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In~t'!lIte.i!!.. @- treet .e:n~ili.i"I ~!!:u.:s:mi:illl~~ ${ze.1~ G"(jIllelrnmen~ 'ffip'(j.Oing Ol'lll! q.~PP~\Iii Ri.1(1!fi'll of IIFRS.v would "-'Ill let Indw.OOll!1eJg..l duO! dela..M1Jl!l. .em~n'ti'lgit for taXp'~lrp~Si~s i~' :lJr~l1f'!~ m~tdI. lhere ar.and wm invCjI~ nOil dI 10il: of ~ffoft !l) 1ll11lhe 'pal't of .0001llllnt~nl$ .. An(l!t·H'~fimlf'!~rifl:l!lrlt·II\IQilt~ in Urfs OO!ll1J:~~t 1:SI~~fii!. .A. ~~~II~~i~OOr brr~_£ ~OQ.~<c~.~ ~.i'i!"pewliW .the: ~f b!ll~f1:~ silleet. Polia'\_liflng oofli!l.~~~QI'I 'tli'nJElr.ili~I1.~" 11ndii:.:> will inilJJiem ent 'IIPRS'- d'e'av' IfR'S ~1fil~fG.~ in In!1~iI"i'lw!iI~i'Y\ ~Ilm'i~ied .!i~~I't~ .. 3)ain (1l~l:lelr!rc"O.~ a:1f~rw'!1!iQ 1'I. .O! ~~!U!ntill'llg.'I. (!ipeflrllll~.I.at p!gr.d'e'didlmrnre.:.s't-hr"!l'Jug~1tr CD eenterfjiol. t@iwemeri~ewittf ..A..oV'@l'hig.ket .rJ.r'l:ll'n ~lPrnilll 201:Jll. Hll! fa:ll..tompi'l!!'l[e-s ha\ilinlll .<J.h'l'Iie.l1~mJl:!i'q.i. '.Qm-e~e.Ali:lrU~ .j~ce:Shlll~el"a..e:v'l!l.!iil! e .~~_vrit~s win r{l'!]lil. c(lniij'.~lIlIre~ will in.' 1["l!ii~:i'11 dl!'l~lllh d~11:'m:~J'eilm~ .dOCUlilircienrt!i' fci(lrl i~Oit:~(1I':IlR."1ifi@~ OlI:l'lId i'tts: ..ml 11:!·e..ofi'inO!lf!cj~I.!!iliJbnll fi..onOlJ'rr' !E!lOllflOM1/.toh 'd!Jbie:rfe~ 'W.red acoount.ed.esOJI IIF.the.bTe. AIiifG<th~1I" Im'p!Oill'lt'ill::f~ 'qJlllIest1iO!ILIIts.a tk OJ b~AIIo~~'erl:il~~1 cOfllll:l'l~'~if~s '~Irt i6JF~h@II\Qibj~ .g.~i!1e I1g wartih" Ci~~.~urm~cv t~iiiI..e. b.tmtillii~ :an.lth"f/ .~t ':4W~ffi'n~~ g~' .fl!.!iI:'ciC1~ ~eet {$ 't~ 'Cipr"Jb~nder I\'Id.r~ I1.en:rinB it 'ilS Tit tiI as loll'll~t:e.~f~' wiD ~ead~o tJtilee".~l 'Ilol..ariij I!i!i~e:rimp~. -~ .It@f..eft'! e!l..lire se-t' atoount'iifl.til1gll~~S."I"Ip:a.' .lre is.nm !. t:6mpQI!f!~5·ha.gy fib'r .!iJlnf!:MI.t-s'il[(~·~!>.shaw·'taJ!il: a~ to o. ~[!.5':"rrr:Jil t<:f~!lfQn Ipu'l~o~es.@ iml'J:n.I1'!'1EI1!1E!!.~~!!f11H!ntIIIFft!.'tialance 6m:eet" a.'b:nl1'.n:Hces:l:salso a 'toopk oJf.l'~r:liP'et. O~en1n.s. .i!~ lil'lBl'liJial iiWlI~t~nneii'l.h.!GomlE! l l..rull:~~ijnK.sdi'sr:: Ill' ~..g gffi·t1~n!ii~1~~tel'ner'l't!~.lOi'e 'tc·cha!f!G~:thelre.~·lln :11 .1il.on 1imltip~lpan~e5:. .mm~ni~~.dhi w@!'!'t g.ae tlJ. C l'~em .o..lwe.@'~:th.tlhiell'Glre' IIel!.mpt i1(i\ ~ to.ole iss.cIEabut s.Qi'rl!£l . :? C:pncept P.n~@Yltl·b~ ~ blg.l!.· fJtld (hi:!' ~:~ dubbetfjei is the' (ilO'P' (orQ ~"" the Wfl(fd fliat po:ss-e.~.d a.r/lllll~' . onl\1' t.tH~~liie-Stil.atThO:f1i1i.fR..FRS !.1rn 'toll)!l~rpilfl. li":lmli5 t:OIil~Jr:!eIlCei ~s·€er.i lr:s l4'. -1$ tlh~. w ff!lat.fme·rn hi'S pb.g'llobal <lndto IRer:e!J!.M:een IIii!~ran ~p il!1d ~FR:S im~ 'el(: can I!iI at be .~'laW"~omil~C rlf1ltc.o.debare. flij~ 'WClrtih Irr"f~J1!eif'ililii('~rlll1lJ'A.ming @n.a'indeba:t.liFlltt ~_~~~fo~lti:oflSi"lik.iFil Indi!i!I~ !rye th~.j?..ap€l~ Q'.g pr. new' 3CC9l:!1 l(illlihn. ~~ .f!!.Finance Club NI.~'O-:n :1! :Aprii~ .TI'EMumbai 11 .e.~Il. WUII ~i. [Fair val:ye~dhi!!~r.oreafl'lIMt'lotr:ls Ihlthe :5ihort ~IJh bUll: t.The aJi1le.~rttop 2!OOi~aOO I.e Apri~:t .flQ-l~'I!a~ityabQur~ i~ 'impi<lct .at p.n.:r:51iin.tem:!O and~IT pw~s~~ is ti~at: . Oifll.'lJr)~i'm'J1iim .Uif.hINps· engii1S~rsrn i ('hG'41'1l' of ~:tti~nl' it.i.OJ{'lllrn:lll:a(11 oIM]:.O]"Ow thi5 !iill!i'lw·'Ulil:nce.liQy.iii: .vroM.2j:1l.ea I!~i of 1.~drre!B'~v.on m-iglit .~"Elm:en1r5 Oftl~.es:1air lQIOOLl!l' Ilmi~t Df li'1e' Llemm 'that are IprEi~eni.ar.* ~~Ir.awt~f nift:v..1C eham '~~om lmp~ce\m.ng·n·("I.of Jta¥.S1~iI'$.!'tQII!!l.em en~ II'FIlI"i~.'OOYrii.~adtwUI.~s~.ahlhv imipMc. Th!lil!5 CGinfi:'[Ulles ~iglU be'~\e-qlill~reCi till) m~~ntalin '!lepal~te.aj ~ J~ >Q'dlio~to'/r)l!qm~ AO~#. JlrS2 .-eooenCiel.tl1l'~fll'ii' illrl .~'!Ie urn'I:eSsalfl~ ~ r:lifUIn. am '!ilI'lia!1d~lO!\"Y 11111 !f1.~j. S:e\i(er.!11'i R..sota b~ t'~lrri!!d Gul:.tS mil'ld $~.e:.AtSiB.it "fiQII7~ ~l one· r.liii15 .".d a'J'n ttl~Ii:rJ:V-l~ Use QfWwhe-ri1' fn' the' w.e:noe:~heir.~g~i:lU r nllm::c{~s!:!.ti~the f!.'mmeii'"e..iil:.c elf Ind~a (~(AI.~f1!:.2:o'ii ti'.~ 'illf the n~ st:a~e~ ..:.dU '~hl!.quaf5thlecsi$e-alli'le ij:u'b.IliI~Ie~rng a hY.tll..of IllIleerin:g '~l1.llihies\i'll!1111 <115.pi~r~m Uliiil. ·me· P.are_I.~:rrfr U$". eXipf!!!«iJ~r(in5 fu.

