Webinar - India states’ finances and borrowings: The other half of the story
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Webinar - India states’ finances and borrowings: The other half of the story

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Date: July 19 (Wed)

Time: 9:30 AM (BST) / 2:00 PM (IST) / 4:30 PM (SGT/HKT)



Euromoney moderator

Rashmi 140x140 

Rashmi Kumar, Editor, GlobalCapital Asia

Rashmi Kumar has been the editor of GlobalCapital Asia since September 1, 2015. Rashmi has worked for the publication since January 2013 when she joined as a loans reporter. She worked her way up through the ranks to becoming senior equity reporter, before being appointed editor. Before joining GlobalCapital Asia, Rashmi worked for Campden Wealth in London as a senior staff writer covering family businesses, family offices and wealth management.




Anubhuti Sahay 
Anubhuti Sahay, Head, South Asia Economic Research (India)   

Anubhuti has been providing macroeconomic research for the India economics team since joining the Bank in 2007. She was ranked the best forecaster for India by Bloomberg in 2013 and the second-best forecaster in 2011. She was named the ‘No. 1 Research Person in India' by Asset Benchmark research in 2009. Previously, Anubhuti was with the Securities and Exchange Board of India covering policy research, and was an analyst covering southern European companies for Morgan Stanley Capital International. She holds a Master’s in economics from the Delhi School of Economics.





Nagaraj Kulkarni 
Nagaraj Kulkarni, Senior Asia Rates Strategist


Nagaraj is a Senior Rates strategist covering Asian Rates markets, based in Singapore. Before joining Standard Chartered in 2010, Nagaraj worked at Barclays Capital, ICICI Bank and CRISIL (an Indian subsidiary of Standard & Poor’s). He has held a variety of roles across financial markets – analytics, structuring and trading. Since 2011, Nagaraj has consistently ranked among the top analysts for India rates research in client surveys such as The Asset Benchmark Survey and the Asiamoney fixed income poll. He is a mechanical engineer and has a Master’s degree in Management from the Indian Institute of Science, Bangalore.



Divya Devesh 
Divya Devesh, Asia FX Strategist


Devesh covers South and Southeast Asia FX strategy, based in Singapore. He provides views on the latest developments in FX markets and recommends trade ideas. He also contributes regularly to media coverage of financial-market developments. Prior to this, Devesh focused on G10 currencies and was responsible for calls on the JPY, AUD and NZD. Standard Chartered was ranked as the No.2 most accurate JPY forecaster by Bloomberg in 2014. Devesh joined the Bank in 2010. He holds a Bachelor’s degree in Computer Science from the Indian Institute of Technology, Guwahati, and an MBA from the Indian Institute of Management, Calcutta.




Understanding where Indian state fiscal deficits are headed is crucial to forming an accurate view of India’s sovereign debt dynamics and assessing implications for the rates market. States’ market borrowing (known as SDLs) is now similar in size to central government issuance and widening state deficits have offset much of the consolidation seen at the central level in recent years. 



In this context, we discuss the following issues:


  • The rise in SDLs issuance: Deteriorating finances and shift in sources of financing

  • How stressed is FY18 fiscal health amidst farm loan waivers, salary revisions, interest burden and GST?

  • Not all states finances are equal

  • SDL yields: Disconnected with fundamentals. Why? 

  • Policy changes: The need of the hour

  • Is the INR overvalued?      




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