JUNE 2024 ECONOMIC UPDATE

Weak Monsoon

Till June 28, cumulative rainfall was 14.5% below the long-term average while weekly rainfall was 8.3% above the long-term average. On a cumulative basis, rainfall was above normal in southern India while deficient in the rest of India. This indicated higher inflation.

Global Manufacturing and Trade Cycle

The global manufacturing and trade cycle sees lukewarm positivity in 2024 after 16 months of slump.

China’s Deflationist Policies

China's deflationist policies are partly offset by protectionist reactions by the Western world.

Gold Prices

Gold prices rose despite a reduction in market expectations of a cut. Rising physical demand for gold in emerging markets and by central banks could be one plausible explanation

Comments

Shift from Defensive to Accumulation

Executive Summary: The data clearly supports moving from a ‘conservative’ to a ‘moderately aggressive’ stance . While the absolute bottom may not be in, the risk-reward ratio has turned favorably for long-term, disciplined investors. The combination of fair valuations, extreme pessimism (VIX), and robust structural flows (DIIs/SIPs) creates a classic "wall of worry" setup.

India's Financial Market Update: A Tight Squeeze on Liquidity

Here’s a simple breakdown of the key developments in India's economy for the week ending September 26, 2025.

SEBI Update | LODR (Fifth Amendment) Regulations, 2025

The Securities and Exchange Board of India (“SEBI”) had at its Board meeting held on 12 September 2025, approved certain changes, inter-alia to the Related Party Transactions (“RPTs”) framework under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”). These changes have now been notified on 19 November 2025 vide the SEBI LODR (Fifth Amendment) Regulations, 2025.

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