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'o.'il'wtyfime:a r!CIte is ~lI?.Mini~et'WJk]1 f[~Iri.' .!1!Q!Jdi'!!.y.e: .f.ecbiO.!bpsinthi.e'.I"oPEld ecC!nll..eshat"e ip\a~5 'l:hrol:lllh from ~@II~ Ircat~ Wi de~]t and l~f.dlJllns .i). 'War 1'I'J.u::ms~ "the y.i!!'!! e..l:iii.el'iitiQIl!~cllf.M!SiI!l:s H'I2'r.kle. The chil:lIiIg.in'IDo dll!jng:e:~ til@: 'int~~st il'l ibp~ inttf!l~ b~n'(r~l d1~po'&ifl:.l'iet'hi!i!mslfIlln irlrdt.Qfjgs:i ~!'Jje.M1 inter-e.!:l~l:Jqrf(l~f~!l ar.thcCln ham a aitt:ct.1 in~Frnn=NIn Eo.(~ behairor ·Ut-e 'c:onsume:ir'5 whic.i.')ji'e..:It!~ompl~h~::.' m!l:ll!.'!l thmllg.t1i~& tjl:u~~~oli'lit@1fffimil! @1!.INeIO imlpalet :all 'iI!liiie rrilad~t: l'I.ict OIIHi1M!!ll' r I~ 1. m .J~~!a' fJ urI:al~':S'I.01..eR~:rffrJ ~tci. 0.ectl'l.011'Ul!~'rv pljlt~ i~cond!lJ'l:'~d In a otilJllli"lt:I1.~~r. ~al1:k lQ'f JiliQ<!. !Cil!!.d:~il~.E~fin.W~:O.. and . With .i.l!!ww traJ'liS'm.~.Ui!ii!' in India.r. ' .~~ .llllldb'h:tls h~51I:reng.!! Ib~ tl~..!ff_ most a(J¥Q.r~ l1~mfl:lv ad:miliril]~t*!iwed s:<r~iiif1iE!'s rQit~. 'It is·the'tiegree :0!'rI:d.D. ch":1J!i\e in .e!l:UMt.ec..\I'E!I!1iess.<lodIdl~ni1~t ~1O~e hiill~l'l~wlti~ ~h:epolity wa~-lt:lila~~e~ m[ld~ !by I'!IEU(. Irs ~ff-.1j! !'lif!'.8. if .'~l . S·SlJe Uoleashling tb.r3.!'i:siI'.e p:<I."OI:Jl!':ilit!1'.J711JWJI. a fU'5!.l (Jt(.. JCe!!1tfl~banl5i ~n maib~. ThtJs.I).lle... OII1l.US ami it-50 jf~'lai110r1.(1. ill..¢lffi~.I~ilnli:f.e~1"!\i ..I:l.Ii!1'I"I'Qr-$l:fflM~aillfl9ma~". IClQ:st of ~iiking IO!iIlt~ the"WIf"ik iITI~haliiiJ:S~ is '!f.!lS.!e.redl!Jdicn lof.l'l!lilile~l.lr:J'Jl.{J' 1-5 we.nI!:i!r!~.r!iomV.rl~~ til!!' . 0.imr:ssl~iill!lle-clN:fnfsm.• .of.i.e int'e:ri.~~ruf\~Ql)hal beOOu5etfui.tral'l!iililrli$Sio!1 m.I~rl'Ce'.degme: @~ de.t:'StiI\m.Glreell INe-~U5.l. 1). ~'Uirvl1El:the' b.iII\'d frJlJy tU!l'ittioi1~1 BG'D l!t€{l/J'5.lall tr.te~t..~-R\li:lllilef"l!l1Y~(ht:M~lat.·I.~ ~p im~lta~"fuIg the 'GDIP.!ii'i't~':i!j:.Qnetary ~iro"l!loJl'lies~"ti!t.rQ.r:ide'5 the Ollmo"Unlt..alSank .IJIec/"lll''Iw. .~B!1 ~t Iha~ 1.oIJ:ieQu~nt-ly.fly O'thref'dsME!iloped.!(~@n. feu leh.k.~!fq>e Ci ~~pq.....lilIiS. :5.a !ilJrn<lJ~1 In WJl:~'keni~gth@ IM~I'e~ nU~ str~ctut~~ it is thcJ:!!I 011:.!1M Il1iIte.' hl'gh foT ail I!!OC)iI\I.iion !i1!lIBC'~l[Inli:~m.echanism is 'the pooces.rn:.Theild·Iil'.p'€Ji .tllnQ: rate pmt':li.ta.w iif:Ilti~'~1:~1j!' th~ IIT!lpJ1ilI1tI: (If cil~niEl.lfleraiiYU'ijFlSmiilii.01 I 1.Jthe·.h Wate~~ respe.IIOOd~pa nl!.~ooliilcrlTli~ en th@otJIiQer Inuul <1M <ll!iIle. Tih.~g tI"e' 6."'51" rate· ili (lerrifed \. o.eS :~~ t~'~I~~~.~G o.OImy.JilJte:' ~ $tl[y~ture' ~~Ir!' Q~: alttl!~ii~i."t!l"allsmTossicn is 13l'jE!ly .ln ~"l'liiltilDn. i.w.I!W"@lI"~ from~.""S'.~lt'iiil(~ OWJlW@r-cl J!l'lflei!JbilliW ill! 'ithe .~fall'IiI'1!!i!'S~4'~ tlliie I~~~I b!\! mi'K ~(·t~!!:oo.p:s) .Q~icy.Ipen.ti:ll efI'.~tt~sugg.ate: m.Z .:[I tIJ'EW.ltie . ean be~lJdg. B~!) {i)f ll>Ae:!l~~.JI !'J:t:at"het-s l:!tI~·lh.p"~~rthfOIJ~h '~f!l'Im.llndltaJWill>Iq:~l.s Through.IJll r!llf~riehlll'Y ~.LfJ.a~~ !illl.s The :!jl!ii wgU.§!jqJLient :5.t ~h.i!d.!\@rlf ti~!!!it intends :lip m~kee\!.eta ~ tra!n~[ss~on m 'm echanism i:!> dtis~~5ed' ln~li1~e $!JI!l!~..8..gp~ga~~ .ih11~$:.ehr . I.di~E!IY (:s:olliroe! RIB~ I!epllrt~! Le.1.llI: !!i:l(()1i'[Qlmlies lilke US :and "Ul~ J 5 eloiSe tb'.l.l. .ell !. Fla:l!!I' 11I"1'te'te:s1a!~e-s .I~!:I.~rIi!!l.cQ:niIm~<'Irie~cI ito i.~E iSOliwge Iqh~n.9~ Ilarge!'y de.any ~1iiI@~. llfaMmillsion etrl!ccii.ict.of liTI(lnmry 'w~smissio:n 'mIl@1fn~llii~ml~ocii:l~!lI1Ci.ed' bv w. with <E11\j~.OO' 'Whi~J ..s ]1'1" rfle Sh!)rt~.! il~ilit~~~t In~QdtJ\~.ss tcac.42.lli'" '-Or this' .rit~~!t .drsi:'~!. M\!i'~ .aDn:f. o:I!ni:i 0.YntriY'IIi..i etUe-ebf.ov~)dI ~ ~.llmber Q'f !!a~g.Jit .T..obJ!!N'~iL\!ttt.n~.in India J/t'eJultl. fOi\lii~~f" '!l:ni9' Lml1~re.i1l1f~\:'liiiVe.In~~frie ~Elndlfij!:rn~sbiilla~ dgidly .pr.c. IJiI'I.1!l1 0.iiiml'" I~rdse£'@n 'tl'o~-:e"cooom"'!I' f~ ..lhln .e Cl.t'1~an.:e in.ssi(l!~i.. 0I1.~ in·.efliil in mqni$tyle imp.. mt@~ ~!ldm .5.'" [U'iiij.'. 'f1ie /(}J'd:: Qj'~ In~ieSUI<li~e 1Iil. J. p<!rt~lall'berot.i!~~ Ili'l!fifHpplniii:l.e:o:lt~nlt( of Ma:fletarY" ~~lIc!!.iIiIln. ThQ~'l'iI 9.eii'i'rl.tt ~Qrrciy nl!te's:.3ll'E'! iRami"ithrQu.e ~BC II N'exlll.IIt:-.•.i~r$diepTiW '01. OJS O.• if a It:!ertaill'l remil:l1alNO"liiI1 Inirin"tiolll is..a ~~Jolr ~~~~tti~~e ifJnfep<'iijH~g thE! iiiI'II'l:.e'" :pier~od 0...oorn'~ti!"p~ii!lli il[JI.hoougtru ~!iill a..linv [I('gtf·C!~ O.o~ iIi~eoo1rlUrll tha:tthe Cenlr.u:im~ I~ndil!i!~ :r.{1~ tl'l!!l' ~~Q".eiJ. -I -I - • - e Club NinE Mumbarn .1!l:..and ~r1flat:itln.g.l).aHed '~Ol'j RBII lliliteedS to m.ornllj.90l IVOO Ai>i~ir.r<t Mf! Qjt:n-e mQJor n.i..!lmr:.M(l.5 :1 Ibr :rf!jmlflflg t'h~"~illfletGry' fi)t'M.sr' j'.ijms ls-net Ot~~Vfnoo:mlr.~~ i...~dI'lWit~1which Wf'lI~' d~~.ve!o:pmeLi'l~ ..ra~es nl1t..fil!~rr:ooilly' e:~tglrtD!lliS~"fil~ th~~ 'U''f~' fl'1.ept!em1b..~.Jcl...

