Spahn and Sain and pray for rain was the battle plan for the 1948 Boston Braves. It worked as the Braves won the National League title that year with two dominant pitchers.
It leaves something to be desired as central bank policy, however. Do nothing and hope that the monsoon rains will stop inflation, isn’t much of a way to run an economy. (It’s not very catchy either.) But that seems to be the stance that the Reserve Bank of India has adopted in its fight against inflation.
Consumer prices are rising faster in India than in Brazil or China, countries where banking authorities are waging conspicuous fights to keep inflation from running out of control. Inflation in India rose at an annual rate of 14% in May. The Indian economy grew at an 8.6% annual rate in the first quarter of 2010.
After doing nothing as inflation built up momentum in early 2010, the Indian central bank has raised interest rates three times since March. But the increases have been just 0.25 percentage points each and haven’t done the job: the economy has reacted as if it knows that the bank is half-heartedly playing catch-up. That’s allowed inflationary expectations to build up in the economy.
The bank is widely expected to raise interest rates again at its July 27 meeting—but also widely expected not to take dramatic action.
Inflation in India picked up last year after an unexpected drought led to shortages of rice and wheat that sent food prices climbing.
Now the Reserve Bank seems to be pinning its inflation-fighting strategy on plentiful rain during the monsoon season that starts in June and runs into September. The monsoon rains are the major source of irrigation water for most of India’s farmers.
The national weather service has forecast adequate monsoon rains this year. But then again the service didn’t predict last year’s drought.
So far at least the government seems to be in luck: the monsoon season has started with rainfall across the country.
opa:
Tell me one dirt poor country that is piling on mountain of cash in its national reserve. Explain me how you can call America rich when it owes $13T.
$13T divided by 300M people is more than $43K per person. If you have family of 4, that’s more than $173K per family in addition to mortgage, car loan and credit car debt that Americans have! That’s really RICH, not in wealth but debt.
yx:
My point is, it is not overrated. Where are the investment opportunities in India? Is it talked about as much as China or Brazil? It has a tremendous growth rate so it’s in the news but is just talked about only little compared to China & Brazil.
If you want to make a statement and stick to it stubbornly no matter what, I am not going to argue with you. It’s a waste of my time.
hailhog:
Read part (10) of my post and do the counting your self.
nathan and all:
As I said at the beginning of my post, it was only intended to answer “ganeshdn”‘s call to “justify” my claim. And I said it very clear that it was only numbers and information left in my head after years of reading. Though I did not have time to attach links my points, I made it very clear that everything I wrote is what I read, mostly from very reputable media sites.
I am glad that you all left with very rosy impression about India after your readings. I just don’t have that kind of good luck. Most things I ran into about India is very negative even depressing. For example, few days ago an “ultra modern” airport was opened in Delhi which is a good thing, but the same report also described the old Dehli airport which is very painful to read. (I read it from a French news agency report.) Another example, several weeks ago reuter had an article on Abbot Lab’s purchase of Indian pharma which means India is drawing attention from western major phamas, a good thing for India. But the same report also said the biggest problem with India drug product is quality which even caught the eye of FDA and improvement is not easy. That just left bad taste in my mouth. Another my recent “encounter” with India is reuter’s report of Vodafone CEO ‘s “fiasco” comment about doing business in India. (That report was on many sites.) These 3 are my most recent “encounters” with India which shows in a way how over the years I formed my opinion about India. If you don’t like it, fine.
opa:
You said one can never really know a country if he/she has never been there. There are about 200 countries in the world. Few people could travel to all or most of them. That’s why we have media. Books, TV, movies, internet, etc. are all media to empower people’s knowledge. I did travel to many countries all of which were very must in line with my expectations formed based on pre-visit readings. India is one of the few countries that gave me very bad pre-visit impression and I hope all the tings that I read about India were wrong.
nitin_kakkar:
What I meant to say is “India compare to China”, I tried to shorten it, used “India v. China”. (You know many people on this blog including my self sometime use shortened words. Use “BTW”for “by the way”.) If you read (10) of my post, you’ll know that I meant to say “compare”. But I correct it.
All:
Every time when I left something out based on assumption that people on this blog would know it, I was wrong. I intentionally left “Bollywood” out because I bet few people other than Indians themselves watched Bollywood movie and even fewer watched and liked it! How many non-Indians watched Bollywood movies? I watched couple of Bollywood movies. The never ending singing and dancing are unbearable to me, even though I am a BIG fan of music and dancing. I ended shot it off before it finished. I asked people around me (all Americans), none can take it.
