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At a time when overseas capital flows have been firm, foreign lenders have requested the banking regulator for flexibility in compliance with the central bank's Large Exposures Framework (LEF), particularly in handling certain types of accounts that facilitate global transactions.
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Japanese investors trumped buyers from North America, Hong Kong and Singapore to be the most active offshore capital in Australia’s property sector last year, new CBRE data shows.
Rumki Majumdar, Director, Deloitte India, expects no major announcements in the Interim Budget 2024 due to it being an election year. The focus will be on maintaining fiscal discipline, improving capital flows, and navigating global uncertainties. The government may prioritize spending on infrastructure, education, and healthcare to build human capital and control inflation. Adhering to fiscal discipline will instill confidence in investors to invest in India.
Global spillovers in 2024 can create volatility but the runaway depreciation of the Rupee may not happen as narrowing deficit have made the currency resilient. The Reserve Bank is also equipped with a strong armoury of foreign exchange reserves of over $ 600 billion to defend the rupee compared to $292 billion in 2012-13 adding to the market perception that RBi is being extra vigilant.