New Delhi, June 10 (IANS) The composition of the new Cabinet under Prime Minister Narendra Modi indicates “policy continuity” at the moment, global brokerage and investment major Nomura has said.
The new Cabinet includes 30 Cabinet Ministers, five Ministers of State with Independent Charge and 36 Ministers of State.
Nomura has kept its portfolio unchanged on expectations of political continuity, predicting that Nifty 50 could breach 24,860 by the year-end
“Through the course of the past week, we think the concerns have abated. The composition of the Cabinet over the weekend also indicates policy continuity at the moment,” according to Nomura.
The brokerage is constructive on domestic sectors, such as manufacturing or investment themes over consumption.
Assuming policy continuity, stable macros and sustained earnings growth, we are positive on equities, according to the brokerage firm.
Nomura said that the union budget is likely to highlight the policy direction, “which we expect to remain largely unchanged”.
“The government is likely to pursue fiscal consolidation and prioritise investments/capital expenditure,” said the brokerage firm.
Leading global brokerage firms and market analysts have already said India’s economic fundamentals remain strong.
According to an earlier note by Nomura, reforms in India have generally survived the test of politics and “we expect the government to continue the pace of governance and administrative reforms, leaving states to work around the more intractable reforms around land and labour.”
–IANS
na/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
