2019 - In retrospect
As an investor, I would describe the 2019th year of Christ as "befuddling". The domestic economy worsened materially despite better global opportunities, improved infrastructure and supportive policy environment. The private consumption and investment were the worst affected areas of the economy, despite introduction of an elementary Universal Basic Income (UBI) program for farmers, best monsoon in decades, 135bps fall in policy rates (which have been mostly transmitted), and persistently low inflation for most part of the year. For most of the financial investors, the year 2019 was disappointing in terms of return on portfolios, even though the benchmark equity indices are ruling at all time high levels, foreign flows have been best in 5years, and benchmark bond yields are lower by almost 100bps. Domestic economy worsens The year 2019 witnessed significant deterioration in the macroeconomic parameters like GDP growth, fiscal deficit, foreign trad...