• Says selling in Equity markets driven mainly by brokers
  • Says no intention by government to impose any capital controls
  • Expects foreign inflows to start arriving in next 2-3 months
  • Confident of growth of 5.5% or more this FY
  • Fears over money leaving India of Fed QE taper unfounded

He may have half a point. The news last week that India would look to impose capital controls would have magnified the exodus as investors rushed out to beat any such moves. Whether he will calm the Indian markets enough remains to be seen.

He’s already had a kick in the shins from S&P who have affirmed BBB- rating and negative outlook saying that continuous uncertainty may affect long term growth prospects.