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Fiscal boost, employment survey, RBI meeting

Relative to budget estimates, tax revenues have been much stronger than normal at this stage of the year, helping to support the fiscal position. That supports our view that Indian bond yields will rise only slightly over the coming months. Meanwhile, the new employment survey published by the government this week is a positive step, but given that it doesn't include the massive informal sector, it will have limited use in gauging the health of the economy for the time being.

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