. (iH~M t 'Iil!"!IHlI'kel S9'flme.~ rat\l!!$ in r.tkilee ITI". ~.GII :tow:atmli! goveriunent. .~ the leo i!'it~.stem 1i.qUJit'(ma~et miCillleY unarke~ hg a~r:! dei~ mal1k.cr'a e~I.~ The 1'( _ enr-' ii rf~: .e ~~fbitr. .):elili Imiiir~t: rares acroos.-IW1 whi2.Iiiil'il. the. lirn"di1nll. . ~ fh~ :1Ilfii. :I't)"B ~eli'~ !.0!S1S ~he ...$itiol1s o...iil.llt.(~N IN\O1.T:eld UQlItl G-Se.. e~~I~-e 'Ulll~t "mv I. \'Il~ ~llil!liil~h~iifl~!'!dii!'i!g.1lI15'W.~he' .1.f.onll.o.~~Delliivatj.And i~'miUJSit-tra. the ..1E!!~o'ped w '~~~rail"E! I!J.ecJii~tni!rnl!11::0 .~ m~f.fi.IO.oorp@rat-J!! fi'ia!!tun~ntiy j'!lJ~t lrely'.ati~l~!iI1!\l!~'1i:$.1inIEl finillmFtia~ ·systiem Ib1:\I(t 'wl H filn'llllv' .~ inn~ ~'~e to b~ 'IW~ '~a!..f!t also.dl'De. Th@'~~flt~'I' :m~!1~lii!g IfLIii'llr..g:pre$e!li'Irt .'or.5:p'oi as we:JII ••sthe .O'r~r:trme~est :r:a~ diffiete~rdia~s..tLi~~iQPed C-orpara.leflCi~Mrolr fh.qjf!d N·% Oiftllr~'mJ!'I!Ill!Jal'~f.sUilC 'yffi..~~~ !lalr'"is l~ro1c.~.0:[ .tlh~ilCl?i)V : ~ ~" ••.'il!l~ would'if:tm:::e'lhe mI lbjl!'i!!~~.~g.ve:s (!1u. . a.:Po.·"..f~'i'll . '" !!I-~I!i 14 © Street .: yield~!"i.ut:5' '00 ta)ke ~iIlort .e.~f !i:llrlon 'term: ratt. ~.aJ!l:e iil~nirill '~pKI:iI~tive trarllil'il!'1.edit~'~!uRl'es:as' wi!ill. . "! _p~.~.li'!i:!lI..fi!l'e:.!ll_..h~"!l~ ~n 'the:.!Ie f. 11maJrke~.es':~wiNilrk. _ .'.l:QIl1tPJiDS] II.dlIillil..d1m..tUI"W.aJI11ifI~1i:1lI1'iit1i~e~.alrke~:t:~~clI.!'l :(i 9.. ~1~with (he rnal~l<@ti f'8te!l.. .e..c~nr!l:. l 'they irlhe. D.I!!rd!~e..m Bcnd~ malr:~~ in lotl~\a hiifS .Bb!~IWB!~[(e I!:JI.R'UYr._t~ t.st 'raites ]1'It9le 'market OIodthis nat<ol'll'ii' >enh". 'ft:l1o!...iws mliilr~1!il..~f!.'l:ies. ' II! ~.fi!.o~~ bQrro:willi1~ mt~s.cilky traniiimis::i19h ..e'Il 1ntQ.aiJQ'l{Je ne. _e·"".t<h. eU . yi~~dI .bJIl.QnCllmall'~e't W9u~. The crtadit d!eftl1Vo8!ti\IIe~..ea" :t~. ~~ For 'the ri'!oi.sqlJl~O:e'Qf ~!~Iellcui"\i. clIoI.:I we~1 arbitlr"'G~IJ!"i:si.lI1S'mN: into a'l..eli:.:~ed~rl \!'ie~d..ID...J'l'fl..a£.tli!'rE!i$lt 1!!:!'!:e.iliIe.~~th':ln .s ser:ldus~!I" ~11I'ii. t1~~~:!iJI.iiilCl<t.i!. ~~ ...lrq~tilrry iI'l .~ther:b'y <irilm~'tra~e.:IIIT!' ""tId M.. ~IGU!l:.~apn. _ iril@~t mte d'~r1:.iilin~d t~f!I!!'~OO~ ~Yiij~5 ~ith e~qrwiJit:l.aUaw SI.~ ~re "Vi~1 ItO 'l8leil:'t.i yla'b[e i!I~ternilte. ~he e.'lr. QI.1l :strategieS:WUSle·lt. ~j.~m.d1 I!n~r bV ottl~r ~ewn..~!l'l~n.IiJ!!"!M"~ It.e Club" NlilE Mum-bam .e.rs~1i~~ 'to'th~'IiThg~ thl~lr ra:t~ eliteh when poli¢¥ .!'1.:rtra~! thii!rlg~~..~i:nU..he b~n~..m.kelClrunded'l{liil1gbllJ~ aiso malkp~.pa~ah~ t~r ImI(ftlll!ence' rates .~. ih!i1! .w"ha:i'l~ i1!'l!!i1Ie WIii!~re 'the specula!t(j:r.lu~IJ~.I .~I"!!'~ iij'5.:' "RAD! N~ \lOW "~EIII ~TR'!ll!il.the viejo: curve ·.$'..gl1l1!' dBrl!r.inil'~" ·ili1.ti!i ~IJ.Ie ''I:~I'I:!i'!illlit:ted d.[@"ti!:lhi~y Ii .aI!l:l~S. r IQfI.l~ as .1: .ll'/e'II: as'lb!1.OOi'i"eI'!.in-F~rn-NITIE Vol.$<I:mdi' ~ftlitmgeu1rS.UJiO~iS.a5.or1 1ier.ed bV cJffiJ<lIng.l...oorrom'!t.<lp..'IS o:f tM~ final1cii'll·~..o>r' • .T. b'orr~~1 .IF~na:nc.n~e.al!Sl)dlm~J'Ii~~wllth diirain~~s hi! G·SM ~@ItI~~'U:rJ~ .el"i~ti'ltes.'~ U rtl '..li"red lIi!¥ th!i~ Alii forei"gf! ~nl~!1~...~.ill.liiil!I~nl!h@~¥Ht\Irlr'i.er of . qolf! @rry the.se~iDJlr:iities.nc!!:.a.~~I fl1>!IJn!~Iti~ iOjrii:l ~neli@:dri~qYO!lII~~!!~~ n~:t>Mc~1[5.€<.a MfI.. Impilut.i>l~Ii\i.n.t .'ewv.!L _!lli .•• ~b::e.I!i.m2rk@t is hBa~lrv skeWe.w~HIgle:'l.'the '~!ltt~ yneldr..es. e _ r_e.'.~ it<l!lf o~ tl1ii!!' yreld (i!!!wl'!'~O~mN!:! ·. ~ltl\!' .I..gh~rtfHi:!'ihOOI~$t ~~U)€·~.~.._I."QI~IJr.nl inmr:e. l'!~lis: ~iiI£1< .:I an'" t:I~fI.~~·m!i1r'l'Eor~ 1'1ete ..e1s IJ5 l~e~~'s:(O.ewnency "and d!li~t ml~:~~s~' .i ~~ ~u:)!~ T AllIl.earry't:ne Impact O'fs~. inil~tt ...l!Ist !.rl@.yield I!iYni.! .sJiqujdily in the rtl'. l.e m.!~Cl!nrn'!m:v n:S!kas we.ntiiue.tem.}.:.aJ1e . ~nd t]me' ~ijW!'\i1!l1qr I~P@t 0!i11i!i de. ~..Jindll'll!fi:.lh~ Interest r.e . 2 lssue 1 flllClD NeJ<usin lndla n~ ItQI'!I. 'P.)I$lf1:..po!ling:lh'@ SOD N@:.' sOI.t:y tJon..!j. 'iif!l1!~Jlic:i~.!Ii'eit:! ~l1a't B.il!.!ii." Yield tUNe '~y. 'l11'iJii!ii' lfiim!>ab}nliig . ili '[1 a ..alt i~.mIdi '11!l'!!d~for m'lui~ I~Ws.lfe19iPlE!'~' in 11!':I.1li 's~1I chall'l~ lih 'til:iie pcditVll"i\llte pro..iffi.s.l'1kejrS.U:IJ~~e'...~.I.N\erl:s. ~hey.flow tlhlrlJ~~h th~ Rov~)( mall'~ts~ "Thus ~II lffln_ii.rlvat.rLe)l.alqe::> tiQi be l:iill1riedlillCifiJiS'S the . _ _OH _.)r..illdl' ~nd ylft~lf'It'. Se.ve!i. SJni~i:lfh@· b~!1I~ '~~oe n:o: t~mpethi()!ri1 :a::.re~'fil wel1hir!l~~ 0:1"'~~~ni~ i~..1"lrfl"" w-'I~ d~"j"I'.pllliJmsilliRe 'iiliirioy~ milir~~ffi 'oo.ml"lilent tlebts:e:curltiesall(lws ~heim\P~ct of .pi@~I~iators.r1I~henil'll he monet~:rY ti:ai"il. BOD ~ellYi5" WUlirL'll~he.re'fI1El1. A~'~III~QQk:oh'adleun bom:h" ()11i d~rf.!I..ii'I!.1 1:h!i!'!( '~a\r 0 r<i~ij:'i-alhi\1!' f~om difeTel11t s'~!!lme:rl!ts of t.d 'aiUIFi!.alllmatOri.:l:rtoeciif:fl.e~'ili!'lg~ in lner.Ii~.aIIiilS!iflitst~e< '~t ~.nJl1l~~!f.s'l .co~po. irrnpamng ml~r\k@llrat:@S""()...1Ii!:O. .l cr.enlllfo'ried.p~~5. :.f: c fU'l'lId'une. ~~'IiI.eirf~m::li.~~ Sl"(.po1lkV l'ialtli'l' c~.I be ~~Cfll. the .!I:a$ is a.ililClI.oo:rpor~(!!J~.~o WO"k"..~!ilit!g ~Dlume' ~il the. Alii 'l:he~·mar:kets m. .c:f'05]s:. '''''~ De' .i\E! p~rai~~E!~to 'the .cro..)~' as w~11 tll@ir' ~M~f"nii~ atfons:l1i~s. .~te ch'an~s <!1rt'!'''.y'ltrad~!'11 in both derci~~~ IIiI1Illrket. for' the .pb:f. in gOVt!l.I) ~el6rt seo!Jllr'i.mj:lpaitii"!O!i1I{\..~rllll:. 11~~5(:!1fII"I1~.n.:1' ~mpl~~. ~~".. e\iII~"Ili g~ '." lM~I~G 'iliO\Y~LI!.eil.llf(lf w~1ith t!hey f1e.!'or an e:ff.awl:litti'a\~.:.a~lk: I~IC!~~~ l'l(I:tes rrll£st mOi!.'" _ .of r~t~Ii?.s~I~~i9~1me~~aIiii1!Sm.oc:cuiIh!''1ifll alf'o..arbitt.IOUR.ree.vanii.:eJ Nr.'!!n&ce 'tl:!e p..~.l~sc. re:m:ain th:e 'Ofl~y iQ!J~~e of. . Ip'0lh.a~.llIt@.!'1 tFN 'I'iI<61MA1f~~.es 1l:aJJ1i!re.cIi~a~ 11!I!'t~f\!\'l$t UI~ i!i'alte 'Pa~ . h PQHiCVjralte.eHti:'II'.rr:a~· curv~ is s@p~m~@d 1i'".e' f.I'I~ ~bro~h ~~ed~t $P~. 'on tl'y~' .. g "~ ...5 l!iemafln lalfgely 'iI!U"Ia'ffi:d.A oumlb.. 1"if:!riEl' G.e~ cum~l'ley d~Ifi~.l.I~· th:i'l'EilmT:ni£!:'S.lI'i~ 'toe.thl~()u~h i~.. :~m:piete '!ls.ttes ha. .lFU: pa.i!tiI. on ..-~·.Yn·t.v~Jtv.

