‘The developments in China probably had some impact on this, as well as the domestic situation in India,’ said Jon Harrison, managing director for emerging market macro strategy at research firm TS Lombard. ‘Up until the middle of the year, India and China were moving in sync in a very positive emerging market sentiment globally. But from mid-year we had two things - GST implementation in India and in China, there was a strong improvement in global sentiment.’
However, TS Lombard’s director India research, Shumita Deveshwar, is optimistic on the market for next year despite political risks in the last year of Modi’s first term and the potential for oil prices to rear their ugly head. ‘These have been painful adjustments but the government has gone ahead and done them. That's why the mood is upbeat because maybe the government is going to do further reforms, especially if Modi gets re-elected in 2019,’ she said.
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