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In the initial days of my journalism career, I wanted to be a cricket writer. That didn’t happen. Now, all that remains of the dream is sneaking in bits and pieces of cricketing metaphors here and there in articles on banking and the economy when my editors aren’t watchful.
But reading the Reserve Bank of India’s State of the Economy report these past few months, I have often wondered about the dream of the central banker who writes it.
Was it to be a litterateur? Recent reports have been peppered with references from William Shakespeare, Fyodor Dostoyevsky, Homer and Valmiki.
Was it to become an author of self-help books? In January, the report had predicted that India would have a ‘glorious summer’. In April, Barack Obama and Benjamin Franklin made guest appearances in the report to drive home RBI’s message of unflagging optimism.
Or is it to be a Zen monk? “Sravana 2021 is also a time of the year when the Reserve Bank connects with the transcendental calm within. Submersed in this inner stillness, it looked beyond the dilemmas and trade-offs in the here and now to contemplate the world of tomorrow,” the report sagely observes this month.
Hidden among all this is the takeaway: Inflation has peaked and the recovery is on track with manufacturing activity gradually improving and liquidity conditions remaining supportive.
Chief Economic Advisor Krishnamurthy Subramanian will have a hard task matching these esoteric standards next February when he puts out the Economic Survey.
Meanwhile, savour Manas Chakravarty’s wicked take on the Maya of Inflation and the Leela of Growth culled out from the RBI report.
On to more sedate stuff, our research team has also written the following notes full of investment insights:
SastaSundar Ventures – Exciting growth play
Suven Pharma: Normalisation of margins adds to comfort
GMM Pfaudler: Building blocks in place, execution key monitorable
Praj Industries: Strong order, execution help deliver robust growth
What else are we reading today?
Why the shipping index is at an 11-year high
Chart of the Day | Global fund managers’ allocation to EMs drops on China scare
Will Ola Electric’s aggressive pricing be a game changer in 2Ws?
What does ‘using’ foreign exchange reserves for infrastructure spending mean?
The uncertain lessons of COVID: preparing for the next pandemic (Republished from the FT)
Picks from our Technical Analysts: GAIL, PI Industries, L&T Infotech and Adani Total Gas (These are published every trading day before markets open and can be read on the app)
Ravi Krishnan
Moneycontrol Pro