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Earlier today, we highlighted both the <a href="http://www.businessinsider.com/the-state-of-the-indian-economy-in-one-big-slide-2013-9">positive and negative macro indicators</a> in the Indian economy. 
But with economic growth at a 10-year low, it's worth taking a closer look what has gone wrong.
Below are five charts from Morgan Stanley.
First, inflation has started to tick up again. Food inflation is back at a six-year high, and onion prices have soared over 200% year-to-date.
<div class="image-container click-to-enlarge"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/52430b4d69bedd134a6cd2ce-960/screen shot 2013-09-25 at 12.11.47 pm.jpg"></a>Morgan Stanley</div></div>
Projects under implementation also fell. <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> recently created the Cabinet Committee of Infrastructure (CCI) to <a href="http://timesofindia.indiatimes.com/business/india-business/More-steps-needed-to-avert-project-delay/articleshow/19875876.cms">avoid project delays</a> which frequently arise over land disputes and because of environmental concerns:
<div class="image-container click-to-enlarge"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static6.businessinsider.com/image/52430bd8ecad042e1b7d58c2-960/screen shot 2013-09-25 at 12.13.53 pm.jpg"></a>Morgan Stanley</div></div> The current account deficit is narrowing, but continues to pose a threat to the rupee and economic growth. <a href="http://www.businessinsider.com/india-raises-gold-import-taxes-2013-6">Gold imports</a>, which are part of the reason India has a high current account deficit, declined in July and August. But the weakness in the rupee and oil price movements will play a crucial role in narrowing the current account deficit:
<div class="image-container click-to-enlarge"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static5.businessinsider.com/image/52430f2a6bb3f77b1f6cd2e2-960/screen shot 2013-09-25 at 12.25.08 pm.jpg"></a>Morgan Stanley</div></div>
The rupee is still down nearly 13% year-to-date, against the U.S. dollar. The <a href="http://www.businessinsider.com/morgan-stanley-fragile-5-emerging-markets-2013-9#the-indian-rupee-3">central bank intervened</a> to support the currency:
<div class="image-container click-to-enlarge"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static6.businessinsider.com/image/524314c1ecad040f2f7d58b9-960/inrusd-1.jpg"></a>Google Finance</div></div>
Short-term interest rates are expected to stay elevated for a few more months and this is likely to strain GDP growth, which climbed just 4.4% in the first quarter:
<div class="image-container click-to-enlarge"><div class="image"><a title_source="" title_caption="" class="zoomin" href="http://static6.businessinsider.com/image/524312f1eab8ea94446cd2ce-960/screen shot 2013-09-25 at 12.44.26 pm.jpg"></a>Morgan Stanley</div></div>
Of course there have been some improvements in the Indian economy. For instance, industrial production ticked up, corporate revenue growth has improved modestly, and auto sales are picking up.
But Morgan Stanley analysts Chetan Ahya and Upasna Chachra expect "slow growth and higher rates to stay for a while longer."

In 5 Charts, Here's Why India's Economy Is In Trouble

The dark terror that India went through 40 years ago is something that makes for a legend of sorts. Exactly four decades ago, India died in its spirit bit by bit only to regain its composure after a long gap of 21 months. Though India progressed well on the growth trajectory after that phase, the time is still remembered as one of the darkest hours in the country’s history. 
 
India did not struggle with slavery or racial discrimination then. In 1975, the biggest challenge for the country’s leadership was to silence all the dissent against her and make sure the capitalist forces got to have their say. 
 Legend has it that the order was issued by President <keyword id="513962" type="PERSON" weightage="100" keywordseo="Fakhruddin-Ali-Ahmed">Fakhruddin Ali Ahmed</keyword> under Article 352 (1) of the Indian Constitution for ‘internal disturbance’. Clichéd as it sounds, India, indeed, went through the phase of emergency while gasping for breaths in different phases, wondering if this would ever end. 
 
Movements took shape underground, the voiceless, who were silenced temporarily, surfaced in tunnels and dark corridors to find ways of opposing the imposition that the government had forced on them. 
 <keyword id="6354478" type="PERSON" weightage="100" keywordseo="Indira-Gandhi">Indira Gandhi</keyword>, the name that still gives shivers to the Indian psyche was seen as both, a strong and an insecure Prime Minister, for having used this provision that should have been the route to take during the worst times. Emergency was a joyride for some. People were picked off the street randomly, locked away in prison and subjected to torture. Some souls withered away, while some lived to tell the tale. 
 Indira Gandhi’s political opponents were successfully eliminated, or silenced. Her son, who was considered the heir to the throne -- though dynastic politics was not in the spirit of Indian Constitution – <keyword id="134281" type="PERSON" weightage="100" keywordseo="Sanjay-Gandhi">Sanjay Gandhi</keyword> organised and conducted mass sterilisation programmes. Pogrom would be a better word, to use, when referring to this in reality. 
 
For having forced the country to go through the worst phase ever, Indira Gandhi got a fitting answer from the citizens of the country. She lost the elections that came up much after Emergency was lifted. The icon of oppression, Sanjay Gandhi, subsequently died in an air crash. Indira Gandhi continued to rule till she was assassinated in early 80s. 
 
What was the confidence that Indira Gandhi gained to be able to impose a situation that was termed Emergency, while in true spirit and meaning it was much more than a mere time of haste. It was a grand display of dictatorial aura, the unfathomable truth that power corrupts and absolute power corrupts absolutely. 
 
