Kunal Desai, manager of the Neptune India fund, explains why the recent depreciation of the rupee is not the cause of the country's macro woes, but could be the solution.
India’s new and much vaunted central bank governor, Raghuram Rajan, gave an interesting perspective on the Indian market while on a whistlestop tour of the US last month. He said: “If you are an outsider looking at India, learn to filter out both the irrational exuberance and the excessive pessimism. We are subject to both. You will become manic-depressive if you follow our moods.” This summer has been particularly galling for those invested in the Indian equity markets. An expectation the Federal Reserve was going to begin its programme of quantitative easing tapering triggered a sur...
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