(From the Economic Times)
Big bang reforms will not be the operating template for India and the process will be a ‘slow and tedious one’, says a Morgan Stanley report.
The global financial services major said that the recently announced Budget for 2016-17 has proved once again that major reform initiatives will not be the operating template for the country.
“Reforms in India will be a slow and tedious process, requiring the buy-in of the opposition and the bureaucracy,” it said.
Since the beginning of this year, Indian markets have seen heavy volatility largely owing to high fluctuations in global markets led by the Shanghai Composite and domestic events such as the Union Budget, it said. Read more