Indira Gandhi was much more than being a charismatic leader. She outrivalled her detractors and had created a path of her own. It was untested and untrodden. As a result, it was dangerous too. Time proved it again. 
 
For Emergency-like situation to be imposed on the country’s psyche, the resilience was at stake. It was a test the country’s mettle took and passed with flying colours. While Indian in Emergency wept at the fate it had arrived at, the situation also stoked the fire. Just as there were cronies and loyalists; heroes and martyrs were also born out of the same political situation. 
 
The same political unrest that had forced Indira Gandhi towards a knee-jerk reaction and design an Emergency, had also allowed the leaders across board to consolidate their forces against her. Student unrest also went a long way in planning the response to the whole situation. 
 
George Fernandes, a socialist labour leader, who raised his handcuffed hands to the cameras turned into the symbol of strength and the answer the situation had forced people to give. What if she had not imposed Emergency? India would have respected her as a leader and that’s it. 
 
She would have been mostly considered one of the weakest leaders for the reason that she had learnt politics on the job and had occupied the chair because of her father’s death; and not solely for the reason that she was capable of delivering the administration according to people’s expectations. 
 
Had the Emergency not been imposed, the sense of security and strength of press, students and Socialist and Leftist forces would have gone unchecked. A country that hasn’t been provoked is a country that does not know its strength. People realised their potential only because they were shown the dictatorial shades. They resisted, and how! 
 
Leaders were lost and leaders were born. The victory was sweeter because in the subsequent elections, Indira Gandhi learnt her most valuable lesson- you cannot silence voices by shutting the door. She left behind a very important lesson for the country to remember. Only, our memory needs to be long and strong. Else, we will be forced to learn the lesson all over again. 
 
(Image: Indiatimes)

When India passed through black hole called Emergency

<ul class="summary-list"><li>India reported more than 300,000 cases of COVID-19 for the sixth consecutive day on Tuesday.</li><li>Despite COVID-19 risks, UBS says investors should maintain a risk-on stance to <keyword id="6359891" type="UNKNOWN" weightage="60" keywordseo="emerging-markets">emerging markets</keyword>.</li><li>India is geared to global trends and long-term growth, according to <keyword id="3648399" type="PERSON" weightage="60" keywordseo="mark-haefele">Mark Haefele</keyword>, the CIO of <keyword id="8188872" type="UNKNOWN" weightage="60" keywordseo="UBS-Global-Wealth-Management">UBS global wealth management</keyword>.</li></ul>In a note to clients on Tuesday, UBS Global Wealth Management's chief investment officer Mark Haefele said that despite a recent rise in COVID-19 cases in India, emerging <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> are still attractive for investors.On Tuesday, India reported more than 300,000 cases of COVID-19 for the <a href="https://www.businessinsider.co.za/coronavirus-global-cases-all-time-high-rich-countries-recording-fewer-2021-4">sixth consecutive day.</a>While case figures in Europe and North America continue to fall, South East Asia has seen a dramatic rise in COVID-19 infections over the past three weeks, according to <a href="https://covid19.who.int/">data from the World Health Organization.</a>The situation is so dire in India that President Biden has said <a href="https://www.businessinsider.com/us-sending-oxygen-supplies-covid-19-vaccine-materials-to-india-2021-4">he will send</a> vaccine supplies, masks, oxygen, and therapeutics to help the country battle the virus.While Haefele did say rising case figures will be a headwind for the region, the chief investment officer also believes there are "several reasons for a continued positive stance on EM (Emerging Markets) equities."Here are the three main reasons why Haefele says investors should be "risk-on" when it comes to emerging markets.<h3>"India's equity market is geared to global trends and long-term structural growth."</h3>According to UBS, India now has a nearly 10% weighting within emerging market equity indexes, but that weighting is largely tied to IT companies that do business with the US, so much of it could be shielded from the worst effects of COVID-19.Additionally, UBS says Indian companies are focused on the long-term growth story and don't actively trade shares in speculative moves, which bodes well for long-term investors.Haefele also said that precedence shows COVID-19 surges can be "reined in" within a few months. The firm remains overweight Indian equities.<h3>"China tech regulatory risk appears to be clearing."</h3>China has a near 40% weighting in emerging market equities, making it one of the most important regions for investors.UBS believes Chinese tech companies have surpassed recent government regulation hurdles and are poised to post "above-average, double-digit earnings growth" over the medium to long term as investors focus more on fundamentals."We see tech regulatory risks receding, with policymakers aiming to constrain monopolistic practices, not curb tech growth," Haefele said.<h3>"A stronger dollar, higher Treasuries won't upend EM risk assets."</h3>Emerging market equities usually struggle when the dollar is strong, but according to Haefele and UBS, the dollar is set to continue on a depreciation trend as the global economic recovery favors "pro-risk" currencies like the Euro.Haefele also believes the fed will maintain dovish policies and Treasury yields won't rise above 2% this year, which should help stocks around the world outperform.Haefele advised positioning for reopening and reflation through value and cyclical stocks in Asia, with a focus on capital goods, construction materials, consumer services, transportation, banks, and metals &amp; mining."EM value stocks have traded at a heavy discount over the past decade, leaving room for a recovery rally," Haefele said.