Bollywood movies are said full of fantasies, so is Bollywood’s so-called global reach. India has about 1.2 billion people and many Indians live outside India. From Europe to N America to Africa to south Asia (out side India), you can see Indian people live every where. (At one of my local school here in America, Indian American is the second largest group.) Bollywood’s export is mainly targeted at those Indians living overseas! How many non-Indians watched Bollywood movies? For example, I would not surprised if Indian Americans watch Bollywood movies at homes, but I don’t remember when was last time theaters in my city played Bollywood movies! I often visit many places in US and I don’t remember seeing an ad of a Bollywood movie. Yes, you may see Bollywood exports to America, but only to those Indians in America. Bollywood may SEEM “popular” in S Asia, even in UK or maybe even some spots of Africa. That’s because the % and concentration of Indian population in those areas are very high. Maybe we’ll see Bollywood movies when Bobby Jindal or Nikki Haley gets elected to White House. Enjoy your favored Bollywood movies!
I brought up things like “culture and sports” because few well developed countries in the world that do not practice those universally appreciated culture and sports. I know India got its own rich culture, but so do many countries around the world. From Europe, to N. America and far east Asia and now S. America, economically well developed countries all practice those universally appreciated culture and sports IN ADDITION to their own traditional culture and sports. It may be unrelated to economy or investing to you, but I do judge a country on all fronts including culture and sports. Because I view it as a reflection of that country’s economic development and strength. Ever noticed when a country’s economy improves, so its culture and sports? My biggest wonder about India is that as country of 1.2 billion people and one of BRIC, it has few to no presence in those universally appreciated culture and sports. (I do pay great deal of attention of cultural events around the world, from pop to classic.) Maybe “opa” is right that we have to go to India to see it.
nathan:
You probably referred to the word of “slaughter” in the basketball match. It’s actually close to the original word used in the news report that I read. That’s what caught my attention, I ended up reading it in quite detail. If that word does not sound right to you, I took it back. But I offer no apology on other comments. Every one is entitled to his/her opinion.
The least risk is Brazil.
yx:
If India is overrated, it would be talked about as much as or at least comparable to China. Is Jim or the typical analyst talking about India story on a regular basis? I don’t think so. So how can you justify your statement?
Arguing just for the sake of argument is no good. I don’t know if India can justify it potential and neither do I know if China can keep ballooning its bubble and cooking up the books.
YX: You cannot know a country without at least visiting it just like you cannot learn to play ball without getting on the court.
Your comparisons about size of the Chinese market and Indian market are apt: India is far behind. That is known. Also known is that India exports much less (as % of GDP). What is unknown is if there is potential left in both of these economies and will they rise to fulfill it.
(1) India started its reforms 15 years after China. 15 years ago China’s GDP was US $750B whereas India currently is about $1.4T. Doesnt mean that India is doing better than China it only means that its not an apples to apples comparison
(2) The foreign currency reserves are not a measure of a countries wealth. They reflect the measure of export surpluses a country runs and the desire to manipulate the currency to maintain current advantages. All the countries mentioned are large exporters that need to compete with China on price. Therefore if China manages its currency they need to as well.
(3) Big ticket items: Agreed.
Luxury Items: India is the largest consumer of gold and has been for many years. Chinese spend on luxury goods while the Indians spend on Gold. Its a mindset thing.
Walmart / Carrefour: Not for lack of demand but more due to regulation that the large retailers are being prevented from entering.
(4) Economy stimulate package: Was not required. The economy still grew around 6% without it (remember growth is internally driven so external shocks need not be countered)
(5) Financial institutions: There are many banks in India and most of them are internally focussed. With growth rates of 30-50% why look outside yet?
(6) Education: Agreed on literacy rates though the other stuff u mentioned is not rigorous enough to counter.
(7) Infrastructure: Agreed. Give it 10-15 years
(8) Culture: Bollywood (India’s Hollywood) has a greater International reach than even Hollywood. They create more movies than Hollywood and export to more countries. They are very popular in Asia and Africa.
