India: silver lining

Article Abstract:

Indian share prices dropped in 3rd qtr 1996 due to political uncertainty and they could fall further. There have been problems related to political corruption. The July 1996 budget was not well received by investors who are concerned about corporation tax being extended, and forecasts for the budget deficit which they do not see as realistic. There have also been disputes over the privatization program, and there is doubt that the official forecast for gross domestic product can be achieved, or the forecast for corporate earnings growth.

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False alarm

Article Abstract:

Indian stock prices fell in Mar 1997 due to uncertainty over the future of the coalition government. It was feared that economic reforms and a budget popular with foreign investors could be threatened. Stock prices have since recovered as the political situation has stabilized. There is still some concern about reform since the finance minister, P Chidambaram, has withdrawn from the new government, though the prime minister has expressed a commitment to reform.

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