INDIA STEPS UP EFFORTS TO STIMULATE GROWTH

NEW DELHI – As the Indian rupee continues to weaken – down to a near-record low 60.3 to the US dollar, a depreciation of 12% since May – and GDP growth struggles to rise from its decade lows of 4.8% y/y in Q1, the Indian Government has announced a spate of policy measures to restore investor confidence. These include measures to improve domestic energy production, including a doubling of natural gas prices and allowing greater pass-through of imported coal prices, and expansion of highway construction to alleviate infrastructure bottlenecks.