(9) Self-esteem: Till 2001 the constant comparison was India – Pakistan. The mere fact that they are now compared with China means that they are being seen in different circles. Give it time
The other points I either agree with or have already been addressed by others above.
yx:
I did not wanted you to compare China with India. Every one know China is having much better growth than India. I just wanted to know why you think India is overrated. As you said India is like Srilanka & Nepal, I want to put some facts infront of you.
GDP
The economy of India is the eleventh largest economy in the world by nominal GDP and the fourth largest by purchasing power parity (PPP). The GDP for 2009 is $1.236 trillion (nominal) and $3.526 trillion (PPP). GDP growth rate for 2009-10 is 7.4%. The exports are $155 billion (2009). Sri Lankan economy is having GDP $96.46 billion & GDP growth rate of 3.5% (2009). Nepal Economy is having $31.09 billion and GDP growth of 5.6%. The Brazil GDP is 1.574 trillion (nominal) and $2.013 trillion (PPP) with a negative GDP growth rate of -0.20% (http://en.wikipedia.org/wiki/Economy_of_Brazil ).
I hope this enough for you to believe that India is doing better.
Foreign Reserve
India has foreign reserve of $163.8 billion
Brazil has foreign reserve of $103.20 billion
I don’t know what success story you are talking about Brazil.
Luxury Goods
Again comparison is with China. China is much bigger country and has power to compete with US. Indian is in developing stage. The economy Is domestic driven. There are more regulation. So it is obvious that Wal-mart and other giants find it difficult to enter this market. We do have
Chinese worker get $125-150 dollar Per month salary and which every where constitutes major part of service force…this comes to salary of 7-8K per month.. In India you will find these workers in backward area only… So what purchasing power you are talking about ??
Economy Stimulate Package
This clearly means they are more in problem. Compare with US for stimulus. Considering US economy they give I think just more than China. And stimulus amount should not be criteria… This is like indication of bad health. If you say you are spending more on medicine than me, I pity on you.
Financial Institution
India is having one of the best banking system in world. We do not have 10 biggest banks in world. But certainly we have better banks. You know how vulnerable was developed country banks in recent financial turmoil.
Self Esteem
What about US ?? Forgot the Twin tower attack ?? is that mean US is weak in its defense?? Or is that mean US does not have control ??
Recently even Obama is worried that majority of the US companies are outsourcing their work to India. He introduced tax incentive to reduce this. Who is insecure ??
Number one economy in the world is insecure on 60 sqkm small pocket of India ……
yx: exercise more restraint, I see lot of unnecessary arguments here, just stick to what is relevant for this blog.
btw, as an investor all I care for is growth – and I don’t care if it comes from India or China. in fact, if China has solved more problems than India has, then that could be a reason why I should invest more in India than in China…
YX : Chill, you probably can’t point to india in map so chill. Who is interested in India vs China??
Before pointing me to links read first line of my post ” India is certainly not china, it will never be. as a matter of fact no other country will ever match the growth rate achieved by china.”
Now Indian for banks not suffering in global crisis, It takes very little common sense to think that when tonz of low risk growth oppertunities exists inside, why play high risk low return game of overseas expansion? at the end of the day business exists to make money, Indian compnies can do it inside they need not seek outside for it. Indian banks have home turf advantage why not play it. BTW which chinese banks suffered in this recession.
Your points are Despite comparable population base India Lag china in every metric.
I fully agree with you, this point also means India has lot of room to grow & catch up with china. i.e GROWTH OPPERTUNITIES
Resources can & will be imported they need not be home grown.
India is world’s 7th largest county. Big enough to hold its own againt anyone, small enough to be nimble any time. BTW any idea how much of chinese land is usable??
why does economic growth oppertunity need a county to be a super power. Its better not be super power then being a third rate self proclaimed super power like Britain or a spectacularly failed Pakistan.
India face some unique challanges, this is neighter the forum nor place to discuss them.
I dont read 10 news papers a day, but in past 18 years I lived (not travelled) in India, China, Japan, Pakistan, USA, & Europe.
Sorry, this is very long. Skip it, if you are not interested in India v. China. This post is only intended to response to “ganeshdn” who asked me to “justify” my claim that India is “overrated”. In order to prove my conclusion, I have to pile on some numbers and information that I saw, but they are NOT intended to disregard or disrespect Indian people. I personally actually like Indians I saw in America.
ganeshdn:
Many people including some well educated people in western countries think India is like China or India is the next China. My readings over the years gave me totally different conclusion that INDIA IS NO CHINA on every front. (I assume you know what role China has in the world these days.) If you exclude the small pockets of development in India such as Bangalore, India is more like Sri Lanka and Nepal than China.
