and create the infrastructure and other enablers to support the Make in India campaign. |
| Labour Reforms50, 51 | The government has passed an array of transformative reforms to India’s labour laws. These measures include refining the definition of a factory; increasing the quorum for unionization; and other measures to reduce bureaucracy and streamline processes to benefit both, the labourers and the employers. |
| FDI Norms 52, 53 | The Modi Government has raised FDI limits in many sectors: 49 percent each in the defence, pension and insurance sectors; and 100 percent in railway infrastructure. The administration has also implemented additional reforms for attracting FDI. |
| “Black Money” 54, 55, 56 | The government has tabled comprehensive legislation to enable the taxation and repatriation (and criminal liability for wilful tax-evasion) of unaccounted wealth stored out of India. The bill has passed the lower house and is waiting for the upper house’s approval. The quantum of funds illicitly parked outside the country is estimated to range from USD 466bn to USD 1.4tn. 57 |
| Real Estate Bill 58, 59, 60 | In proposed amendments to the legislation governing India’s real estate sector, the government has identified measures to increase transparency, consumer protection and regulatory oversight. |
| Fuel Subsidies61 | The government’s decision to decontrol diesel prices in October 2014 will help it redirect subsidies and cut the fiscal gap, while simultaneously allowing diesel enterprises to link their performance to market demand. |
| Budget 2015 62, 63 | The Modi government presented its first full-year budget on 28 February 2015. Widely acknowledged as business-friendly, the budget contained provisions for reducing the corporate tax rate from 30 percent to 25 percent and other regulatory and tax measures aimed at reducing the costs of doing business. |
| Social Security 64 | Mr. Modi recently launched three mega schemes relating to insurance and pension, with the goal of increasing financial inclusion in the country.65 He had also previously established the Jan Dhan Yojana, which is a program for providing a bank account for every Indian.66 |
In summary, all indications from this government so far point to a business-friendly environment in India for the next few years.
India’s Resurgent Economy
An Engine Of Global Growth
India escaped the worst of the global financial crisis and it has emerged much stronger than most major economies. India’s GDP grew at an estimated 7.4 percent67 in FY 2014-1568, the fastest rate of any major economy.69 IMF expects the Indian GDP to increase at a rate of 7.5 percent in FY 2015-16[70] and China’s to grow at 7 percent or less in calendar year 2015.71 At the same time, growth rates in the developed world are expected to face continued pressure. Global GDP growth is predicted to be 2.9 percent in the 2015 calendar year.
Inflation Crisis Alleviated
Former IMF Chief Economist Mr. Raghuram Rajan, now Governor of the Reserve Bank of India (since August 2013), has made great strides in tackling India’s persistent inflation crisis. He has also been helped by falling energy prices. In September 2014, consumer inflation dropped to a three-year low; whereas in November 2014, wholesale inflation eased to its lowest level in more than five years.72, 73 Mr. Rajan is widely considered the best person for the central bank job. He enjoys strong investor confidence and appears to have a positive relationship with the prime minister and his cabinet. Some of Mr. Rajan’s key achievements are as follows:
| Rate Policy |
Despite significant global and domestic headwinds, Mr. Rajan invariably resisted premature calls for rate cuts and only implemented the first rate cut of his regime in January 2015.74 |
| Focus on CPI |
In a paradigm shift, in April 2014 Mr. Rajan replaced the key measure of inflation to the Consumer Price Index (CPI) from the Wholesale Price Index (WPI).75 The CPI is a better metric for capturing pan-India retail inflation.76 |
| Inflation Targeting |
The government and the central bank have agreed to target a consumer inflation rate of 4 percent (± 2 percent).77 This is a historic development in India’s monetary policy which until now did not formally pursue an inflation target. |
Progress On Fiscal And Current Account Deficits
Strong government action in the areas of welfare, infrastructure, trade, FDI and tax reforms—all already identified by the government as key agenda items—will ameliorate India’s twin deficit (fiscal and current account) problem. However, certain voices have urged the government to boost fiscal spending further rather than constrain it, arguing that growth is a higher priority than controlling the fiscal deficit.78 In the first full-year budget of this government’s term, India’s finance minister presented a growth-centred budget with a more relaxed schedule for achieving the fiscal deficit target. Nonetheless, with a shortfall of 3.9 percent of GDP for FY 2015-16, India’s fiscal gap is smallest since 2008. The current account deficit too is expected to touch an accepted level of less than 1 percent of GDP in this fiscal year, and possibly even move into positive territory for the first time since 2007 on the back of softening oil import bills.79, 80
Structural Strengths
India’s structural strengths are nearly unmatched. A stable and democratic nation possessing immense human capital, India harbours the world’s second-largest population and is on track to become the most populous nation by 2028. India is home to the world’s youngest population and has just begun reaping the demographic dividend that was instrumental in propelling many Asian and other post-war economies. India’s entry into the demographic dividend phase coincides almost with China’s exit from it. By some estimates, India also has the second largest English speaking population. Indian universities produce highly regarded STEM (science, technology, engineering and mathematics) and MBA graduates numbering into the hundreds of thousands every year. Rising incomes combined with aspirational consumerism will drive India’s middle-class to become the world’s biggest consuming bloc surpassing the U.S. and China by 2030, that is, merely 15 years from today. India’s development would seem to be inevitable—a capable leader and government will only expedite it.