~tliii~~ -1% .. 'rd~~~' • .co.'fh.. w~lha$ ii!:Il~f."x '3~ {"en.b~n ~~pt]_~1 :@b~l. reqliirl'liIliE 'Inedgirlig' tl'a!j'lo!f.dlc.waiS'51!1~(y~!l.ti~' ibase<rcll !i:e:ftJ1relT!:e''1tt:~IiIl!.t1re" .J!!:.lO ~xl=!l:an.~' Elf»( $.k. ~~.rl\ll .y itl(!J.p~.andftooll'liaai] msmutiotls.oJJtti.are sUilgge:Sbedthau . I!!o!tii!C:h' tm ~a~..~:Iia need~~o.!':lest what' we. .v ii!.reCl:llr:nm..]1I5f1~cij! ~d b@ r@1i!~d ttf~!lgW 'oo.I1\G tit!fil.e.i[!r~r !iJI~(iht].~r. o~.f:ltStliTlillIti!llI~'<i!! ifllll!!l!!!£tDi'S -aISiO.e: 1 IMlorie!tarv a"Mi!t. KUHlUll' arr:idIP~'l:r:lda.~.rri~ti i3~i~1 ·fh~~ ljilgfl!li:IiLi! b~ ~e~l1i[m"@'iI1!.arl:EH~rtdl'tII1:iIOS.e l'l"itr«)duc. In .e) SIre what ma~J'l'i1ioent sl:'#emes 1#o.tM: i'S W d.il~t. ifldudf~g CO! pital rS'qluirie.it deriVa'~e"iS".<i(i.'I.!fiJUy 11"~nt.l[patl!i)':Ifmnt th~ irr~. 11~il:!1 iis Ie.e.lI1!IaHfl 1"oan J.~iii'l!11 c.echanii!i:m .~·o..fl.. 'cur.' -bD'l"'-'il!'qui'" ~:r "'~hi!i!iir sl<@pt1iI~11 ~~pr~a(:l1tb~l.~hwo.o ~ves.dlia 'Chal.I)t-liQill'~~~ ~rv ~m!i~~I1!i!!nJ ~m!~ rnqlWi~"'. in~Frnn=NlnE.e.~o·rcv resi!1n~lii:)f1:O.""IIiI""L. (Jjf elSe 'People iifjJa.ereS"t~1Iit~ fu~ure-:'i.dili~e ~1IiI. but .eedto iad:d1rtss n~J('!:l~lJe~(l!f !al:.rlemi Pe'MJi.a..~ b@(jQm. .in lwu.ttal1nsm: Stl:me AnsWtllr. The.ofS. y6tt 1'l1~".'l~~ef limiutsowhi!cihl ha.eilr~IW~lujiwtll: reQ·t1iteh'!.'e~y' fi.tmi. wOnt ~GU~e5 'uiat 5hJ. 'whiCh bau!2id bill1l11.de!~t e~ro..a.1(·p. ~erfc'OrmiOIa'1 ~ti~ie.et . tra!~'rl'i)lIll in ill:l:terest r..!Ii!!!l:Q(st .l. :> "1lntere:5"t Rate Pass~TI'u'O"Qflh: Emp! ~h::a:1Riesults.YI.\lI~stclil base" ~lltll'UlSiai5t. Ha' . 11lI"e !'lot s~ri!!d usinf ererJlU d@jjiWilli\les lin Iindia.EfJlEi:I:<!:niIld i1e.tlI Iry R~~~'IJf'~m ~ 'TIilell'e .!!!! 'iiJI~p'.i\a!idll~~iW1ri'e' Uh!\tm m.o.~!a1"~~ttQ.resc.liI"!!I1lWII fc'it'·for~Ji!:po~'I:iI!rc~:s.owevelr.~d'lJte .!lv~iS ~ko!.th!!.si!'l~@.rilf.UlQI' i110:t: 1 lcm~'VI be il:1~O'wed.g ~1i1. ml)me.!!nh_~ H!'bii'!n~:"!Gl'~.ansmm~~ifin Mfo(. Of' II'!r. rue i'legi!i!:I~oJS' ha'!l~: . (/)()'Jo:rJ My.e l7'ld' the_i1 nl's!:fe wl.ar ~b).iil:mI i1'ePth.'Q~ q hor:.lLte ~rbitralB:e shtl!..H..ti1is "~![I$.ho!]\'I:i'5ml~~ 'it .lIileetti.tJin~~e m.!. II!li'~~e OOFPQ~' bQl1Id ~segment~.refl.. _. s.d(l.u':t :o~ the '!!Iili'll P·lilcweredEl<pert 'CO:lillm~:ttee' ion 'makil:1lg mechani5m~ He.~·r:pQ~te:dieb.tio.: li~eln: Iml.e~or ~~ITcn~ fl'~I1!li'!i!.oeE!JJ1i!1 l<!gIM!i:!g by la'C.• aheta-tV .endat1:QjIi\1:5.me'.jSo~ RiB) . >A_Huntked Sm.flOiIl~vlillitiiil!iliY POSiti'dl:lL ·lturfheil" Q.ul1ler p'. ~.S~. 11ifi!:dig~~illl$ wtdr as '5\P~eii.[!.m eil1l'~s.Jltriw.'f!t. ye. Wiiil~' !piayei".r deprec.$~~ex' to neWer h~flb.e'btll!lll~~i~o~o~~ereooJ!(l:mies:. of a1e.UJIssri:on!l:lKennetilill' till.t~:I~.e:l'iv~!~mm.b~!J1 ks~ra(il~nl'IPQSiilioll'lllS: S£!'bj~"I:.e~cou ciil~d.wllonJ. 'Ch~k~.iJh} ever he(JftJ·Qf.e 'tI'Iei!ll1l IIqu~(jJit.lJil(ed· pretl. Q eM!: B.TtI.hli.lt't lime.f:' CllarlfJX!~ {Manmr.Ii.Finance Club NITU: Mumbai 15 . .~ .epo. l~sr~lPS)!n '~!·$'ecS!'-~~:9ula "'~ J1'i!~tl'!edl. @- tre.rne.OX .~~area1i1ty' hI.gt II!<Ic~ ~.iU S'll~p:~. mU'f '-D!JI~crie$"huw' bQ~gfj'. ti~~~'fe:I"..eculri:ttie.)~iS Indlar~o in lRiillj~1i11 address 'the problems al'l1si.t"io A !:lim-iilal' 'm:an )iii mI'del1~e\i. . both the t:Q.1.·!JI!SclJr.FlMktiiil.d hieh sta!fiIi!lP d.v' oomm.S.3iry 1'I:1'. .E1! b~E!1'I1Tii8lny PDJI~ CO:1i1IllI m'i'ttee".~fOml!i!~ W.-y in malrket. _ '.afl'il~ II:':iQ!f~tra!d1inl.I!.. .wfl[.:rp.5i d.~tt~ J.€w da. Bilk 2::..al".. .oi:ie' dO!ta"cl~tElrl.!~d ·R.glu~'a. • •• '" 0' ~na 1 i 'rqOi!l·I.~.~n~ '~ 'fl'leely~ Uinder~~l.!i. de ElO!l1ldit.l. . -i1li co!! ~aI'Qd Ileib:~ mia.LjJ(f· den1vaw@ W [ii!$Il~.eje.keit~elm'ii!W!t:...} . y:~i:J are my sole.iR:al.iQn g fU!1I1.e4ilat~ nood tod.Vol.iIii\ldl!n~!l!liiil:l p().~ ill ~l!'! Pl"!ritll1:i1'll O..owill'iiil!: st:1'i1!ll.out-of wea~ mOIJl.hll .l~) flfl :a:/.~d tD be stil~'1u[\atied.!f ml'led llb'aJltt 'dI~e:' ~o 'ililigijidlt.llllll t:Q de\lS'I!oiP' thelBCD l'Iu'!m!!.estoll's.ail:ilions. fu~!.1li'l1M .cn1v"hE:d.am~~~fIJi!on 'the >Thil1l MOI1Ii1lJtar\l'Tr.o.e d'(l!fli!l1' evet:t. b~In~' "'U'll~ '~o 1P11~i'!!ilI'~I:1~ eom pmilied'tHeI'll'Uiel'lteiS·from tnE!:'c[[:edi~ r'.r:poi'grW: .s:lfIII!f¢'d to cha I'lIte d~'~h:r'i'liti 'IE!m-'.$/er c.!' shl:llil1:~s~IIiI!llS.Mil. DOn:e·l!jln~gi'l~ Cha.!:lofIPIPwate bont:! malr~t..pl'oml:il~~ W.oirt!:-<s·ellil'1_B:.edto bkl!iil<i In~l:JI~n~@:' ~sw~:~! ~~ 1~~!ls.d\eVEllfcpme:nrt.~h:lUM !@l.1wQ'$'h~fp~d mcf:.!J~: ~fiie.!hfs Rill. nWc:Jt~ IJ.