India's surging Covid-19 cases shouldn't dissuade investors from buying emerging markets equities, UBS Wealth Management says

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Danish Ismail</div></div><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> posted Q3 <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> growth of 4.8%, up from 4.4% the previous quarter. This was largely driven by the industrial and agricultural sector. 
India's industrial sector grew 2.4% on the year. The agricultural sector grew 4.6% on the year, the highest growth rate in two years.
But Societe Generale's Kunal Kumar Kundu this data seems inconsistent with anecdotal evidence of the impact of heavy rains and floods on crops. 
"The impact of cyclone Phailin was visible in most rice-growing areas in coastal Andhra Pradesh and Odisha, two states that account for 20-25% of India's total rice production," writes Kundu. "According to experts, cyclones and floods in different parts of the country could result in losses of several million tons of rice this year." 
Still, India's GDP growth has now <a href="http://online.wsj.com/news/articles/SB10001424052702303562904579227872669601540">been below 5% for four straight quarters</a>. And experts remain pessimistic about the economic recovery.
While external demand has surged, domestic demand continues to be weak. A breakdown shows that "rural demand is fairly strong thanks to a better agriculture performance and continued social sector spending by the government (in light of the forthcoming elections)," said Kundu. But tighter monetary conditions and high inflation have hurt urban demand. 
<div class="KonaFilter image-container float_left click-to-enlarge"><div class="image"><a title_source="Capital Economics" title_caption="" class="zoomin" href="http://static5.businessinsider.com/image/529c9cef6bb3f7d5193706d7-960/screen shot 2013-12-02 at 9.43.42 am.png"></a>Capital Economics</div></div>Moreover, investment conditions are also poor. "A whole host of investment projects are currently stalled because of bureaucratic issues," writes Miguel Chanco of Capital Economics.
"Despite the government's repeated promises to clear the obstacles, which centre on the difficulty of land acquisition, it has made little visible progress."
India's struggle to keep its fiscal deficit in check also suggests the government might not increase expenditure. India risks a downgrade from the lowest investment grade to junk if its fiscal deficit worsens. But a "major reduction in populist and wasteful expenditure," also isn't likely ahead of the 2014 general elections.
Capital expenditure, which is the least controversial, is the most likely to be cut. The government for instance plans to cut its education expenditure by Rs. 40 billion (approximately $643 million) even as it raises subsidies. This has prompted experts to wonder whether the government is serious about capitalizing on its demographic dividend (i.e. India has one of the <a href="http://www.economist.com/news/briefing/21577373-india-will-soon-have-fifth-worlds-working-age-population-it-urgently-needs-provide">world's largest working age populations)</a>.
And high inflation means policymakers will be unable to provide too much support.
India's economic recovery, looks bumpy at best.

India's GDP Accelerated In Q3, But Experts See Plenty Of Reasons To Be Pessimistic

One of the biggest stories in global markets is the weakness in emerging market currencies.
A factor driving their weakness is believed to be the Federal Reserve, and the likely fact that it will before too long embark on a path to unwind its ultra-aggressive policies, which has served to strengthen the US dollar, while sucking money out of <keyword id="6359891" type="COMPANY" weightage="60" keywordseo="emerging-markets">emerging markets</keyword>.
Equity markets have been quiet, but on the <keyword id="6378917" type="ORGANIZATION" weightage="60" keywordseo="Currency">currency</keyword> front we're seeing weakness again.
The US Dollar just hit a brand new high against the Indian Rupee.
<a href="http://www.xe.com">From XE.com</a>, here's a look at the US Dollar vs. the rupee over the last week.
<div class="image-container display-table"><div><div class="image">XE.com</div></div></div>
Other big, bellwether EM currencies such as the Turkish Lira and the South African Rand are also getting bopped this morning.

