The government's new Foreign Trade Policy is underpinned by ambitions to boost exports to US$2trn by FY29/30 and increase the use of the rupee settlement mechanism, both of which are tough tasks. Meanwhile the RBI kept rates on hold today and, while it hasn't ruled out a resumption in the hiking cycle, we think it is now over.
We are publishing this Weekly one day earlier than usual because our London office is closed for Good Friday on Friday, 7th April 2023.
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