I never been to India nor has desire to do so. But I read countless reports and essays of people who traveled to India. (You can easily find them on internet.) The impression is overwhelmingly negative. Even capital Delhi and financial center Mumbai are very dreadful places. The richest Indian’s 60 story high home is said literately surrounded by slums in Mumbai. Capital Delhi is overrun by monkeys. Yes, an “ultra modern” airport just opened in Delhi, but the story of the airport before it is quite painful to read.
If you read media every day (as an investor I go through no less than 10 major media sites every day), you can find that kind of information everywhere. All you need is to pay ATTENTION and REMEMBER it. Here are just very few QUICK examples in my memory without searching for exact quotes or numbers or links. (Everything I said here is what I read somewhere on internet, mostly from very reputable sites.)
(1) GDP, a measurement of one country’s overall economy scale. Reuter has world GDP comparison chart recently on its cite. (Link in my last post.) According to that chart, India with about same population has only about 25% of China’s GDP both in term total and per capita. In other words, China is capable to generate many times more economic value than India. BTW, that chart also puts China at the 2nd spot for largest GDP in the world in dollar term, only after US.
(2) National reserve, a measurement of how much money a country has left in its pocket. India only has a very small fracture of what China has. My last reading was $2.3 TRILLION in China and it’s still growing every month very fast, $300 billion in India, again a country of about same population. If you are from one of those countries that are highly in debt, you may think $300B left in pocket is pretty good. But consider this, a much, much smaller country named Singapore has about same amount! Couple of countries that are slightly bigger than Singapore, such as Taiwan and S. Korea have almost TWICE as India’s! (About $500B to $600B a piece if I remember correctly) In other words, India with 1.2 billion people can not even out-earn tiny countries like Singapore, Taiwan and S Korea. That’s why I see countries like Indonesia, Kazakhstan and Turkey all have potential to out-earn and out-perform India! Brazil has already done it in many ways. (Brazil is another lengthy example of success, but I stick to China here.)
(3) Consumer spending or purchasing. India’s consumer purchasing power is not even close to China’s.
Firstly, look at the big ticket items. Nothing is bigger than car. China is now the world’s largest auto market, bigger even than US. India’s car market is tiny compare to China’s. I don’t have exact amount in my head, but I remember Reuter, Bloomberg and Business Week all had reports on auto sales in these emerging countries. (You can find it yourself.) The number of cars sold in India is very, very small compare to China. Additionally, China’s housing boom has sprout home improvement stores everywhere which tend to sell big ticket items. The These stores can not open if there is no business for them. I am not sure you can see the kind of large and modern home improvement stores everywhere in India. Because there has been report saying India rejects large stores. BTW, China’s Haier which is #1 or #2 appliance maker in the world and aiming at the India market did a survey on India’s home appliance usage. It said India is 20 years behind China in appliance usage.
Secondly, look at the luxury goods. China now is the MOST important market for all European and American luxury goods makers including Jim’s current or past pick Coach and LUX. I even remember reading some luxury goods makers saying that China made up their losses in Japan and N. America.
Thirdly, mass consumer goods. Wal-Mart, Carrefour (the French super market chain which is said bigger than Wal-mart.), McDonald’s, KFC, Coke, NIKE, on and on. These mass consumer goods or stores are everywhere in China compare to India where both Wal-mart and Carrefour are having trouble to even open.
(4) Economy stimulate package. India only put out couple of dozen billion dollar (I forgot the exact amount, but it’s around $30 or $40 billion). China put out a wapping $600 billion stimulus package.
(5) Financial institutions. Like it or not, 4 or 5 of the 10 biggest banks in the world are Chinese banks now. India’s banks are, well who knows where they are.
(6) Education. This is the biggest myth about India. Many in the western countries have a perception of India being some kind of high tech country, therefore highly educated. In fact, India’s illiteracy rate is about 40% according to a report I saw in 2008 compare to China’s 4%. (If you are interested to find the exact number, I believe UN may have this kind of statistics.) Speaking of UN, it ranked India and sub-Sahara as the most impoverished areas in the world, not China.
