The Indian markets have recently experienced two important events: the Union Budget and the Reserve Bank of India's policy announcements. However, they have passed without creating much invigoration.The correction in equities has resumed, the rupee has breached the 88-per-dollar mark, and India’s 10-year government bond yield has hardened to 6.71% from 6.65% before the policy. Over the past 6 months, with a 16% correction, the value erosion in Indian equities has been ₹74 trillion or 22% of the GDP.
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