There Goes The Indian Rupee Again

Mumbai, The Covid-19 virus not only triggered a <keyword id="8897085" type="UNKNOWN" weightage="20" keywordseo="worldwide-pandemic">worldwide pandemic</keyword>, but also opened the floodgates for investments in the country's equity market. All in all, not only did the overall capitalisation of India's <keyword id="6382118" type="UNKNOWN" weightage="20" keywordseo="domestic-market">domestic market</keyword> increased, the country's key indices emerged among the best performing emerging markets (EMs). Initially, the lockdown induced crash led to <keyword id="763912" type="PERSON" weightage="20" keywordseo="attractive-valuations">attractive valuations</keyword> along with a global flood of liquidity and near zero interest rates in foreign markets. As a result, return on investment from <keyword id="10500884" type="UNKNOWN" weightage="20" keywordseo="several-asset-classes">several asset classes</keyword> except equities vaporised. Investors jumped from one assets class to the other, till the time even the US dollar became unviable due to the massive stimulus package. Accordingly, the funnelling of such funds into the emerging markets led to a net investment of over $22 billion into India's market till now in CY2020. Besides foreign funds, the domestic lockdown, the biggest in the world, flooded the <keyword id="35199" type="PERSON" weightage="20" keywordseo="stock-markets">stock markets</keyword> with over 60 lakh new retail investors. Additionally, a considerable number enrolled through various schemes via the MF segment. Market watchers contend that these newbie investors saw the value in stocks beyond the pandemic induced slowdown and became the real beneficiaries of the up move. Till now in 2020, Indian markets witnessed FPI inflows of $22,281 million, which is 55% higher than the flows in the entire 2019 in USD terms. However, the domestic MF houses pulled out over ₹33,000 crore till November 2020. "Valuations are at 2SD (standard deviation) over the 10 year average, hence there is some caution on this front. However as long as interest rates continue to be zero or near zero across the globe, P/E ratios could keep expanding to levels not seen in the past," said Deepak Jasani, Head of Retail Research at HDFC Securities. In terms of purchase, FPIs initially preferred large cap stocks till October. Later on, they enlarged their purchases to include the mid and small cap segments. Sectorally, IT, pharma, banks, FMCG, metals, realty and oil &amp; gas stocks were bought the most by FPIs in this year. Apart from very high FPI inflows in 2020, large number of new investor registrations due to the Covid-19 pandemic has also contributed to the uprun in the market. "The huge stimulus rolled out by central banks across the developed world to tackle the pandemic in 2020 has certainly led to abundant liquidity. While it was expected that EMs would see strong FPI flows in 2020, the fact remains that only few emerging economies have seen such flows and India is one such country, especially given the slew of reforms undertaken in 2020," said LKP Securities' Head of Research, S. Ranganathan. "Having said that, it cannot be denied that lakhs of young first time equity investors have opened DEMAT accounts during 2020 and have invested into direct equities which is also a reflection of financialisation of savings," Ranganathan added. According to Gaurav Garg, Head of Research at <keyword id="1002876" type="COMPANY" weightage="20" keywordseo="CapitalVia-Global-Research">CapitalVia Global Research</keyword>: "Moving forward, FPIs may continue to concentrate in the Indian market for another 1-2 quarters. "The factors like low Covid-19 case count, expected vaccine in the first half of 2021, fear of valuations may go even higher and economic return to the growth trajectory are expected to potentially fuel more development in the emerging markets such as India." SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/india-will-have-to-pay-cairn-1-2-billion-ending-one-of-the-biggest-tax-disputes-of-the-decade/articleshow/79934284.cms">India will have to pay Cairn $1.2 billion ending one of the biggest tax disputes of the decade</a> <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">Mrs Bector’s Food IPO investors saw their money double on listing day</a> <a href="https://www.businessinsider.in/thelife/personalities/news/from-taking-on-yahoo-to-being-tamed-by-chinas-communist-party-its-been-a-roller-coaster-decade-for-jack-ma/slidelist/79935613.cms">From taking on Yahoo to being tamed by China’s Communist Party— it’s been a roller coaster decade for Jack Ma</a>

Stocks attract over $22 billion as India emerges among best performing emerging markets

<div class="image-container float_right" style="width:401px"><div class="image"></div><a href="http://www.gettyimages.com/detail/news-photo/young-performer-waves-his-countrys-national-flag-as-he-news-photo/55591380#">prpix.com.au via Getty Images</a></div>The Bombay Stock Exchange fell 1.5 percent and the Indian rupee weakened against the dollar, as investors were disappointed by the details of <a href="http://pib.nic.in/archieve/others/2013/feb/benglish.pdf">India's new budget for FY13-14. </a>
In its efforts to stimulate growth, the government has been trying to attract foreign investors and strengthen its capital markets.
However, the measures included in the plan were widely regarded as falling far short of accomplishing these goals, <a href="http://www.reuters.com/article/2013/02/28/india-tax-idUSL4N0BS4K920130228?feedType=RSS&amp;feedName=rbssFinancialServicesAndRealEstateNews&amp;utm_source=dlvr.it&amp;utm_medium=twitter">according to Reuters.</a> Here are some of the measures rolled out in the FY13-14 <keyword id="6358021" type="PERSON" weightage="60" keywordseo="budget">budget</keyword>.
<ol>
<li>"Uniform registration and other norms by converging the different KYC [Know Your Client] norms".</li>
<li> Make it move closer to international practices. Investors with a stake of less that 10 percent will be treated at foreign institutional investors (FII) and those with an over 10 percent stake will be considered foreign direct investors (FDI).</li>
<li>"The FIIs will also be permitted to participate in exchange traded Currency Derivatives segments to the extent of their <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>n rupee exposure in India."</li>
<li>FIIs will also be allowed to use their investments in corporate bonds and government securities as "collateral to meet their margin requirements."</li>
<li>"Final Withholding Tax at the rate of 20 per cent on profits distributed by unlisted companies to shareholders through buy-back of share".</li>
<li>A surcharge of 5 percent on foreign companies with taxable income of over Rs. 100 million (approx $1.8 million) for one year. This is up from two percent surcharge. For domestic companies the surcharge was raised to 10 percent, from 5 percent.</li>
<li>A proposal for a <a href="http://www.reuters.com/article/2013/02/28/india-tax-idUSL4N0BS4K920130228?feedType=RSS&amp;feedName=rbssFinancialServicesAndRealEstateNews&amp;utm_source=dlvr.it&amp;utm_medium=twitter">tax residency certificate</a> that would be needed to avoid double taxation, that was part of the financial bill in the budget.</li>
</ol>
Certain tax amendments in the budget didn't clarify which investment returns would be taxed.
Moreover, the tax residency certificate amendment that is targeted at 2016 "sparked fears tax authorities would have wider discretion to go after foreign investors," <a href="http://www.reuters.com/article/2013/02/28/india-tax-idUSL4N0BS4K920130228?feedType=RSS&amp;feedName=rbssFinancialServicesAndRealEstateNews&amp;utm_source=dlvr.it&amp;utm_medium=twitter">according to Reuters.</a>
The importance of foreign investment
<a href="http://www.businessinsider.com/why-indias-gdp-growth-is-headed-to-a-10-year-low-2012-8">Growth as we've already reported is at a 10-year low</a>. And the Indian government thinks investment (both foreign and domestic) is "the key to restart the growth engine".
Remember, this time last year Jefferies' analysts <a href="http://www.businessinsider.com/jefferies-india-investment-cycle-2012-3">Nilesh Jasani and Piyush Nahar</a> had said that India's economic slowdown was being driven by a collapse in the investment cycle that is "far from being played out."
Moreover, India's current account deficit, which represents the country's balance of payments, widened to a record $28 billion the quarter ending December 12. India needs to attract foreign investments to lower this as well. This is because a wide current account deficit makes the Indian economy vulnerable to a rout in global financial markets and could hit the Indian rupee.
<div class="image-container" style="width:580px"><div class="image"></div>Morgan Stanley</div>
 