I know some Americans may be impressed by Indians recent strong showing at the National Spell Bee which is about memorizing, but the Chinese have strong showing at the top science and math contests both in America and around the world. From Noble science prize to Westinghouse (the highest science award for young Americans) to International Math Olympics. I have not heard of any Indian winners there. Chinese have won these many times.
(7) Infrastructure. Few things India severely lags behind China more than infrastructure. The difference is too big and too long to list. In addition to massive transit system (rail, air, road) all over the country, China now holds many top spots in infrastructure and architecture. I suggest you go to youtube. It has many video clips of infrastructure in China and then compare to India’s. Search and compare China’s capital Beijing on youtube and then compare to India’s capital Delhi, China’s financial center Shanghai to India’s Mumbai. On and on. See it yourself. Pictures you’ll see on youtube will justify more than numbers. More importantly, China’s infrastructure revolution has spread all the way to the third and 4th tier cities. (I just saw some stunning photos of a third tier Chinese city named Qingdao. It’s incredible. I’ll try to attach some here later, if I can.) Compare to that, not longer than few years ago I read that traffic related death in Mumbai is over 200 people a day! Many death are due to falling off over-crowded train. See the videos on youtube and compare it yourself.
(8) Culture and sports. Boy, they are too big and too long to list. From Hollywood blockbusters to multiple international film festivals, music contests, high dollar art auctions, high-selling artists, international sports events, Chinese achievement or Chinese influence is everywhere. (Bloomberg has a very good culture section too.)
Chinese people are now major player on international high dollar art scene both as buyers and artists while Indians are not. The latest Hollywood blockbuster Karate 3 is highly influenced by Chinese culture and stared by Chinese actor who is well known in western countries too. Even the biggest hit of all time (James Cameron’s 3D mega hit) was filmed in China. Additionally, Chinese made films have won top prizes at all major international film festivals. Chinese opera singers, instrument players and ballet dancers also have won many prestigious international contests where no Indians ever seen. The top 3 piano players in the world now are all Chinese with Lang Lang as the biggest classic musician ever. Concert halls coast to coast in America are now full of Chinese, Korean and Japanese classic instruments players. I haven’t seen any India film star, opera singer or piano or violin players or ballet dancers well known outside India or Indian population. Well you may say Rushdie is an Indian decent, but he is known for writing a book that made muslims angry. I am not sure you can call that a cultural contribution. (Giving him a knighthood is one of the few mistakes the queen made.) In the last Olympic, China won 52 GOLD metal alone while India only had one which is also India’s first one ever. (Can you believe a country of 1.2 billion finally won its first ever Olympic gold metal in 2008?) In direct matches, Chinese sports team out-power India in all sports maybe except cricket which few people care outside India and Pakistan. Chinese men’s basketball team literately “slaughtered” Indian team in the last Asian game less than a year ago with largest score gap ever. (I forgot the exact score, China scored double of India’s.) The list is just too long.
Compare to that the biggest India culture showing in recent memory is a slum film which was not even made by and in India. (Slumlord is a British film.)
(8) Space and defense. China is far ahead India in these areas too. You can easily find this kind of information online.
(9) Self-esteem. If you read India’s media (I occasionally got linked to some India’s English news sites), you can easily find out that India is extremely self-insecure while China, despite western media constantly portrait it’s nervousness about riots, is a very confident country. Because the Chinese government knows it very well that it got the iron fist and it got the country well under control. While Mumbai bombing and many bombings that goes off in India frequently show India is not well under control. (I hope Indians do not argue it as sign of democracy!) Secondly, China has always holds its own court even before its economic rise while India always seems need a supporter (I won’t use the word “master”). First, it’s British, then Russia. Now US. This is NOT what a super power does. A real super power holds its own court. China does, India doesn’t. Also India always concerns about how other countries treat India. For example, last year India’s high level government officials literately told Australia government to keep EVEN between India and China. That’s really laughable. China could not care it less. That’s confidence. Because we all know who is more important to Australia, China or India. (I even saw one report saying 40% of Australia’s economy has something to do with China.) The kind of insecurity also showed in India’s relationship with US.
(10) The BEST number of all. Since you read Jubak’s blog which is about investing, you can count how many times China was the topic of Jubak’s articles in the last 6 months v. how many times India was the topic. You get the idea which country has more influence on the world economy and investment. In that regard, China is FAR ahead of India.
