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Near term, India is in a sweet spot, given all the favorable factors, including: (1) the Modi effect; (2) the delayed and/or mini steps of a Fed rate hike; (3) low oil prices; (4) the global disinflation environment; and (5) room for the RBI to ease. The key determinant for the direction of the market is how the Modi effect i.e. how structural reform, evolves.
Amundi Hong Kong Chief Economist