Other measures
The budget, which needs to be approved by parliament, also raised taxes on the extremely wealthy as part of its plan to lower the federal deficit. It proposed a surcharge of 10 percent on those whose taxable income exceeds Rs 10 million (approve $180K) to help lower the federal deficit. But if implemented this is also in place for one year.
<a href="http://www.ft.com/intl/cms/s/0/1e2a2a1c-8175-11e2-ae78-00144feabdc0.html#axzz2MCljDrTq">Jahangir Aziz, chief India economist for JP Morgan told the Financial Times</a> that the budget lacked a focused plan to revive growth:
"It’s like a shotgun that fires pellets across the board. There is no target you are actually choosing. There is no concerted vision where he wants growth to come from, or where he wants to take this economy, not today, not tomorrow, but the day after tomorrow."

India's New Budget Plan Won't Bring Much-Need Economic Growth

<div class="image-container float_right"><div class="image">REUTERS/Pablo SanchezPeople run away from huge waves crashing onto San Sebastian's seafront in Spain.</div></div>As the <keyword id="6359891" type="COMPANY" weightage="60" keywordseo="emerging-markets">Emerging Markets</keyword> watch their currencies tumble and theirs stock markets tank, central banks are stepping up.
Here are three headlines out of the EMs in the last 12 hours:
The Reserve Bank Of <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> Sells Dollars To Oil Companies: In its effort to prop up its collapsing rupee, the RBI said it will enter into USD-INR swaps with state-owned oil-marketing companies.
"The RBI will meet the entire daily dollar requirement of three public sector oil-marketing companies through a sell/buy USD-INR swap for a fixed tenor, thereby removing the largest source of dollar demand from the market," noted Morgan Stanley's Hans Redeker.
The Brazilian Central Bank Raises Rates: Late Wednesday, the BCB raised its benchmark interest rate by 50 basis points to 9.00%. In the past four meetings, the BCB has raised this rate by a total of 175 basis points.
"Contrary to our ongoing view, the passthrough inflation pressure due to currency depreciation – although mostly built into our inflation forecasting model – could necessitate a further hike through Q4 and Q1 next year," said Societe Generale's Dev Ashish. "This would particularly be the case if the currency remains at depreciated levels for a long enough period of time."
Bank <keyword id="8692" type="COUNTRY" weightage="60" keywordseo="Indonesia">Indonesia</keyword> Raises Rates: Thursday morning, <a href="http://in.reuters.com/article/2013/08/29/indonesia-economy-rate-idINL4N0GU1TZ20130829">BI raised its benchmark interest rate</a> 50 basis points to 7.0%.

3 Big Emerging Market Central Banks Made Moves To Bolster Their Currencies

<div class="image-container float_right"><div class="image">REUTERS/Babu</div></div><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> is in desperate need of reforms.
With <a href="http://www.businessinsider.com/india-economic-slowdown-2013-5">economic growth at a ten-year low</a>, the rupee down over 12% year-to-date against the dollar, capital outflows, and <a href="http://www.businessinsider.com/indias-great-debt-transfer-2013-8">collapsing corporate profits</a>, it's no surprise that biggest story in India over the next year are the May 2014 elections.
Unfortunately, the government isn't expected to pass any major reforms between now and May 2014, and risk voter wrath.
What's worse, it's looking less likely that the incoming government will have the clear majority needed to pass any drastic, growth-stimulating reforms.
The latest opinion polls show the Congress party (which is largely expected to push populist measures) and the Bharatiya Janata Party (BJP - which is fiscally conservative and focused on a development agend) losing ground to a "third-front coalition."
The third-front refers to <a href="http://www.reuters.com/article/2013/08/16/us-india-politics-parties-idUSBRE97F0HN20130816">regional parties, that are now expected to win nearly 50% of seats in parliament</a>. India holds general elections every five years, so, if elected, this third-front could stay in power till 2019. The president can however dissolve the lower house of parliament in extreme circumstances and call for general elections before the five-years are up. 
The rise of the third front is bad news because the smaller parties have their own agendas and are likely to push for reforms centered on certain regions or communities, and are "unlikely to have strong national policies," argues CLSA analyst Mahesh Nandurkar. 
"We see the chances of a weak leadership largely made up of regional parties - each with their own agenda and incapable of pursuing the bold reforms needed to kick-start India's economy - as the most probable scenario," writes Nandurkar. "This would usher in a period of prolonged weak and patchy policy making."
And the make-up of the government is likely to moves markets. From Nandurkar:
"Market reaction to electoral results can be strong and immediate. Following 2009 election results, the market moved rallied 17% over two days as the ruling Congress won a stronger-than-expected mandate. After the 2004 result, the market dropped 17% in two days as the right wing BJP lost unexpectedly and a Congress coalition, supported by left-wing parties, came to power. In both cases, Congress won the elections."
Nandurkar expects a third-front coalition to claim 200 - 250 seats. He expects both the BJP and Congress to "woo" the regional parties and form alliances.
Of course political alliances are prone to change and the results of the upcoming state elections in November and December will also weigh on the 2104 elections. Moreover, there are 70 million new voters, or 10% of the electorate, that will take part in the 2014 elections and this could also impact the outcome. 
Earlier this year, the Financial Times reported that in a <a href="http://www.ft.com/intl/cms/s/0/de41f46c-157f-11e3-b519-00144feabdc0.html?siteedition=intl#axzz2dtk8mwte">"confidential note" the IMF</a> was forced to make "a humbling series of U-turns over its global economic assessment."At a time when growth in developed markets is just beginning to return, <keyword id="6359891" type="COMPANY" weightage="60" keywordseo="emerging-markets">emerging markets</keyword> have failed be the engine of growth that the world had come to expect.
This is obviously key for foreign investors and businesses looking to make a footprint in India.

