Long haul for investors

Every indicator suggests the growth recession could continue for several quarters

It’s been an interesting few days. India suffered its fifth successive quarter of slower growth, and August auto sales numbers also suggested that, if anything, Q2, 2019-20 will be even slower sequentially, compared to Q1, 2019-20.

The government announced a merger of multiple state-owned banks. Tax collections through 2019-20 have been consistently well below projections. Non-performing assets have started rising again – not surprising given poor corporate performances. The Reserve Bank of India (RBI) has just transferred Rs 1.76 trillion to the government in a controversial measure.  Market indices lost further ground in a truncated week for Indian stocks. The rupee