~iIf~U.!il'l'Il ~ t'ld hil1!l1c~ m~r~'t financial m:aTtkets-.!lr~~t-imilUs. Mi.J!oeh f tredit 'i!iIf~wtij~· m.G'I. !'i~i~:S . ifi~1Ce .ytS~ 1i11ili:~'ilii!t~~f '~''''i'' _pee.d 'Wqllil'l~ Il!l'erl'ilmiWnl p~[ticiP. lilreprev.ve . biilnks.".!i!Jlpecil ooli1Pora!te bel\dll m~nket in: I f1 t:lij~. IIIiiII Credit Dlef'hl'~iri¥es..iban Si'd.i\e~ment iIlilLl!udiHines..leredlln~~r@~to. hmd'i8ti '~li.l'lll'et~ro.J'I'a tioll1:!j. ~.sts:. elOmmi~~~ion6f Illdi~.~:o Bve.im IIit:. I • • _.aJ'~ ~"I!!f !(i!~d~d ~r .4:1!i:q~ III1~re 1i:i!l1iI. 'Yen.A '~W-Q"w~y o !!WIi~r~~ movement n~lf1j~ W b~ .'5i!lJ:rll met.l s.Re:pori!~iliillComrnittele'ofFifllllr!ciO!'I.~ Ion'.iit 'ijl.Iite rJ~!Jfserlff (jlltie.beeo :sev~~ly I!:(J~st!i1lIT!liuilgd'le.re tJ1:is bfJ'il~it/o.~Il. tbe r-egul<litDf.. A!rcsa".tiipn ~f $e:pal~te irOlld)lnlg c!1'R~gus.~~ 1111' il!'l~k~ Del"!~ti~'5 maf.m')t.~:r. 1'l'Idf'a. <iUawed 'tiO _uSlI]!!>tlim.O['l~.sR1lis.· I~Bit.BCD NeKus ill lndia n:ooj~."tha't title .l'k oifpO!m!'lirpjLtia:r1l a !lid h p ~~ewtc! 'n~·~w'eW"l!'!!lY ~~o iPcre:IMbiijon 911 il. eh~rBax' 2:' (EW'oJ'ffl{s 'tlmil" 10m slC/tmo m.1.jlrtcett i~1Jlmost lI1o~~ilite"'t. (Pmnab MukJrede.o'g.!!~es.f: IiU:1X ~: (~p.y !lhll)l!lS. 2 ~S·SlJe 1 ThI@8!J~ dI m':l:llr~t C!iS.uj~I wm . i~ Q:~.of. Tl:!e lii:ll.li~dit J> ihe:tJr·alil.C.'lihC(lnstirraine~ the 'mrlawoolt.'eJ}JJte.ri~ he¢lgii rilll" :!iipec'ulat)O'ffilliiilf!id :t.s.and a. wJ:Ji d:ejfRlte{y i'ltlll.dul'\S' Is' iI'I~t s~e'llllil!das' ffi 'k.' tli.BI.:{Rfj~} I h!Qv.i'th:a'ng()td·IIf6(jd ~ CtlDif BrJX' 2t {(j'QllIi~J R.I l"l~ i'tV m!<ili!1I'\t' heE!iuSle.8ia1"llf(.r fti's.mts.. . Tp~~ 2'::: Jh~ Ellie: Chd.f .'Ger. 5 en T:rrnm.bllilid:Si i~ Nce~pl Rl'ie·.SO' :~'IIdt~' C'at:!:m:lile~u !itil ~u. """_t-_Um'!-.i~ parric.k:l!lm'rQUI!li11he me'~~'a!ri~m anldrpfflvld.iutiev~"trl~r"~n1: "The:rs lsa neecl ~I!l ren'()o~rag@' J!I!i!I!flicij:lati'~rI Qif the Chllilill1'~tiC b this ID<lrk"eL AlEl!I. alD.~mi!'l be Eli!\r6 .!1156.~. ~~~~ma®L<lif!\ilI~I"".iUlres OlIiilrk. in India. ct':Ili'I do' I'l~W ls· to wall:'Ch trom'.ail'u':I U'le' 1!'aI~ef!.il!'>.. Oil IlId m'a.g:n~j:s:a~.all~Qw·.ei1dl'l"t Fllldm:trf'P.tl$ rna tlIte h~ll!.Q1 be t.d. d~loprnent (llf ~!l~rr. ifJ.rike~. .l:allfw.1f: 1111. ! post-FIlS II de~i~~611i'1 might _noWbil~J~:8 iIe~.e'lfeliOIX2~~te BOO.r.FRBM.U1d 1i1il"irHl. 'bgi1!Ii(l.llll!llW m!!r~~t i$l~rm~g 'blreiIlJO~t liqgl~ m~r~!'!'t!ii'!'II tilt!!! i!¥O~~~. .... MU'Ii'in'b-ej an '1Intel'Oaitioil'l'II:I' :W'll)aJm:la II'OEnillr~ : IP:eJ'l~y Mtstl~'Y t.lt~f'tJad wiN .Jliilt B.!ll'lId IFII n. N<e:.~bil" t!'itne.~ before I~.ai(ilsmlsiiJ~1iil :> The' F.!i'. I~elglllr'alld woi.:fil'lrs"t ~liIun~.eijl'l:gj' ~nd not ~tr'!l:HIlI:~tralm~ei:i!Qru.

~~ Hi~h int:lati@1I1Ihas blil~n part c.h.eltdo.ill'llg.rinl'!aI:iiJO. ~1M1l{r.. O:1i11 'the POOl" 11111~1 I grow:thrats er c:ontatni!1l!l!tiil! e gfioW~fI. FOIT ~"'st ~O\I"1..Il'lt:~ IliJOWtth pr~Je!Otiion!.!!)e eiff.oL prvm~lri~vue topalitlLcal tITumpand infli. (ountri!!!~ Wi!lII1@noll: :<ib\~l!.\.err.f ~ K.J------------J. lhe ltll0l'liey Sl..fdn6!:llldt i'll'I-~h~!li9:6(i'~dYf~m1gth~ tim~!li i . mailiktt b~ :GI1f(ii:J.Q'rIHun.!~. Wit~ If!ge~ of Ing.ll:ainonilihip.131!::eepa check.re.£ !Jambi.o'D en gTOwth POIS:t II DleltdoWll ~ .ct"rElilllth.e. the di~!!mtrlU!' 'wm ~e..dCiwilwla~d shiflts.Rs U5TLrq of liq ~idity' Ih"tiw thi~[yst~m..rod~l~sJ whifh' 101m th€ ~ij'mot€liO~.• while tFew ieVE!'!i'l :Sl!!llg/est lack olll"l..Q'~ law i!n·t:!:8it!QI\ wll~n. Inflatl:Oif\1 [$ .er~the'V all ..r:l wOISatd'J«a:!fed lIDy the . Weill !Ul -_=====================~::~..!'l~rill1:al!.''~''.~r@$I' I~~S.i:!~!f!.e'r' TIl>E!..](pe. in S.:. toillfl: bQ.p~". ~nf!a:~QrI wa:~ Uta~d pm:~tiVeliV: Ph~mps.sn'OW5 il'liftal"io:1l 1il:!1J.gnliO\i'e.fS tihait IC'(l'llid cmate \i\olla~:m't~ in ct):t.s e(.3!iild.'t~'Q:I" S:~Ir..bf~1 pro..1~r101)' 'p~eeds CinfiilJl:re· te.· ~ .of' demand causoe.h la.Ii!otue of t-hC! cur{ienC:l? fluttoo~ll":S: wi~dly JfifJm fflMirh to m(. D'IiiI:rinil:t:~e!' F~flantt~1 m.whUe.nCil'!l'telds harvel ni~s.uS'.(J~.grDw~h !O'I.e. till!:!']r .tiiQ!l a~ 2.sirlce' a lene AiiliiS'Vli'.i~1':.r(ialtf. aNe. fi'31red tb~ C8:!. Idtiire.avoidl hvp~."'~ 1~~ij'lQ$~' HOWeYfNt. ·toth~s lies: In tt:he ama:~milnll~\!'els 'Clfe~onomh:: lil'dcal~or:s.f IlI1Idialn·ECQIi'!:Qmy . the 11'~t'e5t :sjn(e th@ l~dJ~lrlI@1©O~Qmym~g:V@:rt from '~h~@oo!lomi~' doWnlJllImof2009.N:ri!!iS '9~.' .mm!l" ref.[ J rnil.i[!U ~rQUl]dfor innaitl:Qnf' i!ldil!!i ha~ ib. ~1'1 the.Qn ()1 rop.#~".:b~alifi.oomtrl!~tQ~ndi<lJ.abh~1!io .r..!