Why India's Economy Could Be In Trouble For 5 More Years

<ul><li>Professional networking platform LinkedIn unveiled the Top 15 Emerging Jobs in India for 2020, today. </li><li><keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">Blockchain</keyword> Developer, <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword> Specialist, and JavaScript Developer are likely to be the top roles in 2020. </li><li>Among the non-technical profiles are Digital Marketing Specialist and Lead Generation Specialist. </li></ul>India adds 12 million people to its workforce every year. And, as automation makes inroads to the job market, humans are competing with machines to keep up. Professional networking platform LinkedIn unveiled the top 15 emerging Jobs in India for 2020, today. The report titled ‘Emerging Jobs 2020,’ anticipates Blockchain Developer, Artificial Intelligence Specialist, and JavaScript Developer to be the top roles in 2020. According to LinkedIn, India ranks among the top three countries to lead the world in AI skills with <keyword id="3241386" type="PERSON" weightage="20" keywordseo="robotic-process-automation">robotic process automation</keyword>, compliance, and integration as the fastest growing skills. Among the non-technical profiles are Digital Marketing Specialist and Lead Generation Specialist. “The country is seeing a rise in digital transactions, and therefore industries are ramping up investments in Blockchain. This strong demand for Blockchain tech talent has put ‘Blockchain Developer’ on top of the list. As automation becomes a reality across industries, the ‘AI Specialist’ is the second emerging job on this year’s list. Amidst this tech pool, it is particularly interesting to see soft skills like team management and customer retention feature on the list, which underscores the importance of human intervention at every level of digitisation,” said Ruchee Anand, Head of Talent and Learning Solutions at <keyword id="278010" type="COMPANY" weightage="20" keywordseo="LinkedIn-India">LinkedIn India</keyword>. Here are the Top 15 Emerging Jobs in India in 2020: Blockchain Developer Skills needed: Smart Contract, Node.js, Hyperledger, Solidity Top industries: Information Technology &amp; Services, Software, Internet, Financial Services, Hospital &amp; Healthcare Top locations: New Delhi, Bangalore, Hyderabad India has the sixth largest number of blockchain patents, according to Hardfork, a blockchain company. Blockchain developers assist in building services and technology related to blockchain systems. <div type="Article" hostid="261" msid="61808610" title="Here's everything you need to know about blockchains, the ground-breaking tech that could be as disruptive as the internet" mstype="2" mssubtype="0"></div>

 Artificial Intelligence Specialist Skills needed: Machine Learning, Deep Learning, Tensor Flow, Python, Natural Language Processing Top industries: Internet, Research, Software, Information Technology &amp; Services, Education Management Top locations: Bangalore, Pune, Hyderabad AI specialists, which is also the top job role in the US equip the machines to learn and perform efficiently. According to a PWC survey, AI has the potential to improve India's economy and cybersecurity. <div type="Article" hostid="261" msid="68041682" title="A majority of Indian corporates are unprepared for cyber security challenges: Report" mstype="2" mssubtype="0"></div>
 JavaScript Developer Skills needed: AngularJS, Node.js, React.js, React Native, MongoDB Top industries: Internet, Research, Software, Information Technology &amp; Services, Education Management Top locations: Bangalore, Mumbai, Hyderabad JavaScript is an essential programming language for front-end development — defining the user interface of web-based applications. The job deals in creation of website — from programming to development. <div type="Article" hostid="261" msid="72433074" title="After TCS, Infosys reportedly plans to double salaries for 'coding experts'" mstype="2" mssubtype="0"></div>

 Robotic Process Automation Consultant Skills needed: UIPath, Automation anywhere, Blue Prism, Process Automation, SQL Top industries: Accounting, Management Consulting, Internet, Research, Software, Information Technology &amp; Services Top locations: Bangalore, Mumbai Robotic Process Automation refers to the software robots that enable automation of processes across businesses. A robotic process automation consultant chips in to educate businesses on the adoption of RPA across levels. <div type="Article" hostid="261" msid="64301135" title="Indian workplaces are expecting to double automation by 2021: report" mstype="2" mssubtype="0"></div>

