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Sep 21, 2012, 05.14 PM IST
The prospect of additional reforms and its ensuing politics will drive Indian debt/FX markets, promising a busy week in which the government is also set to announce its borrowing plans for the second half of the fiscal year.
The biggest partner in the Indian ruling coalition formally withdrew on Friday over its opposition to big-ticket economic reforms, but investors were comforted after Samajwadi Party said it would continue extending outside support. The government is widely expected to take up more reform steps, including raising foreign direct investment limit in insurers to 49 percent. A cabinet reshuffle is also expected after the exit of ministers from Trinamool Congress. Investors are also keenly awaiting the government's second-half borrowing plans amid widespread expectations India will breach its 5.1 percent fiscal deficit target. The government is set to borrow 5.7 trillion rupees in the current fiscal year, 65 percent of which is expected to be raised in the first half. KEY EVENTS Mon - Tues: India Investment Forum in New York. Listed participants include RBI Deputy Gov Subir Gokarn and Planning Commission Deputy Chairman Montek Singh Ahluwalia. Mon: Farm Ministry's output forecast for the 2012/13 crop year. Friday: India's April-August fiscal deficit data and June quarter
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