~di!lltOr:ry :abo1l!tthe'spil<e in thii:i ]nHalio'r1 r. Some. ILo[). H!!JoW'li'rller~yealr-ol!i1i"ye:<ir IRmwth .l. ltate to' 6'% frc!l!ilfI1Ith.wn in. 'E!co~'uJmi:5~ ha.ai!Je lI:ii@ien ~!'I(! IC1)jne(j..i!tfl.eUed\ up cOllusiOIEl~ii1Itlaitionl r~1 maljo.~ bank.I'i!i8l.m!Jin fOff!:\I'eI'.~cn lsa ta'~ 'on the rpQ~(l:Ji':and IO~!il·te.o.e'5!S.Onll' of 'the lre.&€! two.hei.~~nl.~.e'.. Hg~'e1!i'.~etw. lin diO!'lI'I1 :m:arkert!o be~.7i$>-."'J""~.aI:iJi'e .uEl~: cit:lme~~~'!ilol:at:em~i!r .ail..r.rm jl:~'ndl@f$.r.e of I!!llljlistal)l@.!lgmE!upon tihe Me~s$ity a~ ~Jfttleln~:aiti@f!f~r 100f' h~. ~i..h I~Sefv~rntliQ (CR:RJ.cc!'i!omy. i '1IoWli!. goo!INth wtlle ~OO!lQmy. iln1iiu!.ore' thaln 2IO%"calusiii'll.ta . 'rbillowi.n reperCl1ssi. as t'lYsed b h 1.i[!r1E!' Siev. 10r1i8ltlJ: tell'ma!. C)'!iress Illqj~idll:'l1 lI::iO~:g.I~i.irll:l'liliitt'CO!1tS".~.. -~=-::-:::::-----.abi!'.1>tmet:1lts .p In f'O~el.da'j..1>-""~.y maQro \I'!t.~ tt!:~ ·tir!ll·'~J:h~.eU'l m.eoo!l'lJO:lilI"Iists.!pp~V hasW'IIJI!"ther .w"flllMe~.eroe r!"i!!i""!~trernl1l wl'lh .!!.~d ~h.()5:]livel Ii re~a·1red.!1: by dro. ti1er~bv pUI'i.e~nN!i.7%. th'eii'r' poslltiver:::orre]atii:Oi.ji'!1l~..l1tils Ihav@ ~oti()lli!d '~\&I'I!!11MgW1~r i.itionoo'ntml 'li'IOl'o!JJglil'monMa"V <liS\!iie:Uail: fiiScai~polTdes.:~. P0S~ ~i:I( mg.QJl'da· lottery/.201t.etiD :beinc'imdt:liv a~sc)l:~.lnev"fil'ldilrng: uts 'w<J"Iirl'lw.lnn~ '~n~~ith:IIl" "G'r:rr_i1Ih.ea.\!Ie' a11!io 6aIUS.~(OmE $(:i !ji~tfJl t!i. Z Issue 1 c: e Inftati. .mship.and ikl!!'~p il!ii11ll~ij()nrunder 1~'O:t'Itlr.~inll.%.ll.nd I 8.liowev'e!r aj'itil'llil U~ lendl'.lfrh'!1~mtlg de.0 Q'!Jl1a'~l'![fjliar whkh hlghpefSlTiS'l:ent inRainali'! i:!ii respo!l$1'b~e. 4''"i4'~··~-:4''~~'*~-:41'':". time. e.ct fl")iliaJtion to' :dirop. infl.1Je oee'mi.a!l'd iM:e' pi:ope~ Of w.rdei!ielopillll.irlC:l!'e'a 5ed wittle~:a!rq:'f1~:til'l'lj[e'S.. MOi!'1iEl'tary poliCV ii!C:tiCO by t..Yr1e·: s~.Itf..![p'm:l!.ge-Ii!emte~ iil'l'to' CI de'm:and has fu. win 1'1.gh .<I!g~.ri@rclil:E!S (li6 hi!l:fl ill'l1iio'1!tiOt! w.deff1Q!'W'ti'l1 lbeir!ie:: p.~I: Vol.d Imasons why we :sho..r'mIling~'o '~Vfi!1'iI !S WDi~II)~W' t v.ien'..defll'!.r$ ~nd It-.JH!S.wed! .f!ifl~tiolrllJ '~he .8\Ove~'I1'1'fl'i!iiI'eil11:' policies mea tlil:foli l'Iev~!iI'al ()if' ~he eool'llc:my ha.lghmV ~lfle~atled.» ~~'4'~. So.:. 111it1<l....ime ~ent~a.mJ~llig Inlfl\.liig .n.u::ka'i8le<.1\IJth" atl pe.g~omlies.illi5.nlN~ticm r8te~ th~n ' \od:a'll'~So whv iiS th~re ~:I[li ~n.:alGel Qf' IIIP ~iii'!. A~clil!l with Irris'il'l8 .dio!.c.o.ii'lb:fil (jgmflcl. :S~m~!iI1<iI~U. iP.i!! .m tililles.gCJi'¥ieff!~ ~$ .. p(l~~ ffifriial11!ciiiill CI!'iSR!> with theel::{)f1omy ~l(Itk Ofl .llb~iQg d ~.n. GroM!!! ili1if1aJi:iQ'I'II'l:i'fY l~res:s.iOI!ii1 has E!:i'ode!!:ll1di~1fi1 $'liod.~{lImrp~!~ncvof liP I fidei( iiifijld! i:la.5.e.r.:::. ililp-:a:ti!1lilll!l!'. a~g~ln!labout ·their W'I'1'I:airiooship. .of' three mOonltl1li.=== U '""~~'r. :200~li'lad.dex she. 1 u.. . cur\le~ .hQI[).fQ .e~ Q~bro.afiol1$ . '.R'I: y ~he' sl:iimilJlllis p.!t:o wl~hsMnrl l'n~gJi. ..j:!'il1til?l:dy mird!Sl~iWlh~1t.. '~rodiing.

i!ll.011" !tn.dtl!ill f!1iarke'tli~ MSC~ ~:l'iIdu.d!lJlbU'. 'I~Qli.IVfi' a:lr~dy .r!1iwi1!~.!J 5!E!!]ilillllll.1i.llnk~..vstem to ~11!~~rl~![jIB. ~.1ppiV side oonS'l:rai IiiIt. 'beenl hjghel" tha'liil'!!!i!:ip!!!cte.)I}GeHliss!lBh~edl ~(i. With So.M@ ~~oo:r.!JJI:ringhe . in C!iGricult~ril:tQ siGlI'I'o!~ s.3. Hii:lIUI-lt.g ~m.of II~ftr.5.f1~'ljo.oUc:yseems '~ be tlSieres:i.g'r~ bi'iiri!'k$.eilibrlomic s!.iItd'r!!!~ dwopped Ill'll N(i'l. ~hi:l two .tmestmehts.g Wiitti ~rnding Ur:~: ijnc@rnl!.r.tffiilgt!llielrmQtnEfV baoK in the USimari:lflit.o·~tef yi~l~of Igne: t@:!mil bOfldi~fi:Qfl~{ijgJ! is Ipjl.liTIo.~~.ughtin w1'rien iliil. treet m Finance Club NITI'EMumbai 11 .c'ri.CJi~g.!iemiU!l.J<ilfrom Illdiam mar!l(..P1)I'OOto IU. a'$'f~od h.At: 'lime's' be<e1lil the ma.'f • Thioklil1l~illilialtfon . A~on.:$/2.ati:on·!OI.:20]]l 'tih'E!:~e wou~d i3e!l<lrelv .NIi!I'l·oil irnpo!U fa/4th W. U:S'.a..ofs~. Jinthe n<lil1Jdl!..~h ~ siih!!~NOtr!.~edi!11l ~rlcrea!Se in EQo~O.!. -"bis-(.patil!f>ICi:'1!iUY h Tis fue·lllll'ilflfl.. P'ri'rtfiI..u ii" wher:~ ."Hw. !fe~~~I1~bl~ I~wlsi.l.lv d'u:e' lJOr' inl"lut prioec5. :~'!lJlblic :spe'i1Id~nli QCI\ntlnues to be e:o!.~overnmeilt . IMljlM! .8:. tackle food IPfie@s~ . diver.Ullle 1P~~od hasb@l!l:!~ at 1:8i6:9.s.~QWifl. ~. \!.lid!wide .I/e'stmenls. hitlm ~ www..~!tC!i!'S~ mo·~~v from ~h@ :s. ~OO1rv~Tak. ~ 1~f1tllticri! to.s.e!lWr~s @.\~l1IeS5'I'~neJfiillmentQ~/2.owdJown a.w~1 :5~ignlrr~t-OlI"it .42.1.'~!mb~r ~hQwine:5~t!'gIl. witnesiS:edttl':ie iflV.!lith I~esavy ra\inf<!lj~ill'1l'last twO..lle~~1 .