India’s newly appointed Finance Minister, Arjun Jaitley, has drawn a mixed response from investors amid concerns about his scant background in economics and a potential clash with the central bank over interest rates.
Earlier this week, Jaitley was named head of both India’s finance and defense ministries in the new administration of Prime Minister Narendra Modi. Jaitley, 61, a prominent corporate lawyer and former commerce minister, is said to be a close confidante of Modi.
“A few things that people associate with the name Arjun Jaitley: he’s the right hand man of Modi so presumably he will pursue a pro-reform agenda, but he doesn’t have a background in economics. That’s a concern for the markets,” said Nizam Idris, managing director and head of strategy, fixed income and currencies at Macquarie.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015