Assessment
Key economic drivers—political stability, an effective leader and structural fundamentals—are aligned for India to embark on a path of significant and sustainable growth.
The BJP’s campaign and election inspired hundreds of millions of Indians, and instilled a can-do spirit for making things happen. India in 2015 is at a landmark and stands ready for investment, poised to be an engine of global growth for years to come.
Our assessment leads to three recommendations:
- Build contextual understanding: Any India investment thesis should be conditioned on a realistic and thorough understanding of regulations, norms, risks, and opportunities.
- Deploy capital: Investors cannot afford to deprioritise, or worse, ignore, what will be the world’s largest consuming bloc in as soon as 15 years from now. While a healthy dose of caution is essential, we emphasise that the government has remained largely faithful to its stated agenda of overhauling India’s economy and investment climate. We recommend deploying capital to the Indian economy based on a carefully crafted strategy.
- Recruit Indian partners: India will be an investment theme for years to come and hence we recommend taking a long-term view. Succeeding in India needs a combination of western know-how and an understanding of the Indian consumer. We recommend that investors recruit credible Indian partners in their ventures.
End Notes:
1 Congress is one of two pan-India political parties. It was the majority and ruling party most recently from 2004 to 2014 and ousted by the BJP party in the 2014 elections. Congress is a dynastic (Nehru-Gandhi) clan, ideologically secular and left-leaning. It is the most successful party to-date, having ruled India for nearly five decades out of a possible 66 years.
2 Previously highly-admired Chief Minister of Gujarat (one of India’s more developed states) and now India’s 15th Prime Minister.
3 The BJP is the other dominant national party in India. Perceived as right-leaning, pro-market and Hindu-nationalist, the party has been elected back into power in 2014. Previously, it was in power between 1999 and 2004.
4 Leader of the Indian Government. India’s President is mostly a ceremonial figurehead.
5 The lower house or the Lok Sabha is one of two houses of the Indian Parliament. It is the more powerful of the two houses. Maximum strength of 552 representatives, of which 543 are directly elected by the people.
6 Mixed government consisting of two legislative bodies. Most legislation needs the support of both bodies.
7 The upper house or the Rajya Sabha of the Indian Parliament comprises 250 members. Members are elected indirectly by the state assemblies and the President for six-year terms. One-third of the total membership is refreshed every two years.
8 http://articles.economictimes.indiatimes.com/2015-04 22/news/61417301_1_land-bill-bsp-chief-mayawati-advance-security-liaison
9 http://www.asianage.com/india/regional-parties-take-their-own-stand-bills-371
10 http://timesofindia.indiatimes.com/india/Victories-will-spell-Rajya-Sabha-gains-for-NDA-in-future/articleshow/44882492.cms
11 http://www.thehindu.com/news/national/bjps-rajya-sabha-tally-set-to-rise-next-year/article6845650.ece
12 http://scroll.in/article/683846/Could-Maharashtra-help-cure-some-of-the-BJP's-Rajya-Sabha-woes?