[jJd..75:%.m~i!led' !lit my~h tiigi'l~r I~\I'@I!!: wh!l!!1 (Oi!l!!1.jol' !Cull'pr]r.e~g~~al'1dsa'lies j:)1~ ~mmer:da'] .!Uaf! eOQl10mi¥ gf.Uillk kir 2.ln ttilmil1! 'IMiiil'! mdtlli::M5ib~f.lj get.'lUi.> WWW.lrther [:flifl3Holiill• Mereovoer" 'S!ilme . iprlm:arily due worst .clllofnl!:term .e:s/2iQQeOU4:sO'nm:zo~. a.ilUS'8d by SU~p.f ~~d'ICI.rowm Iby Worl'tJ B.lSlt''II'g~~ \I".E~ientih\i!! rrlQileil\at'( al"ld~~~1 !l!w'or~ih stQ<ry c.!i"b~.>:pl.tl'l'!I!lIl ~ gt11:1~PS.iJtl\ool!cri.u::h~s. .nd (jonS!i. '> i.Jlrlv sho~'i~ tll!~~'!.eii1lt i~:lbtound to !'islE!! s o :I'e. ilnfl~ti~lml ~~~ r~.a'm.)nly .lhe eOI!JI1~fY.IrIi.5.. ifldel! hlliji l:I~e!'l ~l'Ioll\Iing ~PW'liIlf\d1 trem(!i'. R:':EliI ha\5::alreadi~' ~i'ilfia.!dd \'!ig :t:h.:ai~hn. 20]0. -st~nds ii!il5. iln Juilil.!~il::h~hiliiil.ijI1la llificTOIle. .aJI d'fII~efti .cCimll1l.F.ti(: ~ !:1! indeJl: has Ibee-Ill ~.g up~'HdtJFe.ts.5% ioomp:::!II'E!d ~o 9.~@rijoIJ5 thl1~~~ toth~ £f~wth.~[)~e tOr whil~ '!iil~' MSe~ w(lr1Id plir~s ~~~oiltd ijlf@ ~ fth€:f r€iP~IF"~ls~uon..w:~ic~ ls t. .pho.~5-c~e'O!. is II'II(.l!ments.~!I' slde COlmstil\fimnitwl'tlhJ monetaF\!' [p.$%.eoClmromy.. 'fbrellF1Iil ·to 5u.]'iO~yti'rr.1 de'ficit:.lleti!1g Witi~! lRiB1 Qgmmi~ed ~o t~me.pr'ri!:I. ub~i:~y1411111 f tih!e.l:nd s!howing! dC)\!'I.fll'lit(l'I~fI!'l!ml infl!a~on....lf rei!! ~GDj.adlll'il'gu" ev~1'! t'iil!'1iM."ood 11. wm Rer~ pfim~ moliv:iii! I'I!....l'its~etel"minatioi'i!' to restrali'il Infiall'iClhiiil."~ :11 II\oo.!O~!l!l.sj:i!o(?:9i2.llow.) riWllg .htmm?h~l8i @.l!l! h~~ r'@m~ITIli@tIIa t U4 •.~.I h:m'rd fllJt to' ~r.1iil ~rllnaltio:tilar:e:pliovil1lS U:S'e~ffSS" lit: beGome:" IMi. gro11lli'th ~IIl!' A!rmd the lie.auctJ:on 11'.. in ."[Q 11Iiii!:I ~urplriSl~.tive m ill'!lve::s.bedtowO!!'ds iP'r()d'lN:.Hat!ai'l! fi~'<IIre"'Hhe de['.dl {In p rrl~e~. A~lead~ Ojcceh'!.! oW Ipeop!e' ~ltd d~p.~h.1.51A.had SiSilil if1cilt!lI:windfall iIil'COlfiimre~.~1¢'fQr 11'11:1£3 • Ri/erenes '> iyww.idi.ilIll~f1d $illnm Dee' lOl' while <the· MSC]worlld 'the! [je.o~ley..)n .ai!lde.:a~ the !IIi'iI.. hO!ye abci net :5.OW . wliicliiil il'lidllC<:l.te'i!~od~ mcvemeint: wirthin ·the' I inlt:ef\eSt: Innes ilIs~~n1n.iln~I:" C!lllill9dy hil!s Il' bUlleOfliW1!g 11iifloaldmrClU. Tho:lIgh Vll\erew'l!'e~e.iih. .~ b!iNiila1i ttl S'.lSt ye.tfO~~ de~. plrice.l"I1ic il'i:r:lica1!QfS I~~e ~raMh 111 raTI~v ~r.for il'llflatlionin ~eoe nit '1fIiinM..meditv ~!tIgWlilflg:dgwlliw~I"CI 'trend i!l]m.!'rfiS!bd.k 'lit' the fCJ!li'ecO!~s'r.i.~'ij fQf 2!g].~~1r P in~:s. ~I!'1Idll<1iJ) e~.om1.le~!Oloom/neW#irn~jl.st.)Vefl!ii1 nm.r!:the r~s~ll'1Ig :irl'fl~ljo'nl which 'funi1'1!'i!!f {!I~e:fr:O'rat~s.• DO~~lj.of these irl\i'9!it'I:lI1!!l!IIil.~"~tom.t~oml20:11JO·V2A2C1iS7.~c~.! .veililitles.""ewsere~o:.Yww..~ll~. WPI WOtr todd .~.!'!.lt~. byWorehl!l1 frhvestl:irs awe iT1:eces5ary. 'of~lBll to 'OOl1tdlin w late a: I()C)~ at the: Indiiilil'i!l markets" MSa Ilndlu<Iinde:x 'has '!::lele'. pf\r~. wW'!.oi. lakl1.n(l:J'J'!Y lo:od prilces from spll[l i~g ~~f .rmi!UmQ~ te.s: of !ilUW <l. tl1 wllIghfiSlca!1 measures in a!ddl'e!l5~lil!gstlpply C:OIi'!lOOms· can .lI g.g(.leiric~ Illdil. Cement g I!feP!JI.~(l'm .!mi~~ dlJf<lbl~-$ !1.Ii:!'e!'irnbe<!tw~lich i~'b(iJrrows from iof~~tro.~liE[lJjo'r eapon. di!lIP.Q]~e.a ri~e· prrmar.!!!1!tilsil!'i!g r industriallr!l:l!U~) iilllEidow~ froIT!rh~J'u :hlgh!(i.315. infliati!:ll'l O!~:ro~O!!Y!:iM)I.ul~l~ I~.d fa!!tier :from~he! 'Wi!j:is.b.o'l1iincome.r12:71. II:ii pw~rd 'Whih~ groWithfQfiG!(:!!!St~ ~r~ being 1~ts~didQwllt tliilri!il!~ng.!~' \i'I!'~~hJ$SOQfI@!. :polidi:!s~.O.ec:e~siillrytl:)'IJIrider.tiicn i"1 Imlia ~odav.o0l8/'04jl'lIl st.e or. With II~n~tio!1r1 projectio~5 b~ill'1lg i]f'@\li¥~.Uu~ Il'IfI~tio!'! eve!'! 011 the c.r Imdl!!:!l:I growth $'tQry has been linfh'i'liQiil1l~ wil'ilrc~lrr!canIM.Sino~.)W aJt !6.e~t ~'!i'l!>meil'l~e· d.:ms Wo!' Si. If!fiaJtlon ls d~i~rmll~~VS!Q~flgto tii.!'/. alorlg. s:!howed Ilf.ID"Owt*' whi(!n hOI!. w~T:dh the Taileat which i~ liS lernlds~c b.offlign ]n.iI.!. Dljr~ng paM qual1el".t.OilS 8.t!o"or.liS11:1il1l.il:a]'l'Iie.dli~_C'teN:~ t .1~I~hlilg a ~mlce spikg •.~g~of20%.! the 'teleoo!!llil! .:ei!:s tall d@ntlndia'sgfiowlli!m thrree decOldeswo!"..c.t)wtn .CI levels. lhi~ ~~.S%.!.~lrill'i!g rood !iI ~1. .lB:~b~(I·llit~ ~~th~lrrini)itiol1i.:~'i:i:lll~ I~ @~!'i'I 11ilf10m!~i£ t'.lo~iI.rti(:le. as illwow~h en~jne fbr the ghoiba ~ .at . 'he '1n\!1t~ hik~ would II\r ~j\P .!Ot~ ofwhir::Tiii<iIF'~ [)GC' 10 WllilH)h~~i1i.!.ho.s~il1dl'~. www..<lII!i!¥C:~''':lrt~:!> .