 Back-end Developer Skills needed: Node.js, MongoDB, JavaScript, Django, MySQL Top industries: E-learning, Internet, Research, Software, Information Technology &amp; Services, Financial Services Top locations: Mumbai, Bangalore, Gurgaon Backend developer implements the internal functioning on a web application. They are also responsible for developing Application Programming Interface (APIs) along with testing the software systems. <div type="Article" hostid="261" msid="72117347" title="The 10 fastest growing programming languages, according to the Microsoft-owned GitHub" mstype="2" mssubtype="0"></div>

 Growth Manager Skills needed: Business Development, Team Management, Growth Strategies, Market Research, Marketing Strategy, Digital Marketing Top industries: Food &amp; Beverages, Marketing, Advertising, Information Technology &amp; Services, Financial Services Top locations: Gurgaon, Bangalore, Noida This includes job roles in product and marketing roles. The role focuses on engagement techniques for product and business growth. growth managers use data to draw insights and market trends. <div type="Article" hostid="261" msid="72289742" title="This is why India’s MBAs and engineers may be hoping to turn watchman and sanitation workers" mstype="2" mssubtype="0"></div>

 Site Reliability Engineer Skills needed: Amazon Web Services, Docker Products, Jenkins, Ansible, Kubernetes Top industries: Telecom, Marketing, Advertising, Information Technology &amp; Services, Financial Services, software, Internet Top locations: Bangalore, Pune, Hyderabad A Site Reliability Engineer ensures smooth of the applications at development and operational level. The idea is to create a reliable software system by resolving infrastructure and operational challenges in the software. Customer Success Specialist Skills needed: <keyword id="702009" type="ORGANIZATION" weightage="20" keywordseo="customer-relationship-management">Customer Relationship Management</keyword>, Team Management, Customer Retention, Account Management, Software as a Service (SaaS) Top industries: Marketing, Advertising, Information Technology &amp; Services, Financial Services, software, Internet Top locations: Bangalore, Mumbai, New Delhi Customer Success Specialists are important for managing customer relationships and retention, thereby adding to the business growth. In the era of automation and digitisation, soft skills are most essential to these job roles as this is what machines can’t replicate. <div type="Article" hostid="261" msid="72360418" title="These are the top soft skills that will keep your job safe in the times of AI, according to LinkedIn" mstype="2" mssubtype="0"></div>

 Full Stack Engineer Skills needed: JavaScript, Node.js, AngularJS, React.js, MongoDB Top industries: Marketing, Advertising, Information Technology &amp; Services, Financial Services, software, Internet Top locations: Bangalore, Hyderabad, Mumbai Full stack engineers handle everything — from database to clients and servers. These candidates are responsible for both software development and frontend development of web applications. Hence, they are much in demand. <div type="Article" hostid="261" msid="71916321" title="Learn these 6 technical skills for a career in software development — and its more than just programming languages" mstype="2" mssubtype="0"></div>

 Robotics Engineer (Software) Skills needed: Robotic Process Automation, UIPath, Blue Prism, SQL, Automation Anywhere Top industries: Automotive, Industrial Automation, Electrical &amp; Electronic Manufacturing, Information Technology &amp; Services, Software Top locations: Bangalore, Gurgaon, Chennai As automation takes over the job market, robotics engineers are hired to develop interactive software that helps to automate tasks. Robotics includes development of human-like chatbots to perform tasks while automation is for special machines equipped to perform a particular task. Cybersecurity Specialist Skills needed: Cybersecurity, Information Security, Network Security, Penetration Testing, Vulnerability Assessment Top industries: Computer and Network Security, Accounting, Information Technology &amp; Services, Software, Management Consulting Top locations: Bangalore, Mumbai, Gurgaon One in three Indian organisations face <keyword id="608402" type="PERSON" weightage="20" keywordseo="data-breach">data breach</keyword>, calling for the need of cybersecurity specialists. The role includes keeping track of businesses and system and develop security programmes to implement data privacy. A cybersecurity expert must have knowledge on cryptography — encryption and decryption mechanisms. Python Developer Skills needed: Django, Flask, HTML, MySQL, JavaScript Top industries: Marketing, Advertising, Information Technology &amp; Services, Financial Services, software, Internet Top locations: Bangalore, Mumbai, Hyderabad Python developers are responsible for creating backend technologies and programmes for the web-based services. They also work on data collection, mining and analytics. The application of python extends across many sectors including finance, retail banking and insurance. It is used to create business and market insights in the insurance sector. Digital Marketing Specialist Skills needed: MySQL, SEO, HTML, Google Ads, Social Media Optimization, Google Analytics Top industries: Education Management, Marketing, Advertising, Information Technology &amp; Services, software, Internet Top locations: Mumbai Bangalore, New Delhi A digital Marketing expert will sift through online campaigns and generate leads via internet. This includes jobs across social media, search engine optimization, analytics among others. <div type="Article" hostid="261" msid="71714306" title="Learn these 4 skills to become a top notch digital marketing expert" mstype="2" mssubtype="0"></div>