13 Power divided between a national government and various state governments.
14 http://www.business-standard.com/article/news-ians/in-power-in-11-states-bjp-to-debate-the-future-curtain-raiser-115040100804_1.html
15 Council of high-ranking officials in charge of ministries such as defense, finance, energy, etc.
16 http://www.dnaindia.com/money/report-here-s-why-narendra-modi- selected-arvind-subramanian-as-chief-economic-advisor-2026679
17 The Asian Development Bank is a regional development bank established on 22 August 1966 which is headquartered in Metro Manila, Philippines, to facilitate economic development in Asia.
18 http://pmindia.gov.in/en/news_updates/pm-chairs-first-meeting-of-governing-council-of-niti-aayog/
19 http://planningcommission.gov.in/index_oldpc.php
20 Gulati et al, Agriculture performance in Gujarat since 2000, IWMI and IFPRI, May 2009.
21 Swaminathan Aiyar, Gujarat is India’s top state in economic freedom, The Economic Times, April 2014.
22 Swaminathan Aiyar, Agriculture: Secret of Modi’s success, The Economic Times, July 2009.
23 U.S., UK business councils endorse Vibrant Gujarat, The Hindu Business Line, December 2012.
24 Fact sheet on foreign direct investment (FDI), Reserve Bank of India (RBI). RBI is India’s central bank; in charge of monetary policy.
25 Now 29 states.
26 http://www.ibef.org/research/reports/revival-of-investment-cycle-new-announcements
27 A three-day period of violence between Hindus and Muslims in the state of Gujarat.
28 Shrey Verma, Big in Japan. Why Abe is Rooting for a Modi Win, Foreign Policy, February 2014.
29 http://timesofindia.indiatimes.com/india/US-investors-bet-on-PM-Modi-to-invest-41-billion-in-India-in-3-years/articleshow/44360022.cms
30 http://in.reuters.com/article/2015/01/26/us-india-obama-deals-idINKBN0KZ1KF20150126
31 http://ibnlive.in.com/news/canada-to-supply-uranium-to-india-for-its-civil-nuclear-plants-for-next-5-years/540068-3.html
32 http://en.wikipedia.org/wiki/Dassault_Rafale
33 http://ibnlive.in.com/news/france-offers-india-36-rafale-fighter-jets-for-iaf-at-the-same-rate-as-its-own-air-force/544330-3.html
34 http://www.bloomberg.com/news/articles/2014-09-17/modi-to-host-xi-for-talks-to-bolster-india-s-china-ties
35 http://timesofindia.indiatimes.com/india/Japan-promises-Narendra-Modi-35-billion-inflows-but-holds-out-on-nuclear-deal/articleshow/41458837.cms
36 http://www.smh.com.au/federal-politics/political-news/australia-and-india-sign-new-security-pact-and-commit-to-a-future-free-trade-agreement-20141118-11oxir.html
37 http://ibnlive.in.com/news/india-australia-ink-five-pacts-after-bilateral-talks-between-modi-abbott/513427-3.html
38 http://timesofindia.indiatimes.com/india/India-Russia-deals-to-boost-Make-in-India-drive/articleshow/45485505.cms
39 http://in.rbth.com/world/2014/12/17/us_troubled_over_slew_of_deals_during_putin-modi_summit_40385.html
40 http://www.bseindia.com/sensexview/DispIndex.aspx?iname=BSE30&index_Code=16
41 India’s fiscal year runs from 1 April to 31 March.
42 http://www.financialexpress.com/article/markets/indian-markets/at-6-9-bn-fii-buying-in-debt-touches-record-quarterly-inflow/58844/