~iIl'.V~ serfD.aIf.a~Iow'~ iJi!i1 :mtie: s~ml!iig"'nlI.verr'5i(lFl .Bl]iS0 1~!iOil..j wide..co(lpoeran!!fie Qaoks.trqli.~~e~!l. .iu:l! d~e mu@ olfindh..1S% ef Itie 1Io..Eiml ~~i5':t~~.~:I1!( r~ l~tI nor: gUilrani~e'e r.!m .!l.Jlifr:1!~' Thip<il.QPI. tQ .(!~nlthil"l th~ 'mJGi!rcm'<ilflJrlcti[IOI'lS !'@fIIdl1!r-«d b~' .~ a h'. Indii3 :~a$ 21 I~LltJM'" $iIl'~~ ~ill!'lllt.!I'1~~ 11:$ olJ:! IPiriij.rurea: b<fIrn~)"c..'d1Ir fil'l~iR~ Mfi'lri.' TIlillic dJiffuile'fiit.lltl!la~ II I 17.!!liFth!!' tli'e c.ment Qf tl'l'lil p.dl th.'tfl('O'mliloomtm~rlice..7'U a~ "'fI!~ of.t.~re QPp:Qrtlll'liiti~~.it~tI ili'!lumber Of l1"1iew ba:nks: ali 'We~IIiil s:.eg.~e .si!!:s·il!'ll the lll"i!l!.Meti·1s Q litil\et:I ~o ~relJd' :rJ':ierJe'(jgitrp'lil~ .J(~~~{l:e~f e~li~9.39. Alt:imlrii!l~ng ill tieiPoliI tly ICf!1!I.u~lJr1p!l~e.mei.(liI1!I.tlee'ds GlIb .. both .lI!li:C!fl i~{'\!'~t-~OtE!ililg i~!iiiil. ( O I!)f ~j (lO'mm~i!'i.grllW~ #11 ~i~e .~~ryj' wWlll::~1!! ~Q'\\I:lld ~~~~!::t ~r.~ oj MII~ and im. ~~le:i:oQ:lle(~lie b~WlIIfu. fprovJd>e :.f1 tfie. 311 di~miCl Qen~ml TiTri1J' 20G'ill g9id~~:rf'!@.[).~ frgm 17if.tl:iteltt'we)1!n" ~Ij!j..~d '50ph!1s. vGt Q It:ri~''e.5 m~d.r' distlr'ilnnno'J'l amh[lCie:Ss~ ~:liilalrt.W! b.iJ!I'iI.L\u'biin i!ind Ril.tlJie li\Io~"Balnl!1. weTgliteiii":aw~.m.!ru.nd.slil:ial"hlJ~~~69f.R bead:!>: Pres~.rl!'.t'O ~iM.i!1 fe!J I.mr balllks.i.@f . ~!i)~~>E!\I1dlEi~~ gn~y . SWljl1!ct Qf. <~~.O'e then and '~im~11i:11f1<l:tio:1:li1n.q:~d:ted"Mr.SQf'm€l@ml1@mit~mllWtlh}f 8 <n'ati8.I~ liIlI'ii'llimum ca~:ilfat 'f Rs.!iIl~liv.iii:!~iiig ~5~m ~r't'e.~ ~s t'(l be rJi. 2.1.Ol'l'l il!1l1e be!'.~ttOJl1 t. " fur The IPC!O.r ~iI'iIfiI~~<ict~li1 h8I'om~@r.d' m.e' :sfj:!j.0') mlinimlllmJj1 G'a!p[tall.ji b .bid€-rn em!'i~~" B!f':.brlnl.ltlrcOl'l~$m' be ii'i:CI'~~d ~~RS"8!W~ftliife!'i.da!~~e1Ji'l!lioe.m!! .a tiWs id:ri.g~:C:~~lilmp~~ti!i@!'I~~ ~ "I'~5t..~1!) p~~b!I:kei~ The.endtl1ii1t" tbe R.hCii[ll {1l!lmptaniesclnrurn ilil:s 'fold.iefiO!l:tl\~( pr. .i\~d'f'r9mlll~9!lO'!gfl Jt!!l~ '30" ~oo1i M.ia~ balroJ~ h(i~ imfJ!~'i.~(JJ ~ 'r!ipp~'I')'1fle~d.l'equiNlIPW:E!'l'lt hi ~II2'SS 'of f!i:>.!d1oulbt.eii$l. ~re!l~an.g1 it' .9.'-iIIie!l!Iiit~.2.DJj'nitlij'.iJP!iJ:~1k:~t1\(.r!Jy p.Mid 'to Hi.!ileii:lrfrQ]i'~lrlSI. fin:andal '!lV$tlllm.tm..QQI on 1[i.l!1!'kir~gIrrlltjJ:.@rr.il! j. lliO .].. k'!cal . :tti-alt lbe Ilmona !ilI1'f.' 1lt(jte ~dl.All:'~fI~~a :~i<!~ .~}l! ril1!rthe s:ai~:a ~arI:O:dII~.priOft.wllll~81I.{JIin:onlll.d.e(is: te! b.j'llrtridu.eij:Ss' I~ JfHs-:t!ildg~t s~eKIii 1M 2tJll~:U~ 'TR{~ was' further J.'~~JlfIl!I'I nii3Wo p'i~'Il1il! Sf:e.~s. 'Wee n~e~ ~t.ecfi.is tij 'tlln~.winG'itJi.ad~nand de.~I'1:~i'!iil.5~ ~5p~)riti~IV' ..P 0:( n:erw il7~Jl~.(I J~'i!ih! ~l:!i.~.l!i'jfij l1iinl: .1l.eriou~ af~€'ffijil~i~s tit ~ll~ed.300 cWl'ie.Q' !!"I otttl bl~1.e'( 't~9d¢O .:1~. 18 r© $.alC!l ne..l!1i!'~1I'!i""'JIl'l!b~.aG~ rII~fe1re 'I~ as baen ~a '.J\1I~O<lln.e)!:p~e\t\lcjeS'. .Pi'~ a~ to'bQlIlifJllg se..~ :11i'[JIElrI~IiaI~Sl!I5IleJm i.()l'thr! RB$ G:Q!!~t.ks. Fiinance Cliub N'IIT~IE 'Mumba'j . t"h!' sem1.ents~ .1:l'I IFle.a~U credit iiiif'ld .lI"e.)irailfQbM'd.!vlng .Q{p.tQt ba.W.1'i 'ijy~1W1umbe't :@fopil'iiiblrll"m~~.!:rl!tt~ tzy8"~$.Ali~' (il'l!~ 'i.\II!i.inl'am::iai sy.i()lyj~.gi II:JIIUJRza"'JlI:m ca:~utlll ~'~f.s:.!~U"lk.e' . ~~al'io~ai1ldtjrn~J. (lurt'"t.ulQn.o~.~ m~ 1i~1@!1~i'rrg ~f Ililllllll' ~.iil~im~n~:se.ilIna'SOlirtl'Jlni~$SlQif ~t!!.ri".Q}IUI1~~'Qf{G' ~.I!li~m@nt.&!~'lJfj~'k{n~MI1!'liJ:t. ISIS ~''iei:rO'f@i'f\Ura~ ban!C. a be! dft~CU!lSiid Ulndii!!ii' the' il:fl~tlw]ri.o"f NBII§iC:~S. ~~b!alnr. .i!i1r@."ThF!..UG~f1:5g~ itt! Pr.: 1l1.O:S 'lQ jS.ijnUII'!! IiJfi'P:alr1. Sotllillnle:)ohas been de~te~g ~p@.wnsUmel'S'and produce:rs. ti'Qrusforri1atio.e:rNSf.nd~gQ$(!m!i mr#:ti'f'" ~m~ ~p r~ 'WV& i~r:iJ:mt-il'by.~i{:l ~ Wli~'~rre'1I0:W€lf1 .~n~fortl1 fh~ Ifftip..I'n(lldil~gJlS.'It!~lree!fleilll1S.er'.Q'S5r-oqrts:o[ d$JIe'rfin'l' ye["fp"be. ~:anldlnt'l$'(s.5'(f'lm~.shlllWll C! d~~ .fQ' .treet =. q ·ca~~o ¥ Jun.l~ 1r.lVilte 5t!li~'t.afi~~mu"ab:l t'h.ho1'ders.~:te:5tri.. if! @*~~' ~f Rs-..~Q'!lk/~.e 'Ir:1JJil'J:L!~~ij!JrI:Q)!I.dIIJl.wltes g. (1n'.pm.riite~ laNflcIt1f.. <!! bf~I!1!..en !l:lletfm.l'u:lusii!iiS'growth" 1he.i111l\l$'e~of 1..I!1I.~h.ec8ralpl1i~1 fle'o!ll:h :all'll! fil~IJl~i:l!1 IIIjaifJmtty ~11!rIC1iI!..IJ.ff'fhrll'J1 ~mt q~~€ ~~cr~t"I.e'r 01'" .eQ'S'to .Oi . 'lheflllS'elvesAi!)lIjll1st .ith sc.~.t II ~osa ~'cail!o. 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NBf~ ImQ~el~l"!d 'the 'oon!!:: 'modie~are 'El1mH reiy ' b.iI~dtl'E! d1m€tll~ 'U'llk~ r.tooth: '~he 1~t!~.11l1eiir ~~t:tt\l~15 wlde.·"Cin I'Ilewbank~r:lIIIIi.~ mir!JmJt m~cl a\tJ\'aGt IlQn~.be_.ty ~et f$~jl!ilie!5 Ollrte'i. .Nllll(iol!Jll~t:ll!)eC<lPlledi 'aj~iIIii!:Jiitiiible ~eiw~.Jc4nVa'ffiL.~ed' <lOci.(il'ea is to ib.i~1 iniFiue. pei~nt ~hi5esli1l~IIi3llildabQ'I!fel.cl: :tQJ~.WOI.dC!wn~l[jim <rnd.i!5. .lldl b.V'~ij\a&~ .!~~ioJ! gjJi!~ dirtfttiQo.a~IS~.:jl'ent n.~r.'The IlnTrl!ial C<ipi:ta~ Ir. new Inls.!'e a ]o".di thevhiil1ii\e"al 1I'lIfl.ffil!gl'! 'U'M5' ~~~ea\il:lir ·111 !lfd'a:el'lie'!.af lQl' iJI!!)(iJlllll!.NIB1=a:~to: bank~ ".Finance Club NinE Mumbarn 19 . the~N~Frr:'::$ 'Cerlt!hiil..t 1I'f.r~~ 1 buih:lin.il'[antia:~system.Orbj.inlh~ li1:ti:.5.l1t .(Q!'ilV!!!:~llon i~'ljo~ OO!'lk.".ealr" c:a1pltGll adlflqrLlliillc.tielill'l'cmOitiol'l'6f: j.El ~:f 1ii!i1!i.~IJ~\i\M·u.om:l<MV. 5< <I(..~ijbl!1J~ ~!irJ~d Mlise in~~!l!mo)tonrm'Ofll!e'S. @ tre.e' t'hl.ii1:tQ be ".t. 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