The most IMPORTANT number for me is the relatively SMALL TERRITORY of India (about one third of China and about same as Kazakhstan or Sudan or Angola, but unlike these countries, India is hardly resource-rich.) and its already very LARGE and still fast growing POPULATION! It offsets what ever growth India may has! Many foreign companies’ struggling in India is just prove of it.
Hope above is enough “justification”.
currencies can be out of whack with underlying basics.This very much explains the difference in nominal GDP and GDP based on purchasing power parity basis.Moreover a large part of Indian economy is based on barter and cash and these transactions are not recorded. i have been there and the changes are just astonishing in every part of society over past 15 yrs ,perhaps much more than in China.Regulatory reform since early 1990s has laid a very solid foundation and despite the endemic political bickering and jostling everyone is interested in making a buck.China had the good fortune of opening its economy 15 yrs before India and the potential and real growth and therefore opportunity to make profits in India over the long term is much greater than China
nitin_kakkar:
Here is the hole of your argument:
(1) India’s economy is domestic driven while China’s is export driven. Yes, export is large part of China’s economy, but that’s how countries make money! You make things, then export them and get the money from foreigners. All countries want or should want to export as much as they can. It’s not a bad thing! That’s how you make money!
(2) India is less impacted by global down turn. Nepal, Malawai and Lesotho which probably have even more domestic driven economy had even less impact from global down turn. It’s NOT because they have domestic driven economy but because they are not a player on global market! They have nothing to do with the global market and the global market has nothing to do with them! Pure and simple. Same thing for India.
India, despite its 1.2 billion population, is a very small player on global economy market and it had few thing to do with the global market. One good example is India’s banks. Some said that India’s banks had very few swap or CDO write-offs or suffered very few from the financial meltdown. That’s because India’s banks were NOT players on international banking market! Pure and simple. Tell me one India bank making wave on international banking scene. None. Compare to that, 4 or 5 of the top 10 largest banks in the world are now Chinese banks. Even our own Jim Jubak monitoring and posting about China’s AgriBank everyday!
Finally, Even though China’s domestic consumption has smaller % in its GDP than India’s domestic consumption in India’s GDP, China’s domestic consumption alone is still about TWICE of India’s whole GDP.
According to reuter (link below), India’s GDP is roughly 25% of China’s both in term total and per capita. China’s consumer now contribute to more than 40% of China’s GDP and it’s growing very fast because of the government’s policy. This means that China’s domestic consumption alone is very close to TWICE of India’s whole GDP.
http://www.reuters.com/article/interactive/idUSTRE65N1K420100624
ineed$$$:
If you exclude the few pockets of development, India is more like Sri Lanka and Nepal than China.
nitin_kakkar:
Did you see what kind of domestic consumption China has now? Better check it. I’ll tell you some in next post.
Hi Jim,
Any picks for india, especially Indian infrastructure companies, and consumer staples companies.
Thanks.
yx: India is certainly not china, it will never be. as a matter of fact no other country will ever match the growth rate achieved by china. But India’s growth rate is steady around 8% is among the best of remaining world. What distinguishes India from remaining BRC coiuntries is that India’s growth is mostly due to internal expansion where as other BRC depend on exports. So India is not likely to be impacted so much due to slowing growth in developed countries.
yx: India is about same as Sri Lanka or Nepal ??
yx : Population growth i can understand. But on what other grounds u said Indian economy is OVERRATED ?? (justify with numbers)
I am afraid that India lags behind China and Brazil on just about everything except population growth. I posted on this blog several times before that India is the most OVERRATED emerging country in the world. Too many people, particularly those in the western countries, think India is about same as China or the next China. In fact, India is about same as Sri Lanka or Nepal outside few small pockets of development like Bangalore.
In Play (CEDC)
July 6, 2010 4:10 PM ET
Central European Dist announces its decision not to pursue the acquisition of Nemiroff and updates potential use of proceeds from previously announced distribution business sale Co announces that it has decided not to pursue an acquisition of Nemiroff. The net proceeds expected from the sale of the Polish distribution business, which were initially targeted as partial consideration for the acquisition of Nemiroff, are anticipated to be redeployed to maximize return on capital, increase fully diluted earnings per share and/or reduce financial leverage.
“Now the Reserve Bank seems to be pinning its inflation-fighting strategy on plentiful rain during the monsoon season”
Hmmm. I guess that is about as good a strategy as I’ve seen from other countries 🙂