Matthews Asia Snapshot
Week of March 01, 2018
Bowls of colored powder sit ready for Holi, the Indian festival that marks the beginning of spring. Revelers throw the powder, mixed with water, to cake each other in color. This Hindu celebration of new beginnings—usually a religious and cultural affair—has more recently taken on some politically partisan overtones since the 2017 landslide election victories of Prime Minister Narendra Modi’s ruling Hindu nationalist Bharatiya Janata Party (BJP) in Uttar Pradesh, the country’s populous territory. Modi has vowed more inclusive politics and broad-based reforms, which may also be cause for celebration. In November, credit rating agency Moody's backed BJP-led reforms by upgrading India’s credit rating for the first time since 2004. The International Monetary Fund also gave a major boost to Modi’s economic policies in January when it forecasted 7.4% growth for the Indian economy in 2018.
The views and information discussed in this report are as of the date of publication, are subject to change and may not reflect current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Investment involves risk. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Past performance is no guarantee of future results. The information contained herein has been derived from sources believed to be reliable and accurate at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Matthews Asia and its affiliates do not accept any liability for losses either direct or consequential caused by the use of this information.