Indian budget
The budget did not have any big ticket things as the investors were expecting. Two things which were announced yesterday and which will exude greater confidence among global investors in India (a) Focus on rationalization on custom duties and other taxes so as to avert disputes (b) Using taxation as means to reduce the price disparity between certain domestically manufactured goods and imported goods. This will draw more and more global companies to set up a manufacturing base in India. One thing which global investors wanted and did happen was withdrawal of retrospective tax amendment. This can be modified in the coming months. The increase in free limits for personal taxes will increase savings and consumption. There has been a lot of focus on creating and protecting jobs in the rural areas. There were measures to prevent exodus of rural population to mega cities.
Technically speaking
Usd/inr has a key resistance at 60.36 (current price 60.15) and only a break of 60.36 will result in 60.76-61.10. Rupee could consolidate in 59.92-60.12-6036 range for the time being. Short term forward premiums could rise while far dated forward premiums will find sellers on rise.
The budget did not have any big ticket things as the investors were expecting. Two things which were announced yesterday and which will exude greater confidence among global investors in India (a) Focus on rationalization on custom duties and other taxes so as to avert disputes (b) Using taxation as means to reduce the price disparity between certain domestically manufactured goods and imported goods. This will draw more and more global companies to set up a manufacturing base in India. One thing which global investors wanted and did happen was withdrawal of retrospective tax amendment. This can be modified in the coming months. The increase in free limits for personal taxes will increase savings and consumption. There has been a lot of focus on creating and protecting jobs in the rural areas. There were measures to prevent exodus of rural population to mega cities.
Technically speaking
Usd/inr has a key resistance at 60.36 (current price 60.15) and only a break of 60.36 will result in 60.76-61.10. Rupee could consolidate in 59.92-60.12-6036 range for the time being. Short term forward premiums could rise while far dated forward premiums will find sellers on rise.
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NOTES TO THE ABOVE REPORT
ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED
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