India’s government must create space for the central bank to cut the key interest rate and revive economic growth, according to Yashwant Sinha, a former finance minister with the main opposition party.
The dollar is becoming too expensive for investors in Asia to use as a source for funding carry trades in the region, a development that may help extend the currency’s best annual gain since 2008 into next year.
India can sell 386 billion rupees ($6.3 billion) of shares in companies such as Axis Bank Ltd. and Larsen & Toubro Ltd. by March as it seeks to narrow the budget deficit, the head of JPMorgan Chase & Co.’s local unit said.
Standing beside his mother at the headquarters of India’s ruling Congress party after getting thumped in state elections two days ago, Rahul Gandhi again promised to overhaul the country’s oldest political vehicle.
Emerging-market stocks led global equities higher as faster-than-estimated Chinese export growth bolstered optimism in the global economy. The Standard & Poor’s 500 Index and India’s benchmark gauge rose to close at record highs, while natural gas jumped on colder U.S. weather.
Emerging-market stocks rose the most in three weeks, led by industrial and technology companies, as better-than-estimated data on Chinese exports bolstered confidence on global growth. India’s shares jumped to a record.