43 Some of these initiatives have been in development since the previous government’s tenure.
44 http://profit.ndtv.com/news/economy/article-gst-bill-in-rajya-sabha-this-week-10-facts-about-the-tax-reform-762117
45 http://pmindia.gov.in/en/news_updates/pm-launches-pradhan-mantri-mudra-yojana/
46 http://www.thehindu.com/news/national/land-bill-six-facts-you-need-to-know/article6978832.ece
47 http://www.thehindu.com/news/national/land-acquisition-bill-again-moved-in-lok-sabha/article7193179.ece?ref=relatedNews
48 http://www.narendramodi.in/pm-launches-make-in-india-global-initiative
49 http://zeenews.india.com/business/news/economy/pm-narendra-modi-launches-make-in-india-campaign-to-drive-investments-create-jobs_108971.html
50 http://blogs.ft.com/beyond-brics/2015/02/25/guest-post-india-tackles-archaic-labour-laws/
51 http://www.thehindu.com/news/national/narendra-modi-launches-host-of-schemes-at-labour-meet/article6506570.ece
52 http://economictimes.indiatimes.com/news/economy/policy/make-in-india-pm-modi-government-plans-to-approve-100-fdi-in-medical-devices/articleshow/45385375.cms
53 http://businesstoday.intoday.in/story/insurance-industry-favours-40-50-per-cent-hike-in-third-party-motor-premium/1/217443.html
54 Unaccounted/untaxed wealth.
55 http://www.thehindu.com/news/national/blackmoney-bill-in-lok-sabha-10-years-jail-for-concealing-foreign-funds/article7015589.ece
56 http://economictimes.indiatimes.com/news/politics-and-nation/lok-sabha-passes-bill-to-deal-with-black-money-stashed-abroad/articleshow/47236533.cms
57 http://www.ndtv.com/india-news/black-money-bill-passed-in-lok-sabha-762254
58 http://indianexpress.com/article/business/business-others/real-estate-bill-takes-final-shape/
59 http://forbesindia.com/article/real-estate-special/real-estate-bill-will-help-weed-out-bad-apples/40165/1
60 http://www.thehindu.com/features/homes-and-gardens/fitting-the-bill/article6794268.ece
61 http://time.com/3524340/india-modi-diesel-subsidies/
62 http://in.reuters.com/article/2015/02/28/india-budget-corporate-tax-idINKBN0LW08B20150228
63 http://in.reuters.com/article/2015/02/28/india-budget-2015-highlights-idINKBN0LW06H20150228
64 https://in.news.yahoo.com/rajnath-singh-lauds-pm-modis-jan-dhan-yojna-151306458.html
65 http://indiatoday.intoday.in/story/modi-new-schemes-on-pension-and-insurance-mamata-banerjee/1/437181.html
66 http://www.pmjdy.gov.in/scheme_detail.aspx
67 The government’s revised methodology for estimating the GDP has been questioned.
68 http://www.bloomberg.com/news/articles/2015-02-09/india-gdp-seen-surging-7-4-in-data-that-has-puzzled-economists
69 http://blogs.wsj.com/indiarealtime/2015/02/11/its-official-india-has-passed-china-to-become-the-worlds-fastest-growing-economy/
70 http://www.wsj.com/articles/imf-raises-indias-gdp-growth-forecast-1426083022
71 http://www.wsj.com/articles/india-forecasts-gdp-growth-of-up-to-8-5-1425024900
72 http://online.wsj.com/articles/india-inflation-eases-to-near-three-year-low-in-september-1413204792
73 http://www.wsj.com/articles/india-inflation-eases-to-near-three-year-low-in-september-1413204792
74 http://www.business-standard.com/article/finance/rbi-cuts-repo-rate-by-25-bps-to-7-75-115011500090_1.html
75 http://www.thehindu.com/business/Economy/rbi-adopts-new-cpi-as-key-measure-of-inflation/article5859713.ece
76 http://archive.financialexpress.com/news/is-cpi-a-better-inflation-indicator-than-wpi-/1176955
77 http://articles.economictimes.indiatimes.com/2015-03-06/news/59844512_1_raghuram-rajan-retail-inflation-cent
78 http://blogs.wsj.com/indiarealtime/2015/02/27/inside-india-focusing-on-the-fiscal-deficit-is-bad-for-indias-economy/
79 http://articles.economictimes.indiatimes.com/2015-02-08/news/58928652_1_oil-prices-gdp-growth-projection-oil-import-bill
80 http://www.business-standard.com/article/reuters/current-account-deficit-below-1-pct-of-gdp-in-2015-16-jaitley-115031700473_1.html
For further information, please contact:
Anuj Bugga, Director, FTI Consulting
anuj.bugga@fticonsulting.com
Abhijit Yadav, Director, FTI Consulting
abhijit.yadav@fticonsulting.com
Vishal Gandhi, FTI Consulting
vishal.gandhi@fticonsulting.com