 Front-end Engineer Skills needed: CSS, Bootstrap, JavaScript, HTML5, AngularJS Top industries: Electrical &amp; Electronic Manufacturing, Marketing, Advertising, Information Technology &amp; Services, software, Internet Top locations: Bangalore, Chennai, Mumbai Frontend engineers work with web designers to add new visual features and properties to enhance the interface of web applications for clients and businesses. These are different from front-end development roles which include core coding skills. Lead Generation Specialist Skills needed: Market Research, Email Marketing, Customer Relationship Management, Business Development, Digital Marketing Top industries: Outsourcing, Marketing, Advertising, Information Technology &amp; Services, software, Internet Top locations: Bangalore, Pune, Gurgaon Lead generation is important to businesses to increase sales. Higher the quality of leads, more is the conversion rate. The role of a Lead Generation specialist is a blend of marketing and sales. In case of online marketing, it includes social media and email marketing. LinkedIn has over 20 million jobs posted on its platform — including 500,000 jobs in India. And, almost 62 million members on the platform are from India. See also: <a href="https://www.businessinsider.in/careers/news/these-are-the-top-soft-skills-that-will-keep-your-job-safe-in-the-times-of-ai-according-to-linkedin/articleshow/72360418.cms">These are the top soft skills that will keep your job safe in the times of AI, according to LinkedIn</a> <a href="https://www.businessinsider.in/tech/news/microsoft-owned-linkedin-grows-as-job-seekers-and-career-professionals-join-the-platform/articleshow/72359077.cms">LinkedIn added 12 million Indian subscribers in the last 18 months as people got hungry for jobs</a>

These are the top 15 emerging jobs in India, according to LinkedIn

Open papers in the morning with your cuppa and what do you get to see? Rapes, murders, crimes against women, domestic abuse, marital violence etc. However, there is something that escapes the headlines – the emergence of a new Indian male who thinks sharing responsibilities with his spouse isn’t something out of the ordinary. It isn’t cool or something; it’s just natural and normal to be so.

	 
	And guess what, the ad world seems to be catching up on this image pretty well. Ads, in fact, are the reflection of everything we see around us. Sometimes, they even pack fantasies so well that they tempt people to emulate them in their lives. Do you remember the Google ad of friends across boundaries brought together by grandchildren over jhajhariyas? Now, that is certainly a super nice thing to do to one’s grandparents!<o:p></o:p>

	The recent talk in the town is about the new male who has come into emergence with the Airtel advertisement. The man in question is suave, hardworking, respectful and finally, a husband who gets his share of affection from his wife.<o:p></o:p>

	In turn, the wife is a matter-of-factly boss with a bit of hesitant apology thrown in. Her voice doesn’t quiver at the time when she prods her colleagues to work late, to meet a rather impossible deadline. She is a <keyword id="2463667" type="UNKNOWN" weightage="100" keywordseo="Metrosexual-woman">metrosexual woman</keyword>. At office, she is dressed in a crisp saree and at home, you will see her cooking up delicious meals in the shortest of shorts, using super-seductive cookware. Then she purrs around to get her man’s attention and get him to come home for dinner.<o:p></o:p>

	When you look at this ad, there is something that strikes about this. The topic and execution has sure got most people thinking and responding to this ad. To that extent, the advertisement has been successful. It has a ‘talking point’ whether you agree with what’s shown or not.<o:p></o:p>

	The woman’s role has been much discussed about since she is shown as balancing both the acts – a commanding boss in the office and a totally domesticated woman who will endorse the stereotypes to come home and cook according to her husband’s preference.<o:p></o:p>

	But there is something that they are clearly ignoring when they speak of the woman being progressive or regressive. It is about the emergence of the <keyword id="2463668" type="UNKNOWN" weightage="100" keywordseo="Neo-Indian-male">neo-Indian male</keyword> who can be both a subordinate at office and a doting husband who likes home-cooked food. And he does not mind staying back late in the office at his woman boss’s behest. <o:p></o:p>

	How and when did this happen? And how did we miss the signs all over? The neo-Indian male emerged without as much as anyone noticing it?<o:p></o:p>

	In the country where rapes are about the sick mindset of feudal and sexist perceptions, there are millions of homes in cities and villages, too, where men stand to shoulder the responsibilities of their wives.<o:p></o:p>

	It is no more a matter of ego or turning subservient when one does this. It is simply a way of making way for the new order to take shape. Men, today, are much more sensible than their earlier generation who were oblivious to the facts such as menstruation, menopause, pre-menstrual syndromes, ovulation and a host of other things that can trouble only a bleeding woman.<o:p></o:p>

	In the changed world, men do not hesitate to wash dishes, bathe kids, cook and clean while the wife is on an assignment in another country, or has a demanding job.<o:p></o:p>

	This transformation has not been easy. Changed economic conditions and buying power has vested equal power in the hands of both men and women. But women, who historically had less negotiating power, have emerged confident winners of equal space in the society.<o:p></o:p>

	This transformation happened despite the marital ads remaining unchanged. Well, people still look for ‘beautiful, tall, fair, slim, family-loving girl’ for a boy who is possibly earning in lakhs. And none of the attributes will change even if she, too, is earning in lakhs!<o:p></o:p>

	The transformation has silently happened in homes and offices, where men have simply come around to change the pecking order. So it’s little surprise that a woman is a husband’s boss in the office and a caring wife at home. In fact, putting a man in power position in this ad would have sent a wrong message to the society that women are being forced to overwork while a man gets to leave office early. A meal prepared by him may be damned!<o:p></o:p>

	Raising a toast to the new Indian male isn’t only gracious; it is the most important thing to do. That way, grace remains intact. 
	Image: Thinkstock<o:p></o:p>

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